Lapas attēli
PDF
ePub

Subchapter F-Silver Bullion

Sec. 4891. Imposition of tax.

Sec. 4892. Definitions.

Sec. 4893. Liability for tax.

Sec. 4894. Abatement or refund.
Sec. 4895. Stamps.

Sec. 4896. Applicability.

Sec. 4897. Cross references.

SEC. 4891. IMPOSITION OF TAX.

There shall be imposed on all transfers of any interest in silver bullion, if the price for which such interest is or is to be transferred exceeds the total of the cost thereof and allowed expenses, a tax of 50 percent of the amount of such excess.

SEC. 4892. DEFINITIONS.

For the purpose of this subchapter

(1) COST.-The term "cost" means the cost of the interest in silver bullion to the transferor, except that

(A) in case of silver bullion produced from materials containing silver which has not previously entered into industrial, commercial, or monetary use, the cost to a transferor who is the producer shall be deemed to be the market price at the time of production determined in accordance with regulations issued hereunder;

(B) in the case of an interest in silver bullion acquired by the transferor otherwise than for valuable consideration, the cost shall be deemed to be the cost thereof to the last previous transferor by whom it was acquired for a valuable consideration; and (C) in the case of any interest in silver bullion acquired by the transferor in a wash sale, the cost shall be deemed to be the cost to him of the interest transferred by him in such wash sale, but with proper adjustment, in accordance with regulations under this subchapter, when such interests are in silver bullion for delivery at different times.

(2) TRANSFER.-The term "transfer" means a sale, agreement of sale, agreement to sell, memorandum of sale or delivery of, or transfer, whether made by assignment in blank or by any delivery, or by any paper or agreement or memorandum or any other evidence of transfer or sale; or means to make a transfer as so defined.

(3) INTEREST IN SILVER BULLION.-The term "interest in silver bullion" means any title or claim to, or interest in, any silver bullion or contract therefor.

(4) ALLOWED EXPENSES.-The term "allowed expenses" means usual and necessary expenses actually incurred in holding, processing, or transporting the interest in silver bullion as to which an interest is transferred (including storage, insurance, and transportation charges but not including interest, taxes, or charges in the

nature of overhead), determined in accordance with regulations issued hereunder.

(5) MEMORANDUM.-The term "memorandum" means a bill, memorandum, agreement, or other evidence of a transfer.

(6) WASH SALE.-The term "wash sale" means a transaction involving the transfer of an interest in silver bullion and, within 30 days before or after such transfer, the acquisition by the same person of an interest in silver bullion. Only so much of the interest so acquired as does not exceed the interest so transferred, and only so much of the interest so transferred as does not exceed the interest so acquired, shall be deemed to be included in the wash sale.

(7) SILVER BULLION.-The term "silver bullion" means silver which has been melted, smelted, or refined and is in such state or condition that its value depends primarily upon the silver content and not upon its form.

SEC. 4893. LIABILITY FOR TAX.

This tax imposed by this subchapter shall be paid by any person who makes, signs, issues, or sells any of the documents and instruments subject to the tax imposed by this subchapter, 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.

SEC. 4894. ABATEMENT OR REFUND.

The Secretary or his delegate shall abate or refund, in accordance with regulations issued under this subchapter, such portion of any tax imposed by section 4891 as he finds to be attributable to profits

(1) COURSE OF REGULAR BUSINESS.-Realized in the course of the transferor's regular business of furnishing silver bullion for industrial, professional, or artistic use and

(A) not resulting from a change in the market price of silver bullion, or

(B) offset by contemporaneous losses incurred in transactions in interests in silver bullion determined, in accordance with such regulations, to have been specifically related hedging transactions; or

(2) SILVER FOREIGN EXCHANGE.-Offset by contemporaneous losses attributable to changes in the market price of silver bullion and incurred in transactions in silver foreign exchange determined, in accordance with such regulations, to have been hedged specifically by the interest in silver bullion transferred.

SEC. 4895. STAMPS.

(a) AFFIXING OF STAMPS.-On every transfer subject to the tax imposed by section 4891, there shall be made and delivered by the transferor to the transferee a memorandum to which there shall be affixed lawful stamps in value equal to the tax thereon.

(b) MEMORANDUM.-Every such memorandum shall show the date thereof, the names and addresses of the transferor and transferee, the interest in silver bullion to which it refers, the price for which such interest is or is to be transferred, and the cost thereof and the allowed expenses.

(c) CANCELLATION OF STAMPS.-Stamps affixed under this section shall be canceled (in lieu of the manner provided in subtitle F) by such officers and in such manner as regulations under this subchapter shall prescribe. Such officers shall cancel such stamps only if it appears that the proper tax is being paid, and, when stamps with respect to any transfer are so canceled, the transferor and not the transferee shall be liable for any additional tax found due or penalty with respect to such transfer.

SEC. 4896. APPLICABILITY.

(a) TERRITORIAL EXTENT.-The provisions of this subchapter shall extend to all transfers in the United States of any interest in silver bullion, and to all such transfers outside the United States if either party thereto is a resident of the United States or is a citizen of the United States who has been a resident thereof within 3 months before the date of the transfer or if such silver bullion or interest therein is situated in the United States.

