Real-estate-heavy partnership LLC: buyer's counsel says FIRPTA and 1446(f) both apply — do we stack 15% plus 10%?
I'm a foreign member selling my interest in a US LLC taxed as a partnership. Most of its value is a commercial building. The buyer's lawyer flagged that a FIRPTA rule for partnership interests AND the section 1446(f) 10% withholding could both technically apply, and now everyone is confused about whether to hold back both amounts. Surely we don't withhold twice on one closing?
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