(89) Owner. The term owner means a person described in 1.14731(b)(1), without regard to whether such person is a U.S. person and without regard to whether such person owns a ten percent interest in the entity. The term also includes a person that owns a discretionary interest in a trust and receives a distribution during the calendar year.
26 CFR § 1.1471-1
Scope of chapter 4 of the Internal Revenue Code. Sections 1.14711 through 1.14747 provide rules for withholding when a withholding agent makes a payment to an FFI or NFFE and prescribe the requirements for and definitions relevant to FFIs and NFFEs to which withholding will not apply. Section 1.14711 provides definitions for terms used in chapter 4 of the Internal Revenue Code (Code) and the regulations thereunder. Section 1.14712 provides rules for withholding under section 1471(a) on payments to FFIs, including the exception from withholding for payments made with respect to certain grandfathered obligations. Section 1.14713 provides rules for determining the payee of a payment and the documentation requirements to establish a payee's chapter 4 status. Section 1.14714 describes the requirements of an FFI agreement under section 1471(b) and the application of sections 1471(b) and (c) to an expanded affiliated group of FFIs. Section 1.14715 defines terms relevant to section 1471 and the FFI agreement and defines categories of FFIs that will be deemed to have met the requirements of section 1471(b) pursuant to section 1471(b)(2). Section 1.14716 defines classes of beneficial owners of payments that are exempt from withholding under chapter 4. Section 1.14721 provides rules for withholding when a withholding agent makes a payment to an NFFE, and defines categories of NFFEs that are not subject to withholding. Section 1.14731 provides definitions of the statutory terms in section 1473. Section 1.14741 provides rules relating to a withholding agent's liability for withheld tax, filing of income tax and information returns, and depositing of tax withheld. Section 1.14742 provides rules relating to adjustments for overwithholding and underwithholding of tax. Section 1.14743 provides the circumstances in which a credit is allowed to a beneficial owner for a withheld tax. Section 1.14744 provides that a chapter 4 withholding obligation need only be collected once. Section 1.14745 contains rules relating to credits and refunds of tax withheld. Section 1.14746 provides rules coordinating withholding under sections 1471 and 1472 with withholding provisions under other sections of the Code. Section 1.14747 provides the confidentiality requirement for information obtained to comply with the requirements of chapter 4. Any reference in the provisions of sections 1471 through 1474 to an amount that is stated in U.S. dollars includes the foreign currency equivalent of that amount. Except as otherwise provided, the provisions of sections 1471 through 1474 and the regulations thereunder apply only for purposes of chapter 4. See 301.14741 of this chapter for the requirements for reporting on magnetic media that apply to financial institutions making payments or otherwise reporting accounts pursuant to chapter 4.