a non-U.S. resident receives a payment under an NPC, that payment is, in general, treated as non-U.S. source income for U.S. federal income tax purposes). The usual result of this treatment is that non-U.S. persons can receive payments on an NPC without outbound U.S. federal income tax withholding tax being applied. However, the U.S. federal income tax rules governing NPCs, withholding tax and the taxation of financial products, in general, is an intricately complicated subject, and taxpayers as a general matter almost always seek the assistance of a competent adviser to assist them in these matters. A 2016 article in the AICPA Publication The Tax Adviser provides additional information about notional contracts. References < Contract law Taxation in the United States