Page:United States Statutes at Large Volume 72 Part 1.djvu/45

 72 S T A T. ]

PUBLIC LAW 86-321-FEB. 11, 1968

at the time of his death, over the amount which is includible in gross income under subsection (b); and "(ii) the last sentence of subsection (b) shall apply only to the extent that the amount includible in cross income under such subsection exceeds so much of the basis of the option as is attributable to such share." SEC. 2. Subsection (d) of section 1014 of the Internal Revenue Code of 1954 (relating to basis of restricted stock options) is hereby repealed SEC. 3. The amendments made by this Act shall apply with respect to taxable years ending after December 31, 1956, but only in the case of employees dying after such date. Approved February 11, 1958.

Repeal. 68A Stat.:298. 26 USC 1014 (d). Effective date.

Public Law 85-321 AN ACT Relating to the administration of certain collected taxes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That chapter 77 of the Internal Revenue Code of 1954 (relating to miscellaneous administrative provisions) is amended by adding at the end thereof the following new section:

February 11. 1958 [H. R. 8865]

Collected tax e s. Administration. 68A Stat. S9S. 26 USC ch. 77.

"SEC. 7512. SEPARATE ACCOUNTING FOR CERTAIN COLLECTED TAXES, ETC. " (a) GENERAL RULE.—Whenever any.person who is required to 68A collect, account for, and pay over any tax imposed by subtitle C or by 497. Stat. 4 1 5, chapter 33— 26 USC 3101 et aeq., 4231-4293. " (1) at the time and in the manner prescribed by law or regulations (A) fails to collect, truthfully account for, or pay over such tax, or (B) fails to make deposits, payments, or returns of such tax, and "(2) is notified, by notice delivered in hand to such person, of any such failure, then all the requirements of subsection (b) shall be complied with. I n the case of a corporation, partnership, or trust, notice delivered in hand to an officer, partner, or trustee, shall, for purposes of this section, be deemed to be notice delivered in hand to such corporation, partnership, or trust and to all officers, partners, trustees, and employees thereof. " (b) REQUIREMENTS.—Any person who is required to collect, account for, and pay over any tax imposed by subtitle C or by chapter 33, if notice has been delivered to such person in accordance with subsection (a), shall collect the taxes imposed by subtitle C or chapter 33 which become collectible after delivery of such notice, shall (not later than the end of the second banking day after any amount of such taxes is collected) deposit such amount in a separate account in a bank (as defined in section 581), and shall keep the amount of such taxes in such 68A Stat. 202. account until payment over to the United States. Any such account 26 USC 5 8 1. shall be designated as a si^ecial fund in trust for the United States, payable to the United States by such person as trustee. "(c) RELIEF FROM FURTHER COSIPLIANCE WriH SUHKECTION (b).— AVhenever the Secretary or his delegate is satisfied, with respect to any notification made under subsection (a), that all requirements of law and regulations with respect to the taxes imposed by subtitle C or chapter 33, as the case may be, will henceforth be complie(l with,

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