Page:United States Statutes at Large Volume 52.djvu/613

 PUBLIC LAWS-CH. 289-MAY 28, 1938 Distilled spirits. SEC. 710. TAX ON DISTILLED SPIRITS. 246 Sta:C.15. (a) Section 600 (a) (4) of the Revenue Act of 1918, as amended, is amended to read as follows: Taximposed. "(4) On and after January 12, 1934, and until July 1, 1938, $2.00, and on and after July 1, 1938, $2.25, on each proof gallon or wine gal- lon when below proof and a proportionate tax at a like rate on all frac- tional parts of such proof or wine gallon." containin d led (b) Section 600 (c) of such Act, as amended, is amended by striking spirits. out "$2.00 per wine gallon" and inserting in lieu thereof "$2.25 per 40 Stat. 1106. 26 U.S.. §1150(4). wine gallon". Dportwbiile (c) Section 4 of the Liquor Taxing Act of 1934 is amended by strik- ported distilled spirits. 48 Stat. 313 . ing out "$2.00" and inserting in lieu thereof "$2.25". 26 U.s .C. §1239a. Amendments inap- mendments endments made by this section shall not apply to brandy plicable to brandy. and the rates of tax applicable to such brandy shall be the rates applicable without regard to such amendments. Stamp taxes. 44 Stat. 101 . 26U.S.C. 921(b). Exemption upon certain deliveries or transfers of shares. From owner to a custodian, etc. From custodian to a registered nominee, etc. Condition. Penalty provision. 47 Stat. 274. Exemption upon certain deliveries or transfers of instru- ments. From owner to cus- todian, etc. From custodian to a registered nominee, etc. SEC. 711. EXEMPTION FROM STAMP TAX ON CERTAIN TRANSFERS OF STOCKS AND BONDS. (a) Subdivision 3 of Schedule A of Title VIII of the Revenue Act of 1926, as amended, is amended by inserting at the end thereof the following new paragraphs: "The tax shall not be imposed upon deliveries or transfers of shares or certificates- "(1) From the owner to a custodian if under a written agree- ment between the parties the shares or certificates are to be held or disposed of by such custodian for, and subject at all times to the instructions of, the owner; or from such custodian to such owner; "(2) From such custodian to a registered nominee of such cus- todian, or from one such nominee to another such nominee, if in either case the shares or certificates continue to be held by such nominee for the same purpose for which they would be held if retained by such custodian; or from such nominee to such custodian. No exemption shall be granted under this paragraph unless the deliv- eries or transfers are accompanied by a certificate setting forth such facts as the Commissioner, with the approval of the Secretary, may by regulation prescribe as necessary for the evidencing of the right to such exemption. No delivery or transfer to a nominee shall be exempt under this paragraph unless such nominee, in accordance with regula- tions prescribed by the Commissioner, with the approval of the Secre- tary, is registered with the Commissioner. 'Any person who, with intent to evade the tax provided in this subdivision, falsely makes a certificate accompanying any delivery or transfer shall be deemed guilty of a misdemeanor, and upon con- viction thereof shall be fined not more than $1,000, or imprisoned not more than six months, or both." (b) Subdivision 9 of Schedule A of Title VIII of the Revenue Act of 1926, as amended, is amended by inserting at the end thereof the following new paragraphs: "The tax shall not be imposed upon deliveries or transfers of instruments- "(1) From the owner to a custodian if under a written agree- ment between the parties the instruments are to be held or dis- posed of by such custodian for, and subject at all times to the instructions of, the owner; or from such custodian to such owner; "(2) From such custodian to a registered nominee of such custodian, or from one such nominee to another such nominee, if in either case the instruments continue to be held by such 572 [52 STAT.

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