[1] For a recent article describing the continued popularity of US real estate investments, see Jennifer A. Kingson, Foreign Investors Poised to Flood US Real Estate Markets, WWW.AXIOS.COM, https://www.axios.com/foreign-investors-real-estate-biden-b1a57dc4-b54a-407e-9bdd-020cb8cc370d.html (last visited Jan. 10, 2021). [2] As an example, the United Kingdom treats LLCs as opaque (not transparent) for tax purposes. See HMRC internal manual, International Manual, Foreign entity classification for UK tax purposes: List of Classifications of Foreign Entities for UK tax purposes, WWW.GOV.UK, https://www.gov.uk/hmrc-internal-manuals/international-manual/intm180030 (last visited Jan. 10, 2021). [3]  A credit of $13,000 is available to the estate of a nonresident alien decedent. I.R.C. §2102(b)(1). The effect of this credit is to shelter the first $60,000 of taxable estate from the estate tax. [4] Treas. Reg. §301.7701-3(b)(1)(i)-(ii). [5] Treas. Reg. §301.7701-3(c). [6] I.R.C. §871(b). [7]  I.R.C. §871(a). [8] See Internal Revenue Service, Acceptance Agent Program, WWW.IRS.GOV,  https://www.irs.gov/individuals/international-taxpayers/acceptance-agent-program (last visited Jan. 10, 2021). [9] See Internal Revenue Service, Instructions for W-7, WWW.IRS.GOV, https://www.irs.gov/instructions/iw7 (last visited Jan. 10, 2021). [10] I.R.C. §168(c). [11] I.R.C. §1(h)(1)(B)-(D). [12]  I.R.C. §1(h)(1)(E). [13] See Omnibus Reconciliation Act of 1980, Pub. L. No. 96-499, §2599, 2682 (1980). [14]  I.R.C. §1445(a). [15] Treas. Reg. §1.1445-3. [16] Treas. Reg. §1.6038A-4 [17] Treas. Reg. §301.7701-3(b)-(c). [18] Treas. Reg. §301.7701-3(b)(1)(i). [19] see Internal Revenue Service, Instructions for Form 1065, WWW.IRS.GOV, https://www.irs.gov/instructions/i1065 (last visited Jan. 10, 2021). [20] See Internal Revenue Service, Instructions for Form 1120, WWW.IRS.GOV, https://www.irs.gov/instructions/i1120 (last visited Jan. 10, 2021). [21] I.R.C. §884. [22] I.R.C. §871(h). [23] Id.