Page:United States Statutes at Large Volume 81.djvu/188

 154

PUBLIC LAW 90-59-JULY 31, 1967

[81 STAT.

firm with the Secretary or his delegate in accordance with the provisions of such subsection; " (B) such participating firm or participating custodian received a like amount of stock or debt obligations described in the transfer of custody certificate from another participating firm or participating custodian accompanied by a transfer of custody certificate with respect to such stock or debt obligation; " (C) such participating firm— "(i) effected as broker (or for its own account) the acquisition of the stock or debt obligation described in the transfer of custody certificate, and the exemption for prior American ownership and compliance provided in subsection (a) applied to such acquisition by reason of subsection (b)(1)(B); and "(ii) continuously carried in its records for the account of the person who acquired such stock or debt obligation, or received from such person, the identical stock certificates or evidences of indebtedness which it had previously delivered to such person in connection with such acquisition; " (D) such participating custodian received an l E T clean confirmation in connection with the acquisition of the stock or debt obligation described in the transfer of custody certificate for the person for whose account such stock or debt obligation is carried in its records; or " (E) conditions set forth in regulations prescribed by the Secretary or his delegate are met. " (i) CERTAIN DEBT OBLIGATIONS ARISING O U T OF LOANS TO ASSURE RAW MATERIAL SOURCES.—Under regulations prescribed by the Secre-

J8 Stat. 817; 80' Stat. 1585. "^"^ ''°' Ante,

p. 145.

78 Stat. 843.

tary or his delegate, subsection (a) shall not apply to the acquisition by a United States person of any debt obligation to which section 4914(d) applied where the acquisition of the debt obligation by such person is made with an intent to sell, or to offer to sell, any part of such debt obligation to United States persons. The preceding sentence shall not apply if the tax imposed by section 4911 has applied to any prior acquisition of such debt obligation. "(j) REGULATIONS.—The Secretary or his delegate shall prescribe such regulations as may be necessary to carry out the purposes of this section." ^j^^ RETURN REQUIREMENTS.—Section 6011(d)(1) is amended to read as follows: "(1)

Ante, p. 148.

IN GENERAL.—

" (A) Every person shall make a return for each calendar quarter during which he incurs liability for the tax imposed by section 4911, or would so incur liability but for the provisions of section 4918. The return shall, in addition to such other information as the Secretary or his delegate may by regulations require, include a list of all acquisitions made by such person during the calendar quarter for which exemption is claimed under section 4918 accompanied by a copy of any return made during such quarter under subparagraph (B). No return or accompanying evidence shall be required under this paragraph, in connection with any acquisition with respect to which—• " (i) an l E T clean confirmation is obtained in accordance with the provisions of section 4918(b), "(ii) a validation certificate described in section 4918(b) issued to the person from whom such acquisition

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