,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #bbaj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #aj1 #bjai,mr4 
,l>son ( ,connecticut 7= himself1 ,mr4  
,m>*ant1 ,mr4 ,blum5au]1 ,mr4 ,danny ,k4
 ,davis ( ,ill9ois1 ,mr4 ,hold+1 ,mr4   
,hors=d1 ,mr4 ,k9d1 ,mr4 ,la,hood1 ,mr4 
,pascrell1 ,mr4 ,suozzi1 & ,mrs4        
,walorski7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,ways &     
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to repeal c]ta9   
provisions applicable to =eign inve/m5t 
9 ,unit$ ,/ates real prop]ty4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,inve/ 
9 ,am]ica ,act4  #b4 ,repeal ( am5dm5ts 
made by ! ,=eign ,inve/m5t 9 ,real      
,prop]ty ,tax ,act ( #aihj 7,,firpta7   
7a7 ,repeal ( capital ga9s tax on       
disposition ( inve/m5ts 9 ,unit$ ,/ates 
real prop]ty by =eign citiz5s  7#a7 ,9  
g5]al ,subp>t ,d ( "p ,,ii ( sub*apt] ,n
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by /rik+ section #hig4  
7#b7 ,con=m+ am5dm5ts  7,a7 ,section    

#heb7;b77#c7 ( su* ,code is am5d$ by    
/rik+ subp>agraph 7,e74  7,b7 ,section  
#heg7;b77#c7 ( su* ,code is am5d$ by    
/rik+ subp>agraph 7,e7 & by r$esignat+  
subp>agraph 7,f7 z subp>agraph 7,e74    
7,c7 ,section #hfa7;a77#e7 ( su* ,code  
is am5d$ to read z foll[s3  7#e7 ,sale  
or ex*ange ( real prop]ty ,ga9s1 pr(its1
 & income f ! sale or ex*ange ( int]e/s 
9 real prop]ty 7z def9$ 9 section       
#hef7;c77#e77;,c71 except t su* t]m %all
 include m9]al1 oil1 & gas royalty      
int]e/s7 locat$ 9 ! ,unit$ ,/ates4  4   
7,d7 ,section #hfb7;a7 ( su* ,code is   
am5d$ by add+ & at ! end ( p>agraph     
7#g71 by /rik+ p>agraph 7#h71 & by      
r$esignat+ p>agraph 7#i7 z p>agraph     
7#h74  7,e7 ,section #hfd7;c77#h7 ( su* 
,code is am5d$ by /rik+ subp>agraph 7,c7
 & by r$esignat+ subp>agraphs 7,d7 &    
7,e7 z subp>agraphs 7,c7 & 7,d71        
respectively4  7,f7 ,section            
#hga7;h77#d77;,c77v77,i7 ( su* ,code is 
am5d$ by /rik+ o!r ?an prop]ty describ$ 
9 section #hig7;c77#a7 or 7g74  7,g7    

,section #hga7k77#b7 ( su* ,code is     
am5d$ by /rik+ subp>agraph 7,e74  7,h7  
,section #hga7n7 ( su* ,code is am5d$ by
 /rik+ p>agraph 7#g74  7,i7 ,section    
#hhb7;a7 ( su* ,code is am5d$ by /rik+  
p>agraph 7#c74  7,j7 ,section           
#hhd7;d77#b7 ( su* ,code is am5d$ by    
/rik+ subp>agraph 7,c7 & by r$esignat+  
subp>agraphs 7,d7 & 7,e7 z subp>agraphs 
7,c7 & 7,d71 respectively4  7,k7        
,section #aabe ( ! ,=eign ,inve/m5t 9   
,real ,prop]ty ,tax ,act ( #aihj is     
am5d$ by /rik+ subsections 7c7 & 7d74   
7#c7 ,cl]ical am5dm5t ,! table (        
sections = subp>t ,d ( "p ,,ii (        
sub*apt] ,n ( *apt] #a ( su* ,code is   
am5d$ by /rik+ ! item relat+ to section 
#hig4  7b7 ,repeal ( )hold+ ( tax on    
dispositions ( unit$ /ates real prop]ty 
int]e/s  7#a7 ,9 g5]al ,sub*apt] ,a (   
*apt] #c ( su* ,code is am5d$ by /rik+  
section #adde4  7#b7 ,con=m+ am5dm5ts   
7,a7 ,section #addf7;f77#b77;,a7 ( su*  
,code is am5d$ by /rik+ is n a =eign    
p]son & ins]t+ is a ,unit$ ,/ates p]son4

