Page:United States Statutes at Large Volume 72 Part 1.djvu/1335

 72 S T A T. ]

PUBLIC LAW 8 5 - 8 5 9 - S E P T. 2, 1958

1293

PART IV—DOCUMENTARY STAMP TAXES SEC. 141. DOCUMENTARY STAMP TAXES. (a) AMENDMENT OF CHAPTER 34.—Chapter 34 (documentary stamp ^,2^^"^*^ ^^oi4383. taxes) is amended to read as follows:

"CHAPTER 34—DOCUMENTARY STAMP TAXES "SUBCHAPTER A. Issuance of capital stock and certificates of indebtedness by a corporation. "SUBCHAPTER B. Sales or transfers of capital stock and certificates of indebtedness of a corporation. "SUBCHAPTER C. Conveyances.

"SUBCHAPTER D. Policies issued by foreign insurers. "SUBCHAPTER B. Miscellaneous provisions applicable to documentary stamp taxes.

"Subchapter AIssuance of Capital Stock and Certificates of Indebtedness by a Corporation "Part I. Issuance of capital stock and similar interests. "Part II. Issuance of certificates of indebtedness.

"PART I—ISSUANCE OF CAPITAL STOCK AND SIMILAR INTERESTS "Sec. 4301. Imposition of tax. "Sec. 4302. Recapitalization. "Sec. 4303. Exemptions. "Sec. 4304. Affixing of stamps. "Sec. 4305. Cross references. "SEC. 4301. IMPOSITION OF TAX.

"There is hereby imposed, on each original issue of shares or certificates of stock issued by a corporation (whether on organization or reorganization), a tax at the rate of 10 cents on each $100 (or major fraction thereof) of the actual value of the certificates (or of the shares where no certificates are issued). The tax imposed by this section shall be computed on the basis of all certificates (or snares) so issued by the corporation on each day. "SEC. 4302. RECAPITALIZATION.

"In the case of a recapitalization, the tax imposed by section 4301 shall be that proportion of the tax computed on the certificates (or on the shares where no certificates are issued) issued in the recapitalization that (1) the amount dedicated as capital for the first time by the recapitalization, whether by a transfer of earned surplus or otherwise, bears to (2) the total actual value of such certificates or shares issued in the recapitalization. "SEC. 4303. EXEMPTIONS. " (a) COMMON TRUST FUNDS.—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.

26 USC S84.

" (b) POOLED INVESTMENT FUNDS.—The tax imposed by section

4301 shall not apply to the issue of shares or certificates of a fund maintained by a bank exclusively for the collective investment and reinvestment of assets of qualified trusts (within the meaning of section 401, relating to qualified pension, profit-sharing, and stock bonus plans).

26 USC 401.

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