Page:United States Statutes at Large Volume 81.djvu/182

 148

Ante,

PUBLIC LAW 90-59-JULY 31, 1967

p. 146.

78 Stat. 843.

[81 STAT.

(B) the registration statement was first tiled with the Securities and Exchange Commission on January 25, 1967, or within 90 days before that date; and (C) no amendment was filed with the Securities and E x change Commission after January 25, 1967, and before the acquisition which had the effect of increasing the number of shares of stock or the aggregate face amount of the debt obligations covered by the registration statement. (4) OPTIONS, FORECLOSURES, AND CONVERSIONS.—Except as provided in section 4911(b)(2)(C) (iii) of the Internal Revenue Code of 1954 (as added by such amendments), such amendments shall not apply to an acquisition— (A) of stock pursuant to the exercise of an option or similar right (or a right to convert a debt obligation into stock), if such option or right was held on January 25, 1967, by the person making the acquisition or by a decedent from whom such person acquired the right to exercise such option or right by bequest or inheritance or by reason of such decedent's death, or (B) of stock or debt obligations as a result of a foreclosure by a creditor pursuant to the terms of an instrument held by such creditor on January 25, 1967. (d) RETURNS.—If, by reason of the enactment of this Act, a person incurs additional liability for interest equalization tax with respect to acquisitions of stock or debt obligations made after January 25, 1967, for which a return has been filed under section 6011(d)(1) ,^f ^]^g Internal Revenue Code of 1954 before the date of the enactment of this Act, such person shall make an amended return showing such additional liability. If liability for interest equalization tax with respect to such acquisitions is initially created by reason of the enactment of this section, the person incurring such liability shall make a return. The returns required to be made by this paragraph shall be filed on or before the last day of the month following the close of the calendar quarter in which the date of the enactment of this Act occurs or at such later time as the Secretary or his delegate may prescribe. SEC. 4. COMPLIANCE PROCEDURES. (a) EXEMPTION FOR PRIOR AMERICAN OWNERSHIP AND COMPLI-

80^st^'t^^isss.' Ante, p. 145.

ANCE.—Section 4918 is amended to read as follows: "SEC. 4918. EXEMPTION FOR PRIOR AMERICAN OWNERSHIP AND COMPLIANCE. 4i^^^ GENERAL RULE.—The tax imposed by section 4911 shall not apply to an acquisition of stock of a foreign issuer or a debt obligation of a foreign obligor if it is established in the manner provided in this section that— "(1) the person from whom such stock or debt obligation was acquired was a United States person throughout the period of his ownership or continuously since July 18, 1963, and was not ineligible, under the provisions of this chapter, to dispose of such stock or debt obligation as a United States person; and "(2) such person— " (A) had paid the tax imposed by section 4911 with respect to the acquisition of such stock or debt obligation by such person; or " (B) acquired such stock or debt obligation without liability for payment of such tax.

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