Common use of Payee or Account Held by an Entity Clause in Contracts

Payee or Account Held by an Entity. With respect to a withholdable payment made to a payee other than an account holder, a participating FFI must apply the presumption rules of §1.1471-3(f) (as applicable to entities). The presumption rules of §1.1471-3(f) (as applicable to entities) also apply to an account held by an entity. However, in the case of an account held by a passive NFFE that provides the documentation described in §1.1471-3(d)(12) to establish its status as a passive NFFE