Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 26 - Internal Revenue |
Chapter I - Internal Revenue Service, Department of the Treasury |
SubChapter A - Income Tax |
Part 1 - Income Taxes |
Information Reporting by Foreign Financial Institutions |
§ 1.1474-4 - Tax paid only once.
Latest version.
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§ 1.1474-4 Tax paid only once.
(a) Tax paid. If the tax required to be withheld under chapter 4 on a payment is paid by the payee, beneficial owner, or the withholding agent, it shall not be re-collected from any other, regardless of the original liability therefor. However, this section does not relieve a person that was required to, but did not, withhold tax from liability for interest or any penalties or additions to tax otherwise applicable.
(b) Effective/applicability date. This section applies January 28, 2013.
[T.D. 9610, 78 FR 5992, Jan. 28, 2013]