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Subchapter E--Miscellaneous Provisions Applicable to Documentary Stamp Taxes

Sec. 4381. Definitions.
Sec. 4382. Exemptions.

Sec. 4383. Certain changes in partnerships.
Sec. 4384. Liability for tax.

SEC. 4381. DEFINITIONS.

(a) CERTIFICATES OF INDEBTEDNESS.-For purposes of the taxes imposed by sections 4311 and 4331, the term "certificates of indebtedness" means bonds, debentures, or certificates of indebtedness; and includes all instruments, however termed, issued by a corporation with interest coupons or in registered form, known generally as corporate securities.

(b) CORPORATION.-For purposes of the taxes imposed by this chapter, the term "corporation" includes any investment trust or similar organization (or any person acting in behalf of such investment trust or similar organization) issuing, holding or dealing in shares or certificates of stock, or in certificates of indebtedness. For purposes of the tax imposed by section 4311, the term "corporation" also includes any receiver, trustee in bankruptcy, assignee, or other person having custody of property of, or charge of the affairs of, the corporation. Nothing contained in this subsection shall be construed to limit the effect of the definition of the term "corporation" provided in section 7701(a)(3).

(c) SHARES OR CERTIFICATES OF STOCK. For purposes of the taxes imposed by sections 4301 and 4321, the term "shares or certificates of stock" includes shares or certificates of profits or of interest in property or accumulations.

SEC. 4382. EXEMPTIONS.

(a) GOVERNMENTS; CERTAIN ASSOCIATIONS.-The taxes imposed by this chapter shall not apply to

(1) GOVERNMENT AND STATE OBLIGATIONS.-Any certificate of indebtedness, note, or other instrument, issued by the United States, or by any foreign Government, or by any State, Territory, or the District of Columbia, or local subdivision thereof, or municipal or other corporation exercising the taxing power.

(2) DOMESTIC BUILDING AND LOAN ASSOCIATIONS AND MUTUAL DITCH OR IRRIGATION COMPANIES.-Shares or certificates of stock and certificates of indebtedness issued by domestic building and loan associations, savings and loan associations, cooperative banks, and homestead associations substantially all the business of which is confined to making loans to members, or by mutual ditch or irrigation companies.

(3) FARMERS', FRUIT GROWERS', OR COOPERATIVE ASSOCIATIONS.Shares or certificates of stock and certificates of indebtedness issued by any farmers' or fruit growers' or like associations organized

and operated on a cooperative basis for the purposes, and subject to the conditions, prescribed in section 521.

(b) CERTAIN REORGANIZATIONS, ETC.-The taxes imposed by sections 4301, 4311, 4321, 4331, and 4361 shall not apply to

(1) CORPORATE AND RAILROAD REORGANIZATION. The issuance, transfer, or exchange of securities, or the making, delivery, or filing of conveyances, to make effective any plan of reorganization or adjustment

(A) confirmed under the Bankruptcy Act, as amended (11 U.S.C.),

(B) approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in section 77 (m) of the Bankruptcy Act, as amended (11 U.S.C. 205 (m)),

(C) approved in an equity receivership proceeding in a court involving a corporation, as defined in section 106 (3) of the Bankruptcy Act, as amended (11 U.S.C. 506), or

(D) whereby a mere change in identity, form, or place of organization is effected,

but only if the issuance, transfer, or exchange of securities, or the making, delivery, or filing of instruments of transfer or conveyances, occurs within 5 years from the date of such confirmation, approval, or change.

(2) ORDERS OF THE SECURITIES AND EXCHANGE COMMISSION.—The issuance, transfer, or exchange of securities, or making or delivery of conveyances, to make effective any order of the Securities and Exchange Commission as defined in section 1083 (a); but only if

(A) the order of the Securities and Exchange Commission in obedience to which such issuance, transfer, exchange, or conveyance is made recites that such issuance, transfer, exchange, or conveyance is necessary or appropriate to effectuate the provisions of section 11 (b) of the Public Utility Holding Company Act of 1935 (15 U.S.C. 79k (b)),

(B) such order specifies and itemizes the securities and other property which are ordered to be issued, transferred, exchanged, or conveyed, and

(C) such issuance, transfer, exchange, or conveyance is made in obedience to such order.

