The U.S. IRS has recently released three international practice units, including: U.S. Real Property Holding Corporations - USRPHC Status, which demonstrates how to determine when a corporation is a U.S. real property holding corporation (USRPHC) with respect to the taxation of gains on the sale of a U.S. real property interest (USRPI); Overview of Entity Classification Regulations (a/k/a Check-the-Box), which discusses the default classification of an entity if no election is made, the eligibility requirements to make an election for an alternative classification, and the required steps for making an election; and Land Developers and Subcontractors – Proper Method of...