Virgin Islands Contract or Agreement to Make Exchange or Barter of Real Property for Business and Personal Property

State:
Multi-State
Control #:
US-01329BG
Format:
Word; 
Rich Text
Instant download

Description

Bartering are agreements for the exchange of personal and real property are subject to the general rules of law applicable to contracts, and particularly to the rules applicable to sales of personal and real property. A binding exchange agreement is formed if an offer to make an exchange is unconditionally accepted before the offer has been revoked. Federal tax aspects of exchanges of personal property should be considered carefully in the preparation of an exchange agreement.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Contract or Agreement to Make Exchange or Barter of Real Property for Business and Personal Property
  • Preview Contract or Agreement to Make Exchange or Barter of Real Property for Business and Personal Property
  • Preview Contract or Agreement to Make Exchange or Barter of Real Property for Business and Personal Property

How to fill out Contract Or Agreement To Make Exchange Or Barter Of Real Property For Business And Personal Property?

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FAQ

IRC 897 broadly defines the term "U.S. real property interest" (USRPI) to include the following: An interest in real property located in the United States or the Virgin Islands.

The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to income tax withholding (IRC section 1445). The buyer (transferee) of the U.S. real property interest is the withholding agent. If you are the transferee, you must find out if the transferor is a foreign person.

The Buy American statute does not apply with respect to articles, materials, or supplies if articles, materials, or supplies of the class or kind to be acquired, either as end items or components, are not mined, produced, or manufactured in the United States in sufficient and reasonably available commercial quantities

The Section 503 regulations define a government contract as "any agreement or modification thereof between any contracting agency and any person for the purchase, sale or use of personal property or nonpersonal services." 41 CFR 60-741.2(i).

FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the amount realized from the sale. The amount realized is normally the purchase price.

The three most common contract types include:Fixed-price contracts.Cost-plus contracts.Time and materials contracts.

Properties are of like-kind if they're of the same nature or character, even if they differ in grade or quality. Real properties generally are of like-kind, regardless of whether they're improved or unimproved. For example, an apartment building would generally be like-kind to another apartment building.

Federal government contracts are commonly divided into two main types, fixed-price and cost-reimbursement. Other contract types include incentive contracts, time-and-materials, labor-hour contracts, indefinite-delivery contracts, and letter contracts.

Learn below about the four most common types of construction contracts.Lump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.

Fixed-Price Contracts. The pricing of this group of government contracts will not change.Time & Materials Contracts. This one is quite straightforward.Cost-Reimbursement Contracts.Incentive Contracts.Indefinite Delivery & Quantity Contracts.

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Virgin Islands Contract or Agreement to Make Exchange or Barter of Real Property for Business and Personal Property