Page:United States Statutes at Large Volume 122.djvu/2919

 12 2 STA T . 2 896PUBLIC LA W 11 0– 289 —J UL Y3 0, 2008 ‘ ‘ (i i )the t ransf eree o r qu a l ifie d su b stitute re c ei v es a notice (as described in subsection (d)) fro m a trans - feror ’ sa g ent , transferee’s agent, or qualified substitute that such affidavit or statement is false, or ‘‘( B )ifthe S ecretar y by regulations requires the trans- feree or qualified substitute to furnish a co p y of such affi- davit or statement to the Secretary and the transferee or qualified substitute fails to furnish a copy of such affi- davit or statement to the Secretary at such time and in such manner as required by such regulations . ’’. ( 2 ) LIAB I L I TY . — ( A ) NO TI CE .— P aragraph ( 1 ) of section 1 4 4 5 (d) (relating to notice of false affidavit foreign corporations) is amended to read as follo w s

‘‘(1) NOTICE O F FAL S E AFFI D A V IT; FO R EI GN COR P ORATIONS.— I f— ‘‘(A) the transferor furnishes the transferee or qualified substitute an affidavit described in paragraph (2) of sub- section (b) or a domestic corporation furnishes the trans- feree an affidavit described in paragraph ( 3 ) of subsection (b), and ‘‘(B) in the case of— ‘‘(i) any transferor’s agent— ‘‘(I) such agent has actual k nowledge that such affidavit is false, or ‘‘(II) in the case of an affidavit described in subsection (b)(2) furnished by a corporation, such corporation is a foreign corporation, or ‘‘(ii) any transferee’s agent or qualified substitute, such agent or substitute has actual knowledge that such affidavit is false, such agent or qualified substitute shall so notify the trans- feree at such time and in such manner as the Secretary shall require by regulations.’’. (B) F AIL U RE TO FURNIS H NOTICE.—Paragraph (2) of section 1445(d) (relating to failure to furnish notice) is amended to read as follows: ‘‘(2) FAILURE TO FURNISH NOTICE.— ‘‘(A) IN GENERAL.—If any transferor’s agent, trans- feree’s agent, or qualified substitute is required by para- graph (1) to furnish notice, but fails to furnish such notice at such time or times and in such manner as may be required by regulations, such agent or substitute shall have the same duty to deduct and withhold that the transferee would have had if such agent or substitute had complied with paragraph (1). ‘‘(B) LIABILITY LI M ITED TO AMOUNT OF COMPENSA- TION.—An agent’s or substitute’s liability under subpara- graph (A) shall be limited to the amount of compensation the agent or substitute derives from the transaction.’’. ( C ) CONFORMING AMENDMENT.— T he heading for sec- tion 1445(d) is amended by striking ‘‘OR TRANSFEREE’S AGENTS’’ and inserting ‘‘, TRANSFEREE’S AGENTS, OR Q UALI- FIED SUBSTITUTES’’. (d) E FFECTIVE D ATE.—The amendments made by this section shall apply to dispositions of U nited States real property interests after the date of the enactment of this Act. Realpro per ty.26USC14 4 5n ote. Re gu lat i on s .

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