Section 558.43. Definitions.

  As used in this chapter unless the context otherwise requires:

  1.  “Nonresident alien” means:

  a.  An individual who is not a citizen of the United States and who is not domiciled in the United States.

  b.  A corporation incorporated under the law of any foreign country.

  c.  A corporation organized in the United States, beneficial ownership of which is held, directly or indirectly, by nonresident alien individuals.

  d.  A trust organized in the United States or elsewhere if beneficial ownership is held, directly or indirectly, by nonresident alien individuals.

  e.  A partnership or limited partnership organized in the United States or elsewhere if beneficial ownership is held, directly or indirectly, by nonresident alien individuals.

  2.  The term “beneficial ownership” includes interests held by a nonresident alien individual directly or indirectly holding or acquiring a ten percent or greater share in the partnership, limited partnership, corporation or trust, or directly or indirectly through two or more such entities. In addition, the term beneficial ownership shall include interests held by all nonresident alien individuals if the nonresident alien individuals in the aggregate directly or indirectly hold or acquire twenty-five percent or more of the partnership, limited partnership, corporation or trust.

  3.  The term “conveyance” means all deeds and all contracts for the conveyance of an estate in real property except those contracts to be fulfilled within six months from date of execution thereof.

  4.  “Agricultural land” means agricultural land as defined in section 9H.1.

[C79, 81, §558.43]