Page:United States Statutes at Large Volume 90 Part 2.djvu/344

 9 0 STAT. 1812

PUBLIC LAW 94-455—OCT. 4, 1976 170(b)(1)(A) (ii) which is exempt from income tax under section 501(a). The term also includes a school operated as an activity of a n organization described i n section 5 0 1 (c)(3) which is exempt from income tax under section 5 0 1 (a), if such school normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance a t the place where its educational activities are regularly carried on." (7) AMENDMENTS OF SECTION 4261.—

26 USC 4261.

26 USC 4271.

26 USC 4292. 26 USC 4294.

26 USC 4295. ,

(A) Subsections (a) and (b) of section 4261 (relating to tax on transportation of persons by air) are each amended by striking out "which begins after June 30, 1970,". (B) Section 4261(c) is amended by striking out " and begins after June 30, 1970". (8) AMENDMENT o r SECTION 4 2 71.—Section 4271(a) ( r e l a t i n g to

tax on transportation of property by a i r) is amended by striking out "which begins after June 30, 1970,". (9) REPEAL OF SECTION 4292.—Section 4292 (relating to State and local governmental exemption from the tax on communications services) is repealed. (10)

R E P E A L OF SECTION

4294.—Section 4294

(relating

to

exemption of nonprofit educational organizations from the tax on communications services) is repealed. (H) REPEAL o r SECTION 4295.—Section 4295 ( a cross reference) is repealed. (12) AMENDMENT OF CHAPTER 34.—Chapter 34 ( r e l a t i n g to doc-

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_ •,; V

umentary stamp taxes) is amended to read as follows:

"CHAPTER 34—POLICIES ISSUED BY FOREIGN INSURERS .,,^5^-i-.i,K» '; - ' * " '

26 USC 4371. ^,

"Sec. "Sec. "Sec. "Sec.



'

'

"SEC. 4371. IMPOSITION OF TAX. "There is hereby imposed, on each policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer, a tax a t the following r a t e s: "(1)

•-,.-";

4371. Imposition of tax. 4372. Definitions. 4373. Exemptions. 4374. Liability for tax.

CASUALTY INSURANCE AND INDEMNITY BONDS.—4 cents on

each dollar, or fractional part thereof, of the premium paid on the policy of casualty insurance or the indemnity bond, if issued to or for, or in the name of, a n insured as defined i n section 4372(d); " (2) L I F E INSURANCE, SICKNESS AND ACCIDENT POLICIES, AND

26 USC 4372.

ANNUITY CONTRACTS.—1 cent on each dollar, or fractional part thereof, of the premium paid on the policy of life, sickness, o r accident insurance, or annuity contract, unless the insurer is subject to tax under section 819; and " (3) REINSURANCE.—1 cent on each dollar, or fractional part thereof, of the premium paid on the policy of reinsurance covering any of the contracts taxable under paragraph (1) or (2). "SEC. 4372. DEFINITIONS. " (a) FOREIGN INSURER OR REINSURER. — For purposes of section 4371,

the term 'foreign insurer or reinsurer' means an insurer or reinsurer \»- *,'...,.: who is a nonresident alien individual, or a foreign partnership, o r a >

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