Page:United States Statutes at Large Volume 83.djvu/640

 612

PUBLIC LAW 91-172-DEC. 30, 1969

Ante, p. 609.

76 Stat. 1056. 26 USC 6049.

[83 STAT

•'(B) who receives payments of interest as a nominee and who makes payments aggregating $10 or more during anv calendar year to any other person with respect to the interest so received, or " (C) which is a corporation that has outstanding any bond debenture, note, or certificate or other evidence of indebtedness in registered form as to which there is during any calendar year an amount of original issue discount aggregating $10 or more includible in the gross income of any holder under section 1232(a)(3) without regard to subparagraph (B) thereof, shall make a return according to the forms or regulations prescribed by the Secretary or his delegate, setting forth the aggregate amount of such payments and such aggregate amount includible in the gross income of any holder and the name and address of the person to whom paid or such holder." (d) STATEMENTS TO B E FURNISHED TO PERSONS "WITH RESPECT TO AVHOIM INFORMATION Is FuRNisHED.—Section 6049(c) (relating to

statements to be furnished to persons with respect to whom information is furnished) is amended to read as follows: W H O M INFORMATION I S FURNISHED.—Every person making a return
 * '(c) STATEMENTS To B E FURNISHED TO PERSONS W I T H RESPECT TO

under subsection (a)(1) shall furnish to each person whose name is set forth in such return a written statement showing— "(1) the name and address of the person making such return, and "(2) the aggregate amount of payments to, or the aggregate amount includible in the gross income of, the person as shown on such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a)(1) was made. No statement shall be required to be furnished to any person under this subsection if the aggregate amount of payments to, or the aggregate amount includible in the gross income of, such person shown on the return made with respect to subparagraph (A), (B), or (C), as the case may be, of subsection (a)(1) is less than $10." (e) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to bonds and other evidences of indebtedness issued after May 27, 1969 (other than evidences of indebtedness issued pursuant to a written commitment which was binding on May 27, 1969, and at all times thereafter). SEC. 414. LIMITATION ON DEDUCTION OF BOND PREMIUM ON REPURCHASE. (a) LIMITATION ON DEDUCTION OF BOND PREMIUM ON REPUB-

68A Stat. 72.

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CHASE.—Part VIII of Subchapter B of chapter 1 (relating to special deductions for corporations) is amended by adding at the end thereof the following new section: "SEC. 249. LIMITATION ON DEDUCTION OF BOND PREMIUM ON REPURCHASE. " (a) GENERAL RULE.—No deduction shall be allowed to the issuing corporation for any premium paid or incurred upon the repurchase of a bond, debenture, note, or certificate or other evidence of indebtedness which is convertible into the stock of the issuing corporation, or a corporation in control of, or controlled by, the issuing corporation, to the extent the repurchase price exceeds an amount equal to the adjusted issue price plus a normal call premium on bonds or other evidences of

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