Page:United States Statutes at Large Volume 78.djvu/852

 810

PUBLIC LAW 88-563-SEPT. 2, 1964

[78 STAT.

period remaining to its maturity and determined in accordance with the following table: "If the period remaining to maturity i s: "At least 3 years, but less than sy^ years At least Sy^ years, but less than 4% years At least 4ys years, but less than sy^ years At least 5^2 years, but less than Qy^ years At least Qy2 j'ears, but less than 7% years At least 7^2 years, but less than Sy^ years At least Sy^ years, but less than 9^^ years At least 91/^ years, but less than 10^4 years At least lOy^ years, but less than 11% years At least 11% years, but less than 13% years At least 13% years, but less than 16% years At least 16% years, but less than 18% years At least 18% years, but less than 21% years At lea?t 21% years, but less than 23% years At least 23% years, but less than 26% years At least 26% years, but less than 28% years 28% years or more " (c)

-.

The tax, as a percentage of actual value, i s: 2.75 percent 3.55 percent 4.35 percent 5.10 percent 5.80 percent 6.50 percent 7.10 percent 7.70 percent 8.30 percent 9.10 percent 10.30 percent 11.35 percent 12.25 percent 13.05 percent 13.75 percent 14.35 percent 15.00 percent,

P E R S O N S L I A B L E FOR T A X. —

"(1) IN GENERAL.—The tax imposed by subsection (a) shall be paid by the person acquiring the stock or debt obligation involved. " (2) CROSS REFERENCE.—

"For imposition of penalty on maker of false certificate in lieu of or in addition to tax on acquisition in certain cases, see section 66S1.

Post, p. 835.

76 Stat. 812 26 USC 401.

" (d) TERMINATION OF TAX.—The tax imposed by subsection (a) shall not apply to any acquisition made after December 31, 1965. "(a) IN GENERAL.—For purposes of this chapter, the term 'acquisition' means any purchase, transfer, distribution, exchange, or other transaction by virtue of which ownership is obtained either directly or through a nominee, custodian, or agent. A United States person acting as a fiscal agent in connection with the redemption or purchase for retirement of stock or debt obligations (whether or not acting under a trust arrangement) shall not be considered to obtain ownership of such stock or debt obligations. The exercise of a right to convert a debt obligation (as defined in section 4920(a)(1)) into stock shall be deemed an acquisition of stock from the foreign issuer by the person exercising such ri|»ht. Any extension or renewal of ail existing debt obligation requiring affirmative action of the obligee shall be considered the acquisition of a new debt obligation, iit (b) SPECIAL RULES.—For purposes of this chapter— "(1) CERTAIN TRANSFERS TO FOREIGN TRUSTS.—Any transfer (other than in a sale or exchange for full and adequate consid• eration) of money or other property to a foreign trust shall, if such trust acquires stock or debt obligations (^of one or more foreign issuers or obligors) the direct acquisition of which by the transferor would be subject to the tax imposed by section 4911, be deemed an acquisition by the transferor (as of the time of such transfer) of stock of a foreign issuer in an amount equal to the actual value of the money or property transferred or, if less, the actual value of the stock or debt obligations so acquired by such trust. Contributions made by an employer to a foreign pension or profit-sharing trust established by such employer tor the exclusive benefit of employees (who are not owner-employees as defined in section 401(c)(3)) who perform personal services for such employer on a full-time basis in a foreign country, and contributions to a foreign pension or profit-sharing
 * SEC. 4912. ACQUISITIONS.

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