Specified U.S. person
(120) Specified U.S. person. The term specified U.S. person or specified United States person has the meaning set forth in 1.1473-1(c). (121) Sponsored FFI. The term sponsored FFI means any entity described in 1.1471-5(f)(1)(i)(F) (describing sponsored investment entities and sponsored controlled foreign corporations) or 1.1471-5(f)(2)(iii) (describing sponsored, closely held investment vehicles). The term sponsored FFI also means a sponsored investment entity, a sponsored controlled foreign corporation, or a sponsored, closely held investment vehicle treated as deemed-compliant under an applicable Model 2 IGA. (122) Sponsored FFI group. The term sponsored FFI group means a group of sponsored FFIs that share the same sponsoring entity. (123) Sponsored direct reporting NFFE. The term sponsored direct reporting NFFE has the meaning set forth in 1.1472-1(c)(5). (124) Sponsoring entity. The term sponsoring entity means (i) an entity that registers with the IRS and agrees to perform the due diligence, withholding, and reporting obligations of one or more FFIs pursuant to 1.1471-5(f)(1)(i)(F) or (f)(2)(iii); or (ii) an entity that registers with the IRS and agrees to perform the due diligence and reporting obligations of one or more direct reporting NFFEs pursuant to 1.1472-1(c)(5). (125) Standardized industry coding system. The term standardized industry coding system means a coding system used by the withholding agent or FFI to classify account holders by business type for purposes other than U.S. tax purposes and that was implemented by the withholding agent by the later of January 1, 2012, or six months after the date the withholding agent was formed or organized. (126) Standing instructions to pay amounts. The term standing instructions to pay amounts means current payment instructions provided by the account holder, or an agent of the account holder, that will repeat without further instructions being provided by the account holder. Therefore, for example, a payment instruction to make an isolated payment is not a standing instruction to pay amounts, even if the instructions are given one year in advance. However, an instruction to make payments indefinitely is a standing instruction to pay amounts for the period during which such instructions are in effect, even if such instructions are amended after a single payment. (127) Subject to withholding. The term subject to withholding, with respect to an amount, means an amount for which withholding is required under chapter 4 or an amount for which chapter 4 withholding was otherwise applied. (128) Substantial U.S. owner. The term substantial U.S. owner or substantial United States owner has the meaning set forth in 1.1473-1(b). In the case of a reporting Model 2 FFI, in applying this section with respect to a passive NFFE the term substantial U.S. owner means a controlling person as defined in the applicable Model 2 IGA. (129) Territory entity. The term territory entity means any entity that is incorporated or organized under the laws of any U.S. territory. (130) Territory financial institution. The term territory financial institution means a financial institution that is incorporated or organized under the laws of any U.S. territory, not including a territory entity that is an investment entity but that is not a depository institution, custodial institution, or specified insurance company. (131) Territory financial institution treated as a U.S. person. The term territory financial institution treated as a U.S. person means a territory financial institution that is treated as a U.S. person under 1.1471-3(a)(3)(iv). (132) Territory NFFE. The term territory NFFE means a territory entity that is not a financial institution, including a territory entity that is an investment entity but is not a depository institution, custodial institution, or specified insurance company. (133) TIN. The term TIN means the tax identifying number assigned to a person under section 6109. (134) U.S. account. The term U.S. account or United States account has the meaning set forth in 1.1471-5(a). (135) U.S. branch treated as a U.S. person. The term U.S. branch treated as a U.S. person means a U.S. branch that agrees to be treated as a U.S. person as described in 1.1441-1(b)(2)(iv)(A). For the due diligence, withholding, and reporting requirements of a U.S. branch of an FFI treated as a U.S. person for purposes of chapter 4, see 1.1471-4(b)(7), (c)(2)(v), (d)(2)(iii)(B), 1.1472-1(a), and 1.1474-1(i)(1) and (2). (136) U.S. financial institution. The term U.S. financial institution means a financial institution that is a U.S. person, including a U.S. branch treated as a U.S. person. (137) U.S. indicia. The term U.S. indicia has the meaning set forth in 1.1471-4(c)(5)(iv)(B) when applied to an individual and as set forth in 1.1471-3(e)(4)(v)(A) when applied to an entity. (138) U.S. owned foreign entity. The term U.S. owned foreign entity or United States owned foreign entity has the meaning set forth in 1.1471-5(c). (139) U.S. payee. The term U.S. payee means any payee that is a U.S. person. (140) U.S. payor. The term U.S. payor means a U.S. payor or U.S. middleman as defined in 1.6049-5(c)(5). (141) U.S. person(i) Except as otherwise provided in paragraph (b)(141)(ii) of this section, the term U.S. person or United States person means a person described in section 7701(a)(30), the United States government (including an agency or instrumentality thereof), a State (including an agency or instrumentality thereof), or the District of Columbia (including an agency or instrumentality thereof). The term U.S. person or United States person also means a foreign insurance company that has made an election under section 953(d), provided that either the foreign insurance company is not a specified insurance company (as described in 1.1471-5(e)(1)(iv)), or the foreign insurance company is a specified insurance company and is licensed to do business in any State. (ii) The term U.S. person or United States person does not include a foreign insurance company that has made an election under section 953(d) if it is a specified insurance company and is not licensed to do business in any State. An individual will not be treated as a U.S. person for a taxable year or any portion of a taxable year that the individual is a dual resident taxpayer (within the meaning of 301.7701(b)-7(a)(1) of this chapter) who is treated as a nonresident alien pursuant to 301.7701(b)-7 of this chapter for purposes of computing the individual's U.S. tax liability. A U.S. person does not include an alien individual who has made an election under section 6013(g) or (h) to be treated as a resident of the United States. (142) U.S. source FDAP income. The term U.S. source FDAP income has the meaning set forth in 1.1473-1(a)(2). (143) U.S. territory. The term U.S. territory or possession of the United States means American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the U.S. Virgin Islands. (144) U.S. withholding agent. The term U.S. withholding agent means a withholding agent that is either a U.S. person or a U.S. branch of a foreign person. (145) Withholdable payment. The term withholdable payment has the meaning set forth in 1.1473-1(a). (146) Withholding. The term withholding means the deduction and withholding of tax at the applicable rate from a payment. (147) Withholding agent. The term withholding agent has the meaning set forth in 1.1473-1(d). (148) Withholding certificate. The term withholding certificate means a Form W-8, Form W-9, or any other certificate that under the Code or regulations certifies or establishes the chapter 4 status of a payee or beneficial owner. (149) WP. The term WP or withholding foreign partnership means a foreign partnership that has executed the agreement described in 1.1441-5(c)(2)(ii). (150) Written statement. The term written statement has the meaning set forth in 1.1471-3(c)(4). (151) WT. The term WT or withholding foreign trust means a foreign grantor trust or foreign simple trust that has executed the agreement described in 1.1441-5(e)(5)(v).