Substantial United States Owner [Income Tax] Law and Legal Definition

According to 26 USCS § 1473 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 4. Taxes to Enforce Reporting on Certain Foreign Accounts], substantial United States owner means--

“(i) with respect to any corporation, any specified United States person which owns, directly or indirectly, more than 10 percent of the stock of such corporation (by vote or value),

(ii) with respect to any partnership, any specified United States person which owns, directly or indirectly, more than 10 percent of the profits interests or capital interests in such partnership, and

(iii) in the case of a trust--

(I) any specified United States person treated as an owner of any portion of such trust under 26 USCS §§ 671 et seq., and

(II) to the extent provided by the Secretary in regulations or other guidance, any specified United States person which holds, directly or indirectly, more than 10 percent of the beneficial interests of such trust.”