Page:United States Statutes at Large Volume 96 Part 1.djvu/637

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 595

statement shall be provided during January of the year following the year in which such payment is made. "(6) TREATMENT OF ORIGINAL ISSUE DISCOUNT.—

"(A) IN GENERAL.—Original issue discount on any obligation shall be reported— "(i) as if paid at the time it is includible in gross income under section 1232A (except that for such purpose the amount reportable with respect to any subsequent holder shall be determined as if he were the original holder), and "(ii) if section 1232A does not apply to the obligation, at maturity (or, if earlier, on redemption). In the case of any obligation not in registered form issued before January 1, 1983, clause (ii) and not clause (i) shall apply. "(B) ORIGINAL ISSUE DISCOUNT.—For purposes of this paragraph, the term 'original issue discount' has the meaning given to such term by section 1232(b)(1).".

Ante, p. 496.

(b) TECHNICAL AMENDMENTS.—

(1) Subsection (a) of section 6041 (relating to information at source) is amended— (A) by striking out "6049(a)(1)" and inserting in lieu thereof "6049(a)", and (B) by striking out "6045, 6049(a)(2), or 6049(a)(3)" and inserting in lieu thereof "or 6045". (2) Subsection (b) of section 6652 (relating to failure to file certain information returns) is amended by adding "or" at the end of paragraph (1) and by striking out paragraphs (3) and (4). (3) Paragraph (1) of section 6678 is amended by striking out "6049(a)(1)" and inserting in lieu thereof "6049(a)". (c) EFFECTIVE DATE.—The amendments made by this section shall apply to amounts paid (or treated as paid) after December 31, 1982.

26 USC 6041.

95 Stat. 343. 26 USC 6678. 26 USC 6049 "°*®-

SP:C. 310. OBLIGATIONS REQUIRED TO BE REGISTERED.

(a) UNITED STATES OBLIGATIONS.—The Second Liberty Bond Act is amended by adding at the end thereof the following new section: "SEC. 28. (a) Every registration-required obligation of the United 31 USC 757c-5. States (or of any agency or instrumentality thereof) shall be in registered form. "(b) For purposes of this section— "(1) Except as provided in paragraph (2), the term 'registration-required obligation' means any obligation other than an obligation which— "(A) is not of a type offered to the public, or "(B) has a maturity (at issue) of not more than 1 year. "(2) The term 'registration-required obligation' shall not include any obligation if— "(A) there are arrangements reasonably designed to ensure that such obligation will be sold (or resold in connection with the original issue) only to a person who is not a United States person, and "(B) in the case of an obligation not in registered form— "(i) interest on such obligation is payable only outside the United States and its possessions, and "(ii) on the face of such obligation there is a statement that any United States person who holds such

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