Treasury Regulations (26 C.F.R.)
26 CFR § 1.1474-3
Withheld tax as credit to beneficial owner of income.
# (a) Creditable tax.
The entire amount of the income, if any, attributable to a payment from which tax is required to be withheld under chapter 4 (including income deemed paid by a withholding agent under § 1.1473-1(a)(2)(v)) shall be included in gross income in a return required to be made by the beneficial owner of the income, without deduction for the amount required to be or actually withheld, but the amount of tax actually withheld shall be allowed as a credit against the total income tax computed in the beneficial owner's return.
# (b) Amounts paid to persons that are not the beneficial owners.
Amounts actually deducted and withheld under chapter 4 on payments made to a fiduciary, agent, partnership, trust, or intermediary are deemed to have been paid by the beneficial owner of the item of income or other payment subject to withholding under chapter 4, except when the fiduciary, agent, partnership, trust, or intermediary pays the tax from its own funds and does not in turn withhold with respect to the payment made to such person. Thus, for example, if a beneficiary of a trust is subject to the taxes imposed by section 1, 2, 3, or 11 upon any amount of distributable net income or other taxable distribution received from a foreign trust, the part of any amount withheld at source under chapter 4 that is properly allocable to the income so taxed to such beneficiary shall be credited against the amount of the income tax computed upon the beneficiary's return, and any excess shall be refunded to the beneficiary in accordance with § 1.1474-5 and chapter 65 of the Code.
# (c) Effective/applicability date.
This section applies January 28, 2013.
[T.D. 9610, 78 FR 5992, Jan. 28, 2013]
Source: view the official text
In this part (40 sections)
- 1.1446(f)-5 · (f)-5 Liability for failure to withhold.
- 1.1451-1 · Tax-free covenant bonds issued before January 1, 1934.
- 1.1451-2 · Exemptions from withholding under section 1451.
- 1.1461-1 · Payment and returns of tax withheld.
- 1.1461-2 · Adjustments for overwithholding or underwithholding of tax.
- 1.1461-3 · Withholding under section 1446.
- 1.1462-1 · Withheld tax as credit to recipient of income.
- 1.1463-1 · Tax paid by recipient of income.
- 1.1464-1 · Refunds or credits.
- 1.1471-0 · Outline of regulation provisions for sections 1471 through…
- 1.1471-1 · Scope of chapter 4 and definitions.
- 1.1471-2 · Requirement to deduct and withhold tax on withholdable…
- 1.1471-3 · Identification of payee.
- 1.1471-4 · FFI agreement.
- 1.1471-5 · Definitions applicable to section 1471.
- 1.1471-6 · Payments beneficially owned by exempt beneficial owners.
- 1.1472-1 · Withholding on NFFEs.
- 1.1473-1 · Section 1473 definitions.
- 1.1474-1 · Liability for withheld tax and withholding agent reporting.
- 1.1474-2 · Adjustments for overwithholding or underwithholding of tax.
- 1.1474-3 · Withheld tax as credit to beneficial owner of income.
- 1.1474-4 · Tax paid only once.
- 1.1474-5 · Refunds or credits.
- 1.1474-6 · Coordination of chapter 4 with other withholding provisions.
- 1.1474-7 · Confidentiality of information.
- 1.1481-1 · [Reserved]
- 1.1502-0 · Effective/applicability dates.
- 1.1502-1 · Definitions.
- 1.1502-2 · Computation of tax liability.
- 1.1502-3 · Consolidated tax credits.
- 1.1502-4 · Consolidated foreign tax credit.
- 1.1502-5 · Estimated tax.
- 1.1502-6 · Liability for tax.
- 1.1502-9 · Consolidated overall foreign losses, separate limitation…
- 1.1502-11 · Consolidated taxable income.
- 1.1502-12 · Separate taxable income.
- 1.1502-13 · Intercompany transactions.
- 1.1502-14Z · Application of opportunity zone rules to members of a…
- 1.1502-15 · SRLY limitation on built-in losses.
- 1.1502-16 · Mine exploration expenditures.