512(b)(13) Form 2023-2024

512(b)(13) Form: What You Should Know

Tax Guide, § 1.601 at section 6. (1) The term “controlled entity” is defined in section 512’T(16) of the Internal Revenue Code, which is also referred to in Tax Guide, § 1.601 at section 1.602. (a) Control.  The term `control' of a related person means the power, direct or indirect, to cause or direct the management or policies of such person or to exercise substantial influence over the management or policies of such person. (b) Related person.  A person shall be treated as a controlled person if such person has the same capital and profits interests in any person as (1) the person is subject to any of the sanctions with respect to control under paragraph (2) or (3), or (2) such person is controlled under any provision of the Internal Revenue Code of 1986 or such person has control over any person. Control of controlled person.  Notwithstanding any other provision of the Code, when a person is determined to be a controlled person in respect of a related person, such determination shall be conclusive unless such finding is based on the failure to report or pay any tax or penalty imposed under title 26 or 35 U.S.C. § 497, or any other provision of the Code. (2) Sanctions.  The term `sanctions' includes the limitation on transactions under the Internal Revenue Code of 1986 (as such Code, including any regulations promulgated thereunder, is in effect) or any transaction or matter the reporting requirement of which would be imposed by paragraph (5) of  IRC Section 1.6128–X TPM. Example (1). A is a person who is a controlled person in respect of D. B is a related person under any of paragraphs (1)(d)(i)-(v) of IRC Section 988(a)(9).  Both A and B are controlled persons under section 512(b)(13) as to D. (1) D and B.  An activity by D that results in an amount of unrelated business taxable income to B, greater than zero, is treated with respect to D as a transaction with a U.S. person (as defined in section 7201(b)) for purposes of determining whether there will be a significant increase or decrease in the basis of a property of D acquired by B.

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