Page:United States Statutes at Large Volume 68A.djvu/554

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INTERNAL REVENUE CODE OF 19 54

SEC. 4303. EXEMPTIONS. (a) COMMON T R U S T F U N D S. — The tax imposed by section 4301

shall not apply to the issue of shares or certificates of a common trust fund, as defined in section 584. (b) OTHER EXEMPTIONS.— For other exemptions, see section 4382. SEC. 4304. AFFIXING OF STAMPS.

The stamps representing the tax imposed by section 4301 shall be affixed to the stock books or corresponding records of the organization and not to the certificates issued. SEC. 4305. CROSS REFERENCES. For definitions, penalties, and other general and administrative provisions applicable to this part, see sections 4381 and 4383 and subtitle F.

PART II—ISSUANCE OF CERTIFICATES OF INDEBTEDNESS Sec. Sec. Sec. Sec. Sec. Sec.

4311. 4312. 4313. 4314. 4315. 4316.

Imposition of tax. Definitions. Renewals. Bond as security for debt. Exemptions. Cross references.

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SEC. 4311. IMPOSITION OF TAX.

There shall be imposed a tax on all certificates of indebtedness issued by a corporation a t the rate of 11 cents on each $100 of face value or fraction thereof. SEC. 4312. DEFINITIONS. (a) CORPORATION.—For the purpose of section 4311 the term "corporation" includes any receiver, trustee in bankruptcy, assignee, or other person, having custody of property, or charge of the affairs, of the corporation. (b) CROSS K E F E R E N C E S. —

For other definitions, see section 4381 and subtitle F. SEC. 4313. RENEWALS. Every renewal of any certificate of indebtedness shall be taxed as a new issue. SEC. 4314. BOND AS SECURITY FOR DEBT. In the case where a bond conditioned for the repayment or payment of money is given in a penal sum greater than the debt secured, the tax imposed by section 4311 shall be based upon the amount secured. SEC. 4315. EXEMPTIONS. (a) INSTALLMENT PURCHASE OF OBLIGATIONS.—The tax imposed by section 4311 shall not apply to any instrument under the terms of which the obligee is required to make payment therefor in installments and is not permitted to make in any year a payment of more than 20 percent of the cash amount to which entitled upon maturity of the instrument. (b) OTHER EXEMPTIONS.— For other exemptions, see section 4382. SEC. 4316. CROSS REFERENCES. For penalties and other general and administrative provisions applicable to this part, see section 4383 and subtitle F. § 4303

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