Page:United States Statutes at Large Volume 40 Part 1.djvu/1329

 srxrrrrrrn ooxennss. sm. III. ou. mo. 1919. 1311 the principal of which does n0t_exceed  the aggregate $5,000 and m addition to all other exemptions provided in the Second Liberty Bond Act cér the Sréppgsmept to Secpnd Iirberty Bond Act, the inter- Bonds mam est receive on an er anuary 19 9 on an amount of be d ' of the First Liberty Loan Converted, dated November 15, 1&7s, M? 9, 1918, or October 2j1, 1918, the Second Liberty Loan converted an unconverted, the Third Liberty Loan, and the Fourth Liberty Loan, the prrncipalpf which does not exceed $30,000 in the aggregate, owned by any indrvidualli partnership, association, or corporation, Tmsmmpmd shall be exempt from gr uated additional income taxes, commonly known as surtaxes, and excessljproiits and war-profits taxes, now or hereafter imposed by the nited States, upon the income or profits of mdrvr uals, partnerships, associations, or corporations. mmm mm mm _ (bl  addition to the exemption provided m subdivision (a), and ermwmszensaodoo. m addition to the other exemptions therein referred to, the interest rtgceived on isgécé aflter Januar; p, 1$9},1(:1n an amoungepif the bonds ‘ erem spec the rrncrp o w 'c ces not exc $20,000 in the aggregate, ownedllmy any individual, partnership, association, or ,,,,,,,,0 corporation, shall be exem t from the taxes therein s iiied: Pro- subwrrrtiuaee vie- P P°° vided, That no owncif of such bonds shall be entitled to asluch exemp; mmm L°“° W tion in respect to the interest on an aggregate rinci amount o such bonds exceedingllthree times the princi alliamoulrlt of notw of thel Viiciltory Igébgrtplimoan cilrigénally fsrlphscrilied for by such owner an st own y at the ate 0 tax return. cmm, Sec. 9. That section 5 of the Second LibertiBond Act, as amended debwdmsstis of if by sec tron 4 of the Third Liberty Bond Act, is ereb further amended ;;(lfoi'5}%¤0,a»_ lg strgkipg out l}l12$flgll1‘0£ "$8,000,900,000" andy inserting in lieu °d4~=»r>-5<>4-¤¤=¤¤¤- ereo the figures 10,000,000 000.’ Im _ Srzo. 4. That section 3 of the ’Four·th Liberty Bond Act is hereby ndi¤s,t$rd£.S¤m sm all}?   ’Illfsl1t,aE1iiil>]is(dl:vlldtandirig the provisions of the Second ¤:£rl°i$'lfef1l°xir1$i1tit°l¤x§ Ligerty;&Bong Ag; or of the Vlziar inlgnce Corporatirip Act or 0; any “°_'i‘,,°Zfd§?§§}`§‘}§;2§Z ot er ct, on, notes an cerf cates 0 inde tedness o the °¤· United States and bonds df the War Finance Corporation sha.ll while beneficially owned biia nonresident alien individual, or a. foreign corporation, partners p, or association, not engaged in business m the United States, be exempt both as to princi al and interest from any and all taxation now or hereafter imtposed by the United States, {mil State, or aply of the possessions of e United States or by any oc taxing authority. _ 0, Sec. 5. That the privilege of converting 4 per centum bonds of the ¤¤ii§i$·dLgbep§gi(0¤;h; First Liberty Loan converted and 4 {per centum bonds of the Second Zmiiam. l Liberty Loan into 41·_ per centpm onds, which privilege arose on ·*'*"·¥’·2"°~ ilI“{§" émz “dO?"F£’°‘ir22r$.°"F“3b?i”cr?’ L?-$.1 "t“%¤b§u%°ffi2d§.°; c ecre ar · e y o s, r add conditions gud subject to such rules and regulatibns, as he may prescribe. For the purpose of computing the amount of interest payable, bonds presented for conversion under any such extension shall be deemed to be converted on the dates for the payment of the semiannual interest on the respective bonds so presented for converésion next)s¥t{]ceed%1ng the iliatebof such presepktatriorn. mggurzgrdve mm; nc. 6. (a att ere is ere ycreate rn e easuryacumu- ’°“ · litive sinlinpg funcggfordthe retilpengent og pdolpds ang ncétgs isspled under t e First `bert Act, the econ erty on ct, e "I'hn·d` Liberty Bond get, (the Fourth Liberty Bond Act, or under this Act, Avr>r¤pri¤¤<>¤ h fw and outstanding on July 1, 1920. The sinking fund and all additions ximg? tmuliiuiazigi thereto are hereby appropriated for the payment of such bonds and *°m· notes at rzatulrpityéccgr for the; rzilderriruption or purchlase thereofdbefore maturity y the retary o the easury at suc rices an upon such terms and conditions as he shall prescribe, and shall be available until all such bonds and notes are ret1red. The average cost of the