  7,b7 ,section #addf7;f77#b7 ( su*     
,code is am5d$-- 7i7 by /rik+ section   
#adde7;d7 9 subp>agraph 7,b77i7 & ins]t+
 subp>agraph 7,c72 &  7ii7 by /rik+     
subp>agraph 7,c7 & ins]t+ ! foll[+ new  
subp>agraphs3  7,c7 ,notice ( false     
affidavit2 =eign corporations ,if !     
transf]or furni%es ! transf]ee an       
affidavit describ$ 9 subp>agraph 7,a71 &
  7i7 9 ! case ( any transf]or's ag5t-- 
7,i7 su* ag5t has actual k t su*        
affidavit is false1 or  7,,ii7 9 ! case 
( an affidavit describ$ 9 subp>agraph   
7,a7 furni%$ by a corporation1 su*      
corporation is a =eign corporation1 or  
7ii7 9 ! case ( any transf]ee's ag5t1   
su* ag5t has actual k t su* affidavit is
 false1  su* ag5t %all s notify !       
transf]ee at su* "t & 9 su* =m & mann] z
 ! ,secret>y may require by regulations4
  7,d7 ,failure to furni% notice  7i7 ,9
 g5]al ,if any transf]or's ag5t or      
transf]ee's ag5t is requir$ by          
subp>agraph 7,c7 to furni% notice1 b    
fails to furni% su* notice at su* "t or 

times & 9 su* mann] z may be requir$ by 
regulations1 su* ag5t %all h ! same duty
 to d$uct & )hold t ! transf]ee w\ld h  
_h if su* ag5t _h compli$ ) subp>agraph 
7,c74  7ii7 ,liability limit$ to am\nt (
 comp5sation ,an ag5t's liability "u    
clause 7i7 %all be limit$ to ! am\nt (  
comp5sation ! ag5t d]ives f !           
transaction4  7,e7 ,transf]or's ag5t ,= 
purposes ( ?is p>agraph1 ! t]m          
transf]or's ag5t means any p]son :o     
repres5ts ! transf]or-- 7i7 9 any       
negotiation ) ! transf]ee or any        
transf]ee's ag5t relat$ to !            
transaction1 or  7ii7 9 settl+ !        
transaction4  7,f7 ,transf]ee's ag5t ,= 
purposes ( ?is p>agraph1 ! t]m          
transf]ee's ag5t means any p]son :o     
repres5ts ! transf]ee--  7i7 9 any      
negotiation ) ! transf]or or !          
transf]or's ag5t relat$ to !            
transaction1 or  7ii7 9 settl+ !        
transaction4  7,g7 ,settlem5t (fic] n   
treat$ z transf]or's ag5t ,= purposes ( 
?is p>agraph1 a p]son %all n be treat$ z

 a transf]or's ag5t or transf]ee's ag5t 
) respect to any transaction m]ely      
because su* p]son p]=ms #a or m ( !     
foll[+ acts3  7i7 ,! receipt & !        
disbursem5t ( any portion ( !           
consid]ation = ! transaction4  7ii7 ,!  
record+ ( any docum5t 9 connection ) !  
transaction4  4  7,c7 ,section          
#addf7;f77#d7 ( su* ,code is am5d$-- 7i7
 by ins]t+ or if any transf]or's ag5t or
 transf]ee's ag5t fails to )hold any    
am\nt requir$ to be )held "u p>agraph   
7#b77;,d7 7det]m9$ )\t reg>d to clause  
7ii7 !re(71 aft] )held "u p>agraph      
7#a711 &  7ii7 by /rik+ ! am\nt !       
transf]ee fail$ to )hold & ins]t+ !     
am\nt ! transf]ee1 transf]or's ag5t1 or 
transf]ee's ag5t 7z ! case may be7 s    
fail$ to )hold4  7,d7 ,section #addf7;f7
 ( su* ,code is am5d$ by /rik+ p>agraph 
7#e7 & by r$esignat+ p>agraph 7#f7 z    
p>agraph 7#e74  7#c7 ,cl]ical am5dm5t ,!
 table ( sections = sub*apt] ,a ( *apt] 
#c ( su* ,code is am5d$ by /rik+ ! item 
relat+ to section #adde4  7c7 ,repeal ( 

special report+ requirem5ts ) respect to
 unit$ /ates real prop]ty int]e/s  7#a7 
,9 g5]al ,subp>t ,a ( "p ,,iii (        
sub*apt] ,a ( *apt] #fa ( su* ,code is  
am5d$ by /rik+ section #fjci;,c4  7#b7  
,con=m+ am5dm5t ,section #ffeb ( su*    
,code is am5d$ by /rik+ subsection 7f74 
7#c7 ,cl]ical am5dm5t ,! table (        
sections = subp>t ,a ( "p ,,iii (       
sub*apt] ,a ( *apt] #fa ( su* ,code is  
am5d$ by /rik+ ! item relat+ to section 
#fjci;,c4  7d7 ,effective date  7#a7 ,9 
g5]al ,except z o!rwise provid$ 9 ?is   
subsection1 ! am5dm5ts made by ?is      
section %all apply to dispositions &    
di/ributions aft] ! date ( ! enactm5t ( 
?is ,act4  7#b7 ,report+ requirem5ts    
7,a7 ,9 g5]al ,! am5dm5ts made by       
subsection 7c7 %all apply to cal5d> ye>s
 beg9n+ aft] ! date ( ! enactm5t ( ?is  
,act4  7,b7 ,transition rule ,9 ! case (
 ! cal5d> ye> :i* includes ! date ( !   
enactm5t ( ?is ,act1 section #fjci;,c ( 
! ,int]nal ,rev5ue ,code ( #aihf %all be
 appli$ by only tak+ into acc\nt int]e/s

 held dur+ ! portion ( su* cal5d> ye>   
:i* prec$es ! date ( ! enactm5t ( ?is   
,act4