Page:United States Statutes at Large Volume 72 Part 1.djvu/1340

 1298

4ostat.4is.

26 USC 676.

PUBLIC LAW 85-859-SEPT. 2, 1968

[72 S T A T.

"(4) FINANCIAL INSTITUTIONS.—From a bank, trust company, financial institution, insurance company, or other similar entity, or nominee, custodian, or trustee therefor, to a public officer or commission, or person designated by such officer or commission or by a court, in the taking over of its assets, in whole or part, under Federal or State law regulating or supervising such institutions, nor upon redelivery or retransfer by any such transferee or successor thereto. "(5) BANKRUPTS.—From a bankrupt or person in receivership due to insolvency to the trustee in bankruptcy or receiver, from such receiver to such trustee, or from such trustee to such receiver, nor upon redelivery or retransfer by any such transferee or successor thereto. "(6) SUCCESSORS.—From a transferee under paragraphs (1) to (5), inclusive, to his successor acting in the same capacity, or from one such successor to another. " (7) FOREIGN GOVERNMENTS AND ALIENS.—From a foreign country or national thereof to the United States or any agency thereof, or to the government of any foreign country, directed pursuant to the authority vested in the President by section 5(b) of the Trading With the Enemy Act, as amended by the First W a r PowersAct,1941 (50 U.S.C.App.sec.5). "(8) TRUSTEES.—From trustees to surviving, substituted, succeeding, or additional trustees of the same trust. "(9) SURVIVORS.—Upon the death of a joint tenant or tenant by the entireties, to the survivor or survivors. "(b) NoNEXEMPT TRANSFERS.—No delivery or transfer shall be exempt because effected by operation of law unless an exemption is otherwise specifically provided. "SEC. 4344, CERTAIN OTHER TRANSFERS. " (a) LOANS.—The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections to a borrower as a loan of such instruments, or to the lender as a return of such loan. "(b) WORTHLESS STOCK AND OBLIGATIONS.—The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to m such sections by an executor or administrator to a legatee, heir, or distributee, if it is shown to the satisfaction of the Secretary or his delegate that the value of such instrument is not greater than the amount of the tax which would otherwise be imposed on such delivery or transfer. "(c) TRANSFERS BETWEEN CERTAIN REVOCABLE TRUSTS.—The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections by one revocable trust to another revocable trust if— "(1) the grantor of both trusts is the same person, and "(2) at the time of such delivery or transfer, such grantor is treated under section 676 as the owner of both trusts. For purposes of the preceding sentence, if 2 or more grantors are treated under section 676 as owners in the same relative proportions of both trusts, such grantors shall be treated as the same person. "SEC. 4345. EXEMPTION CERTIFICATES. "Except as provided in regulations prescribed by the Secretary or his delegate, no exemption shall be granted under section 4322, 4332 (a), 4341, 4342, 4343 (a), or 4344 (a) or (c) unless the delivery or transfer is evidenced by a certificate setting forth such facts as the Secretary or his delegate may by regulations prescribe. "SEC. 4346. CROSS REFERENCES. "For other exemptions, see sections 4322, 4332, and 4382.

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