Page:United States Statutes at Large Volume 96 Part 1.djvu/634

 96 STAT. 592

PUBLIC LAW 97-248—SEPT. 3, 1982 "SKC. 6019. RETURNS REGARDING PAYMENTS OF INTEREST. "(a) REQUIREMENT OF R E P O R T I N G. — E v e r y person—

"(1) who m a k e s payments of interest (as defined in subsection (b)) aggregating $10 or more to any other person during any calendar year, "(2) who receives payments of interest (as so defined) as a nominee and who m a k e s payments aggregating $10 or more during any calendar year to any other person with respect to the interest so received, or "(3) who is required under subchapter B of chapter 24 to withhold tax on the payment of any interest, shall m a k e a r e t u r n according to the forms or regulations prescribed by the Secretary, setting forth the aggregate a m o u n t of such payments, tax deducted and withheld, and the n a m e and address of the person to whom paid or from whom withheld. "(b) INTEREST D E F I N E D. — "(1) GENERAL RULE. — For purposes of subsection (a), the term

Post, p. 600.

Ante, p. 577.

'interest' means — "(A) interest on any obligation— "(i) issued in registered form, or "(ii) of a type offered to the public, other than any obligation with a m a t u r i t y (at issue) of not more than 1 year which is held by a corporation, "(B) interest on deposits with persons carrying on the b a n k i n g business, "(C) a m o u n t s (whether or not designated as interest) paid by a m u t u a l savings b a n k, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or similar organization, in respect of deposits, investment certificates, or withdrawable or r e p u r c has a b l e shares, "(D) interest on a m o u n t s held by a n insurance company under a n a g r e e m e n t to pay interest thereon, "(E) interest on deposits with brokers (as defined in section 6045(c)), "(F) interest paid on a m o u n t s held by investment companies (as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3)) and on a m o u n t s invested in other pooled funds or trusts, and "(G) to the extent provided in regulations prescribed by the Secretary, any other interest (which is not described in paragraph (2)). "(2) EXCEPTIONS.—For purposes of subsection (a), the term 'interest' does not include— "(A) interest on any obligation issued by a n a t u r a l person, "(B) interest on any obligation if such interest is exempt from tax under section 103(a) or if such interest is exempt from tax (without regard to the identity of the holder) under any other provision of law, "(C) except to the extent otherwise provided in regulations— "(i) any a m o u n t paid to any person referred to in paragraph (2) of section 3452(c) (other than subparagraph s (J) and (K) thereof), or

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