Page:United States Statutes at Large Volume 81.djvu/191

 81 STAT.]

PUBLIC LAW 90-59-JULY 31, 1967

parisons, broker-dealer confirmations, and transfer of custody certificates without satisfying the specific procedural requirements provided in section 4918 of the Internal Revenue Code of 1954 as amended by subsection (a) of this section.

157

Ante,

p. 148.

SEC. 5. OTHER AMENDMENTS. (a) COMMISSIONS PAID TO FOREIGN BRANCH OFFICES OF DOMESTIC

(1) Section 4912(b)(2)(B) is amended by adding at the end 7/|tft'^96f °' thereof the following new sentence: "The preceding sentence shall not apply to a transfer of money or other property by a domestic corporation or partnership to a branch office with respect to which there is an election in effect under paragraph (5) of section 4920 (a), to the extent that such transfer is in payment of a com- ^s Stat. 837; mission on a transaction initiated by such branch office and such commission is not in excess of the commission which such domestic corporation or partnership would pay to another domestic corporation or partnership in a similar transaction entered into at arm's length." (2) The amendment made by paragraph (1) shall apply with respect to transfers made on or after the date of the enactment of this Act. (b) EXCLUSION OF ACQUISITIONS ARISING O U T OF SALES OF CERTAIN FOREIGN REAL PROPERTY.—

(1) Section 4914(b) (14) is amended to read as follows: "(14) FOREIGN PROPERTY.—Of debt obligations arising out of the sale of— " (A) tangible property located outside the United States which was held by the person acquiring such obligation for his personal use, or " (B) real property (other than real property to which subparagraph (A) applies) located outside the United States and owned, on July 18, 1963, by— " (i) the person acquiring such obligation, "(ii) a decedent who was a United States person on the date of his death, if such real property was transferred to the person acquiring such obligation by reason of the death of the decedent, or "(iii) a United States person who after July 18, 1963, transferred such property (whether or not for consideration) to a trust created by him for the benefit of the members of his family (within the meaning of section 3 1 8 (a)(1)), if such trust is the person acquiring such obligation." (2) The amendment made by paragraph (1) shall apply only with respect to acquisitions made on or after the date of the enactment of this Act. (c) EXCLUSION OF CERTAIN CITIZENS.—

esA Stat. 99.

ACQUISITIONS BY RESIDENTS N O T

(1) Section 4914(b) is amended by adding at the end thereof the following new paragraph: "(15)

79 Stat. 958.

^s Stat. 814.

CERTAIN ACQUISITIONS BY RESIDENTS NOT CITIZENS.—Of

stock or debt obligations by an individual who is a resident but not a citizen of the United States, during the 90-day period beginning on the date such individual first became a resident of the United States." (2) Section 4914(j)(2) is amended by adding at the end thereof the following new sentence: " For purposes of this chapter, if, after February 27, 1967, a United States person sells or otherwise disposes of stock or a debt obligation to the acquisition of which

78 Stat. 824.

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