Page:United States Statutes at Large Volume 68A.djvu/563

 CH. 34—DOCUMENTARY STAMP TAXES

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Subchapter E—Miscellaneous Provisions Applicable to Documentary Stamp Taxes Sec. 4381. Definitions. Sec. 4382. Exemptions. Sec. 4383. Liability for tax.

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SEC. 4381. DEFINITIONS. (a) CERTIFICATES OF INDEBTEDNESS.—For

purposes of the taxes imposed by sections 4311 and 4331, the term "certificates of indebtedness" means bonds and debentures; and also includes all instruments, however termed, issued by a corporation with interest coupons or in registered form, known generally as corporate securities. (b) CORPORATION.—For purposes of the taxes imposed by sections 4301 and 4331, the term "corporation" includes any investment trust or similar organization (or any person acting in behalf of such investment trust or similar organization) holding or dealing in shares or certificates of stock, or in certificates of indebtedness. The definition herein shall not be construed to limit the effect of the definition of the term "corporation" provided in section 7701(a)(3). (c) SHARES OR CERTIFICATES OF STOCK.—For purposes of

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taxes imposed by sections 4301 and 4331, the term "shares or certificates of stock" includes shares or certificates of profits or of interest in property or accumulations. SEC. 4382. EXEMPTIONS.

(a) The taxes imposed by this chapter shall not apply to— ^ ^

(1) GOVERNMENT AND STATE OBLIGATIONS.—Any certificate of

indebtedness, note, or other instrument, issued by the United States, or by any foreign Government, or by any State, Territory, or the District of Columbia, or local subdivision thereof, or municipal or other corporation exercising the taxing power; (2) DOMESTIC BUILDING AND LOAN ASSOCIATIONS AND MUTUAL DITCH OR IRRIGATION COMPANIES.—Shares or certificates of stock

and certificates of indebtedness issued by domestic building and loan associations, savings and loan associations, cooperative banks, and homestead associations substantially all the business of which is confined to making loans to members, or by mutual ditch or irrigation companies; (3) FARMERS', FRUIT GROWERS', OR COOPERATIVE ASSOCIATIONS.—

Shares or certificates of stock and certificates of indebtedness issued by any farmers' or fruit growers' or like associations organized and operated on a cooperative basis for the purposes, and subject to the conditions, prescribed in section 521. (b) The taxes imposed by sections 4301, 4311, 4321, 4331, and 4361 shall not apply to— (1) CORPORATE AND RAILROAD REORGANIZATIONS.—The issuance,

transfer, or exchange of securities, or the making, delivery, or filing of conveyances to make effective any plan of reorganization or adjustment confirmed or approved as indicated below, provided § 4382(b)(1)

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