Page:United States Statutes at Large Volume 96 Part 1.djvu/620

 96 STAT. 578 26 USC 31, 39, ^^-

PUBLIC LAW 97-248—SEPT. 3, 1982 of the credits allowable against such tax (other than credits allowable by sections 31, 39, and 43). "(c) E X E M P T R E C I P I E N T S. —

"(1) IN GENERAL.—For purposes of this section, the term 'exempt recipient' means any person described in paragraph (2)"(A) with respect to whom a n exemption certificate is in effect, or "(B) w h o is described in regulations prescribed by the Secretary which permit exemption from withholding without certification. "(2) P E R S O N S DESCRIBED I N THIS PARAGRAPH. — A

15 USC 80a-51.

person

is

described in this paragraph if such person is— "(A) a corporation, "(B) a n organization e x e m p t from taxation under section 501(a) or a n individual retirement plan, "(C) the United States or a State, "(D) a foreign government or international organization, "(E) a foreign c e n t r a l b a n k of issue, "(F) a dealer in securities or commodities required to register as such under the laws of the United States or a State, "(G) a real estate investment t r u s t (as defined in section 856), "(H) a n entity registered a t all times during the taxable year under the Investment Company Act of 1940, "(I) a common t r u s t fund (as defined in section 584(a)), "(J) a nominee or custodian (except as otherwise provided in regulations), "(K) to the e x t e n t provided in regulations— "(i) a financial institution, "(ii) a broker, or "(iii) any other person specified in such regulations, who collects any interest, dividend, or p a t r o n a g e dividend for the payee or otherwise acts a s a middleman between the payor and payee, or "(L) any t r u s t which— "(i) is exempt from tax under section 664(c), or "(ii) is described in section 4947(a)(1). "(3) PAYOR MAY REQUIRE CERTIFICATION.—A person described

in paragraph (1)(B) shall not be treated as an exempt recipient for purposes of this section with respect to any payment of such payor if— "(A) a n exemption certificate is not in effect with respect to such person, and "(B) the payor does not t r e a t such person as a n exempt recipient. "(d) M I N I M A L INTEREST P A Y M E N T S. —

"(1) IN GENERAL.—For purposes of this section, the term 'minimal interest payment ' means any payment of interest— "(A) with respect to which a n election by the payor made under paragraph (3) is in effect, and "(B) which— "(i) does not exceed $150, and "(ii) if determined for a 1-year period would not exceed $150.

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