Common Contracts
1 similar null contracts
ContractApril 2nd, 2015
Example. W, an individual engaged in the trade or business of selling aircraft, reaches an agreement to sell an airplane to a U.S. citizen living in Mexico. The agreement, no portion of which is formulated in the United States, calls for a purchase price of $125,000 and requires delivery of and payment for the airplane to be made in Mexico. Upon delivery of the airplane in Mexico, W receives $125,000 in currency. W is not required to report under 31 U.S.C. 5331 or this section because the exception provided in paragraph (d)(3)(i) of this section (‘‘foreign transaction excep- tion’’) applies. If, however, any part of the agreement to sell had been formulated in the United States, the foreign transaction excep- tion would not apply and W would be re- quired to report the receipt of currency under 31 U.S.C. 5331 and this section.
