Page:United States Statutes at Large Volume 76.djvu/1104

 1056

PUBLIC LAW 87-834-OCT. 16, 1962

[76 STAT.

"SEC. 6049. RETURNS REGARDING PAYMENTS OF INTEREST. " (a) REQUIREMENT OF REPORTING.— " (1) IN GENERAL.—Every person—

" (A) who makes payments of interest (as defined in subsection (b)) aggregating $10 or more to any other person during any calendar year, or " (B) who receives payments of interest as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the interest so received, shall make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the aggregate amount of such payments and the name and address of the person to whom paid. " (2) RETURNS REQUIRED BY THE SECRETARY.—Every person who makes payments of interest (as defined in subsection (b)) aggregating less than $10 to any other person during any calendar year shall, when required by the Secretary or his delegate, make a return setting forth the aggregate amount of such payments and the name and address of the person to whom paid. " (3) OTHER RETURNS REQUIRED BY SECRETARY.—Ev^ry corpora-

tion making payments, regardless of amounts, of interest other than interest as defined in subsection (b) shall, when required by regulations prescribed by the Secretary or his delegate, make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the amount paid and the name and address of the recipient of each such payment. " (b) INTEREST DEFINED.— "(1) GENERAL RULE.—For

26 USC 103.

purposes of subsections (a)(1) and (2), the term 'interest' means— " (A) interest on evidences of indebtedness (including bonds, debentures, notes, and certificates) issued by a corporation in registered form, and, to the extent provided in regulations prescribed by the Secretary or his delegate, interest on other evidences of indebtedness issued by a corporation of a type offered by corporations to the public; " (B) interest on deposits with persons carrying on the banking business; " (C) amounts (whether or not designated as interest) paid by a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, or similar organization, in respect of deposits, investment certificates, or withdrawable or repurchasable shares; " (D) interest on amounts held by an insurance company under an agreement to pay interest thereon; and " (E) interest on deposits with stockbrokers and dealers in securities. "(2) EXCEPTIONS.—For purposes of subsections (a)(1) and (2), the term 'interest' does not include— "(A^) interest on obligations described in section 103(a) (1) or (3) (relating to interest on certain governmental obligations); " (B) to the extent provided in regulations prescribed by the Secretary or his delegate, any amount paid by or to a foreign corporation, a nonresident alien, or a partnership not engaged in trade or business in the United States and composed in whole or in part of nonresident aliens; and

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