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Foreign Information Reporting Form 1042-S and Foreign Investment in Real Property Tax Act (FIRPTA) AGENDA I - Update on Foreign Investment in U.S. Real Property Tax Act (FIRPTA) II - Notice 2015-10 – Refunds III - Update on Forms 1042 and 1042-S •Foreign Corporation or Nonresident Alien makes a •Disposition of a •U.S. real property interest (USRPI) Conditions for FIRPTA to Apply What Constitutes Disposition? •Any transfer that would constitute a disposition by the transferor for any purpose of the Code and regulations, such as: oSale or exchange oLiquidation and redemptions oIRC § 1031 like-kind exchanges oInvoluntary conversions oGifts What is USRPI? •Any interest (other than solely as a creditor) in real property (including an interest in a mine, well, or other natural deposit) located in the United States or the Virgin Islands, and •Any interest (other than solely as a creditor) in any domestic corporation unless that corporation establishes that it was not a U.S. real property hold...