The final 1446(f) regulations for withholding on publicly traded partnerships (PTPs) was a major topic that dominated this year's virtual Tax Reporting and Withholding conference. The 1446(f) regulations that become effective 1 January 2021, stipulate that transferor’s broker, must withhold 10% of gross proceeds related to the transfer of partnership interest (including a PTP) unless an exception applies. A broker for the seller who pays the proceeds of a PTP sale to another broker (such as the custodian) must either withhold or establish an exception, no DVP exception.
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For more information on 1446(f) regulations or to request a demo of our award winning, fully automated, validation platform, please contact us on Market.Knowledge@taina.tech.
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