SEC. 4383. CERTAIN CHANGES IN PARTNERSHIPS.

(a) CONTINUING PARTNERSHIPS.-In the case of any share, certificate, right, or realty held by a partnership, no tax shall be imposed under section 4321, 4331, or 4361 by reason of any transfer of an interest in a partnership or otherwise, if—

(1) such partnership (or another partnership) is considered as a continuing partnership (within the meaning of section 708), and

(2) such continuing partnership continues to hold the share, certificate, right, or realty concerned.

(b) TERMINATED PARTNERSHIPS.-If there is a termination of any partnership (within the meaning of section 708)

(1) for purposes of this chapter, such partnership shall be treated

(A) as having transferred all shares, certificates, and rights held by such partnership at the time of such termination; and

(B) as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by such partnership at the time of such termination; but

(2) not more than one tax shall be imposed under section 4321, 4331, or 4361, as the case may be, by reason of such termination (and any transfer pursuant thereto) with respect to the shares, certificates, rights, or realty held by such partnership at the time of such termination.

SEC. 4384. LIABILITY FOR TAX.

The taxes imposed by this chapter shall be paid by any person who makes, signs, issues, or sells any of the documents and instruments subject to the taxes imposed by this chapter, or for whose use or benefit the same are made, signed, issued, or sold. The United States or any agency or instrumentality thereof shall not be liable for the tax with respect to an instrument to which it is a party, and affixing of stamps thereby shall not be deemed payment for the tax, which may be collected by assessment from any other party liable therefor.

CHAPTER 35-TAXES ON WAGERING

SUBCHAPTER A. Tax on wagers.

SUBCHAPTER B. Occupational tax.

SUBCHAPTER C. Miscellaneous provisions.

Subchapter A-Tax on Wagers

Sec. 4401. Imposition of tax.

Sec. 4402. Exemptions.

Sec. 4403. Record requirements.
Sec. 4404. Territorial extent.
Sec. 4405. Cross references.

SEC. 4401. IMPOSITION OF TAX.

(a) WAGERS.-There shall be imposed on wagers, as defined in section 4421, an excise tax equal to 10 percent of the amount thereof.

(b) AMOUNT OF WAGER.-In determining the amount of any wager for the purposes of this subchapter, all charges incident to the placing of such wager shall be included; except that if the taxpayer establishes, in accordance with regulations prescribed by the Secretary or his delegate, that an amount equal to the tax imposed by this subchapter has been collected as a separate charge from the person placing such wager, the amount so collected shall be excluded.

(c) PERSONS LIABLE FOR TAX.-Each person who is engaged in the business of accepting wagers shall be liable for and shall pay the tax under this subchapter on all wagers placed with him. Each person who conducts any wagering pool or lottery shall be liable for and shall pay the tax under this subchapter on all wagers placed in such pool or lottery. Any person required to register under section 4412 who receives wagers for or on behalf of another person without having registered under section 4412 the name and place of residence of such other person shall be liable for and shall pay the tax under this subchapter on all such wagers received by him.

SEC. 4402. EXEMPTIONS.

No tax shall be imposed by this subchapter

(1) PARIMUTUELS.-On any wager placed with, or on any wager placed in a wagering pool conducted by, a parimutuel wagering enterprise licensed under State law, and

(2) COIN-OPERATED DEVICES.-On any wager placed in a coinoperated device with respect to which an occupational tax is imposed by section 4461, or on any amount paid, in lieu of inserting a coin, token, or similar object, to operate a device described in section 4462 (a) (2) (B), if an occupational tax is imposed with respect to such device by section 4461.

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