(b) TRANSFERS TO THE UNITED STATES GOVERNMENT.-The provisions of this subchapter shall extend to transfers to the United States Government (the tax in such cases to be payable by the transferor), but shall not extend to transfers of silver bullion by deposit or delivery at a United States mint under proclamation by the President or in compliance with any Executive order issued pursuant to section 7 of the Silver Purchase Act of 1934 (48 Stat. 1179; 31 U. S. C. 316a).

SEC. 4897. CROSS REFERENCES.

For penalties and other general and administrative provisions applicable to this subchapter, see subtitle F.

CHAPTER 40-GENERAL PROVISIONS RELATING TO OCCUPATIONAL TAXES

Sec. 4901. Payment of tax.

Sec. 4902. Liability of partners.

Sec. 4903. Liability in case of business in more than one location.
Sec. 4904. Liability in case of different businesses of same ownership

and location.

Sec. 4905. Liability in case of death or change of location.

Sec. 4906. Application of state laws.

Sec. 4907. Federal agencies or instrumentalities

SEC. 4901. PAYMENT OF TAX.

(a) CONDITION PRECEDENT TO CARRYING ON CERTAIN BUSINESS.No person shall be engaged in or carry on any trade or business subject to the tax imposed by section 4411 (wagering), 4461 (2) (coin-operated gaming devices), 4721 (narcotic drugs), or 4751 (marihuana) until he has paid the special tax therefor.

(b) COMPUTATION.-All special taxes shall be imposed as of on the first day of July in each year, or on commencing any trade or business on which such tax is imposed. In the former case the tax shall be reckoned for 1 year, and in the latter case it shall be reckoned proportionately, from the first day of the month in which the liability to a special tax commenced, to and including the 30th day of June following.

(c) How PAID.—

(1) STAMP.-All special taxes imposed by law shall be paid by stamps denoting the tax.

(2) ASSESSMENT.

For authority of the Secretary or his delegate to make assessments where the special taxes have not been duly paid by stamp at the time and in the manner provided by law, see subtitle F.

SEC. 4902. LIABILITY OF PARTNERS.

Any number of persons doing business in copartnership at any one place shall be required to pay but one special tax.

SEC. 4903. LIABILITY IN CASE OF BUSINESS IN MORE THAN ONE LOCATION.

The payment of the special tax imposed, other than the tax imposed by section 4411, shall not exempt from an additional special tax the person carrying on a trade or business in any other place than that stated in the register kept in the office of the official in charge of the internal revenue district; but nothing herein contained shall require a special tax for the storage of goods, wares, or merchandise in other places than the place of business, nor, except as provided in this subtitle, for the sale by manufacturers or producers of their own goods, wares, and merchandise, at the place of production or manufacture, and at their principal office or place of business, provided no goods, wares, or merchandise shall be kept except as samples at said office or place of business.

SEC. 4904. LIABILITY IN CASE OF DIFFERENT BUSINESSES OF SAME OWNERSHIP AND LOCATION.

Whenever more than one of the pursuits or occupations described in this subtitle are carried on in the same place by the same person at the same time, except as otherwise provided in this subtitle, the tax shall be paid for each according to the rates severally prescribed. SEC. 4905. LABILITY IN CASE OF DEATH OR CHANGE OF LOCATION.

(a) REQUIREMENTS.-When any person who has paid the special tax for any trade or business dies, his wife or child, or executors or administrators or other legal representatives, may occupy the house or premises, and in like manner carry on, for the residue of the term for which the tax is paid, the same trade or business as the deceased before carried on, in the same house and upon the same premises, without the payment of any additional tax. When any person removes from the house or premises for which any trade or business was taxed to any other place, he may carry on the trade or business specified in the register kept in the office of the official in charge of the internal revenue district at the place to which he removes, without the payment of any additional tax: Provided, That all cases of death, change, or removal, as aforesaid, with the name of the successor to any person deceased, or of the person making such change or removal, shall be registered with the Secretary or his delegate, under regulations to be prescribed by the Secretary or his delegate.

(b) REGISTRATION.

(1) For registration in case of wagering, playing cards, narcotics, marihuana, and white phosphorus matches. see sections 4412, 4455, 4722, 4753, and 4804 (d), respectively.

(2) For other provisions relating to registration, see subtitle F.

SEC. 4906. APPLICATION OF STATE LAWS.

The payment of any special tax imposed by this subtitle for carrying on any trade or business shall not be held to exempt any person from any penalty or punishment provided by the laws of any State for carrying on the same within such State, or in any manner to authorize the commencement or continuance of such trade or business contrary to the laws of such State or in places prohibited by municipal law; nor shall the payment of any such tax be held to prohibit any State from placing a duty or tax on the same trade or business, for State or other purposes.

SEC. 4907. FEDERAL AGENCIES OR INSTRUMENTALITIES.

Any special tax imposed by this subtitle, except the tax imposed by section 4411, shall apply to any agency or instrumentality of the United States unless such agency or instrumentality is granted by statute a specific exemption from such tax.

« iepriekšējāTurpināt »