Page:United States Statutes at Large Volume 83.djvu/293

 83 STAT. ]

PUBLIC LAW 91-128-NOV. 26, 1969

services (or both), if not less tlian 85 percent of the purchase price is attributable to the sale (or not less than 85 percent of the value of the property subject to the lease IS attributable to the use) of property manufactured, produced, grown, or extracted in the United States or the performance of services by any United States person (or both), " (v) debt obligations arising out of loans to dealers or distributors primarily engaged in the business of selling property described in clauses (i), (ii), and (iii), the proceeds of which are used by such dealers or distributors in such business, " (vi) debt obligations arising out of loans to an includible corporation in an affiliated group (as defined in section 48(c)(3)(C)) of which such corporation is a member, if such obligations are secured by debt obligations described in clauses (i) through (v), o r "(vii) any combination of the foregoing, " (B) acquiring, servicing, or acquiring and servicing debt obligations otherwise arising out of sales of tangible personal property, " (C) carrying on other incidental activities in connection with its sales finance business, or " (D) any combination of the foregoing, " (2) except for debt obligations arising out of deposits in commercial banks having at the time of the deposit a period remaining to maturity of less than one year, and debt obligations of one or more includible corporations in an affiliated group (as defined in section 4 8 (c)(3)(C)) of which such corporation is a member acquired as payment for stock, or as a contribution to the capital, of such corporation— " (A) at least 90 percent of the face value of the debt obligations owned by such corporation at all times during the taxable year consists of debt obligations described in paragraph (1)(A), and " (B) all debt obligations owned by such corporation at all times during the taxable year are debt obligations described in paragraph (1)(A) or (1)(B), or are debt obligations acquired in carrying on the trade or business described in paragraph (1), "(3) all debt obligations acquired by such corporation (whether or not described in paragraph (1)) are acquired solely out of— " (A) the proceeds of the sale (including a sale in a transaction described in section 4919(a)(1)) by such corporation (or by a domestic corporation described in section 4912(b) (3) which owns all of the stock of such corporation) of debt obligations of such corporation (or such other domestic corporation) to persons other than— " (i) a United States person (not including a foreign branch of a domestic corporation or of a domestic partnership, if such branch is engaged in the commercial banking business and acquires such debt obligations in the ordinary course of such commercial banking business), "(ii) a foreign partnership in which such corporation (or one or more includible corporations in an affiliated group, as defined in section 1504, of which such corpora-

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76 Stat. 969.

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