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25 million construction loan for a thirty-seven unit
condominium building at 881 Lafayette Blvd. 881 (c) and, therefore, was
not subject to withholding tax. company, in a situation
where the interest payments on the loan, if made directly to the lender,
would be subject to withholding tax at a 30-percent rate (in the absence
of a treaty) under section 881 of the Internal Revenue Code. |
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