Page:United States Statutes at Large Volume 81.djvu/195

 81 STAT.]

PUBLIC LAW 90-59-JULY 31, 1967

161

calendar quarter) be deemed revoked. When an election is revoked no further election may be made." (2) Section 4920(a) is further amended by inserting after par- 78 Stat. 835. agraph (3) the following new paragraph: Ante, p. 160. "(3A) For purposes of paragraph (S)(C) — " (A) the term 'lending or finance business' has the mean- ^^^^^"1^^^^°^^',', ing given it by section 542(d)(1); except that for such "Ts'^sta't.To.^^ purposes the term '60 months' appearing in subparagraph (B)(i) of such section shall be deemed to read '48 months' and the subsequent portion of such subparagraph (B)(i) shall be disregarded; " (B) a corporation shall be considered a 'subsidiary' of another corporation only if stock possessing at least 50 percent of the voting power of all classes of its stock is directly or indirectly owned by such other corporation and the two corporations are aifiliated with each other; and " (C) a corjK)ration primarily engaged in lending money to one or more other corporations each of which is affiliated with it and satisfies the requirements of clauses (i) and (ii) of paragraph (3)(C) shall itself be deemed to satisfy such requirements. For purposes of this paragraph, two corporations are 'affiliated' with each other if they are members (or would be members if they were both domestic corporations) of the same affiliated group (within the meaning of section 1504)." ^^^ ^*^*- ^^^• (3) Section 4920(a)(4)(C) is amended by striking out "paragraph (3)(B) " and inserting in lieu thereof "subparagraph (B) or (C) of paragraph (3)". (k)

CERTAIN FINANCING COMPANIES,—

(1) Section 4920(a) is amended by inserting after paragraph (3A) (as added by subsection (j)(2)) the following new paragraph: "(3B) CERTAIN DOMESTIC FINANCING COMPANIES.—The terms "Foreign is'foreign issuer', 'foreign obligor', and 'foreign issuer or obligor' obfi^or." ""^^^^^ also mean a domestic corporation if— " (A) such corporation is engaged in the business of acquiring— " (i) debt obligations arising out of the sale of tangible personal property produced, manufactured, assembled, or extracted by one or more includible corporations in an affiliated group (as determined under section 48(c) (3)(C)) of which such corporation is a member, ^^ ^*^* ^^^• "(ii) debtobligationsarisingoutof the sale of tangible personal property received as part or all of the consideration in sales of property described in clause (i), "(iii) debt obligations arising out of the sale of tangible personal property received as part or all of the consideration in sales of propert;^ described in clause (ii), "(iv) debt obligations arising out of the sale of tangible property or property described in section 4914(c)(3) (A) or services (or any combination thereof) by one or 78 Stat. 8i6. more includible corporations in an affiliated group (as determined under section 1054) of which such corporation is a member, if at least 15 percent of the purchase price of each such sale is attributable to the sale of prop-

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