Page:United States Statutes at Large Volume 81.djvu/192

 158

PUBLIC LAW 90-59-JULY 31, 1967

[81 STAT.

subsection (b)(15) applied, such person shall not, with respect to that stock or debt obligation, be considered a United States person." (3) The amendment made by paragraph (1) shall apply with respect to acquisitions made after July 18, 1963. (d)

78 Stat. 815.

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EXPORT CREDIT TRANSACTIONS GUARANTEED BY UNITED STATES

(1) Section 4914(c)(1) Is amended— (A) by striking out "to such obligor" in the matter preceding subparagraph (A); and (B) by inserting before "the United States person" in subparagraph (B) "such sale is made to such foreign obligor and". (2) The amendments made by paragraph (1) shall apply with respect to acquisitions made on or after the date of the enactment of this Act.

(e) CERTAIN PERSONS.—

SALES OF ORES OR MINERAUS BY UNITED STATES

(1) Section 4914(c)(5) is amended by adding at the end thereof (after and below subparagraph (B)) the following new sentence: "For purposes of clause (iii) of subparagraph (A) (and for purposes of determining whether a debt obligation arises out of a loan described in subparagraph (B) in a case where the ores, minerals, or derivatives involved are obtained under a contract described in such clause), a contract shall be deemed to have been entered into on or before July 18, 1963, if it is entered into after such date and before January 26, 1967, and is a substitute for a contract, which has been canceled or terminated, between the same parties which was entered into on or before July 18, 1963; except that the total amount of the acquisitions excluded by this paragraph on the basis of a contract entered into after July 18, 1963, which is deemed by this sentence to have been entered into on or before such date shall not exceed the total amount of the acquisitions which could have been excluded by this paragraph on the basis of the earlier contract for which such contract was substituted." (2) The amendment made by paragraph (1) shall apply with respect to acquisitions made on or after the date of the enactment of this Act. (f) REACQUISITION OF CERTAIN EXPORT DEBT OBLIGATIONS.—

(1) Section 4914(c) is amended by renumbering paragraph (7) as (8), and by inserting after paragraph (6) the following new paragraph: "(7)

REACQUISITION OF CERTAIN EXPORT DEBT OBLIGATIONS.—

If paragraph (1), (2), or (6) of this subsection applied to the acquisition of a debt obligation by a United States person and such debt obligation is transferred by such United States person to a person other than a United States person (and subsection (j)(1)(A) (iii) would have applied if such transfer had been to a United States person), the tax imposed by section 4911 shall not apply to the reacquisition of such debt obligation by such United States person from such person." (2) The amendment made by paragraph (1) shall apply with respect to reacquisitions made on or after the date of the enactment of this Act.

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