Page:United States Statutes at Large Volume 79.djvu/180

 140 Repeal. 72^st^t!*i278r' 26 USC 4141-

4151

68A Stat, 489.

^e^vsc 41714173.

26 USC 4191 4211.

72 Stat. 1280.

72 Stat. 1310.

72 Stat. 1279.

PUBLIC LAW 89-44-JUNE 21, 1965

[79

STAT.

gg^ 204. ENTERTAINMENT EQUIPMENT. Subchapter C of chapter 32 (relating to radio and television sets, phonographs and records, etc.; and musical instruments) is repealed and the table of subchapters for chapter 32 is amended by striking out the item relating to subchapter C. SEC. 205. RECREATIONAL EQUIPMENT. (a) SPORTING GOODS.—Section 4161 (relating to sporting goods) is amended to read as follows: "SEC. 4161. IMPOSITION OF TAX. "There is hereby imposed upon the sale of fishing rods, creels, reels, and artificial lures, baits, and flies (including parts or accessories of such articles sold on or in connection therewith, or with the sale thereof) by the manufacturer, producer, or importer a tax equivalent to 10 percent of the price for which so sold." (^) PHOTOGRAPHIC EQUIPMENT. — Part II of subchapter D of chapler 32 (relating to photographic equipment) is repealed and the table of parts for such subchapter is amended by striking out the item relating to part II. SEC. 206. BUSINESS MACHINES AND OTHER ITEMS. Subchapter E of chapter 32 (relating to business machines; pens and mechanical pencils and lighters; and matches) is repealed and the table of subchapters for chapter 32 is amended by striking out the item relating to subchapter E. SEC. 207. PARTIAL PAYMENTS; SALES OF INSTALLMENT ACCOUNTS. (a) PARTIAL PAYMENTS.—Section 4216(c) (relating to definition of price; partial payments) is amended by striking out "that portion of the total tax which is proportionate to the portion of the total amount to be paid represented by such payment." in the material following paragraph (4) and inserting in lieu thereof "a percentage of such payment equal to the rate of tax in effect on the date such payment is due." (^^ SALES OF INSTALLMENT ACCOUNTS.—Section 4216(e) (relating to definition of price; sales of installment accounts) is amended— (1) by striking out "total tax; " in paragraph (1) and inserting in lieu thereof "total tax which would be payable if such installment accounts had not been sold or otherwise disposed of (computed as provided in subsection (c)); "; and (2) by amending paragraph (2) to read as follows: "(2) if any such sale is pursuant to the order of, or subject to the approval of, a court of competent jurisdiction in a bankruptcy or insolvency proceeding, the amount computed under paragraph (1) shall not exceed the sum of the amounts computed by multiplying (A) the proportionate share of the amount for which such accounts are sold which is allocable to each unpaid installment payment by (B) the rate of tax under this chapter in effect on the date such unpaid installment payment is or was due." ^^.-j CONFORMING AMENDMENT.—Section 6416(b)(5) (relating to return of certain installment accounts) is amended by striking out "proportionate" and inserting in lieu thereof "allocable". SEC. 208. TECHNICAL AND CONFORMING CHANGES. (a) Section 4216(b)(2) (relating to constructive sale price; special rule) is amended— (1) by striking out the material immediately preceding subpara<rraph (A) and inserting in lieu thereof the following: " (2) SPECIAL RULE.—If an article is sold at retail or to a retailer, and if—";

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