IRS Releases Practice Units on U.S. Real Property Holding Corporations, Entity Classification Regulations, and Accounting for Land Developers and Subcontractors

The U.S. IRS has recently released three international practice units, including:

• U.S. Real Property Holding Corporations - USRPHC Status, which demonstrates how to determine when a corporation is a U.S. real property holding corporation (USRPHC) with respect to the taxation of gains on the sale of a U.S. real property interest (USRPI);
• Overview of Entity Classification Regulations (a/k/a Check-the-Box), which discusses the default classification of an entity if no election is made, the el…