Page:United States Statutes at Large Volume 87.djvu/51

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PUBLIC LAW 93-000—MMMM. DD, 1973

87 STAT. ]

PUBLIC LAW 93-17-APR. 10, 1973

19

(2) EFFECTIVE DATE.—The amendment made by this subsection shall apply to acquisitions of stock or debt obligations made on or after July 15, 1967. (i)(l) INTEREST EQUALIZATION TAX REFUNDS.—Section 4919(a) (relating to credit or refund) is amended by striking out "credit or refund (without interest)" and inserting in lieu thereof "credit (without interest) or refund". (2) GRACE PERIOD FOR PROMPT REFUNDS.—Section 6611 (relating to

interest on overpayments) is amended by redesignating subsection (h) as (i), and by inserting after subsection (g) the following new subsection:

78 Stat. 833; 85 Stat. 2 0. 26 USC 4919.

68A Stat. 819; 72 Stat. 1640.

" (h) REFUND W I T H I N 45 D A T S AFTER F I L I N G CLAIM FOR REFUND OF INTEREST EQUALIZATION T A X PAID ON SECURITIES SOLD TO FOR-

EIGNERS.—No interest shall be allowed under subsection (a) on any overpayment of the tax imposed by section 4911, arising by reason of section 4919(a), if the overpayment is refunded within 45 days after the filing of a claim for refund for that overpayment of tax with respect to a prior quarter." (j)

CHANGES I N DEFINITIONS AND SPECIAL RULES. — (1) FOREIGN LENDING OR FINANCE BUSINESSES.—Section

78 Stat. 809. Supra.

4920

(a) (3A) is amended by— (A) amending subparagraph (A) to read as follows: " (A) the term 'lending or finance business' has the meaning given to it by section 542(d)(1), except that the portion of subparagraph (B)(i) of such section following '60 months' shall be disregarded;" and (B) adding at the end of such section the following sentence: " For purposes of determining whether a domestic corporation is primarily engaged in the lending or finance business, ownership of stock of an affiliated corporation which satisfies the requirements of clause (i) and (ii) of paragraph (3)(C) shall be disregarded."

81 Stat. 161, "Lending or finance b u s i n e s s. " 78 Stat. 80.

(2) FUNDING OF STOCK OPTIONS AND OTHER ISSUES OF STOCK.—

Section 4920(b)(2) (relating to class of stock defined) is amended by— (A) striking "or" at the end of subparagraph (C), (B) redesignating subparagraph (D) as (E). (C) inserting after subparagraph (C) the following new Lg lo subparagraph; " (D) issued after November 10, 1964, and prior to January 30, 1973, upon exercise of a stock option granted to an individual, in connection with his employment by the employer corporation, or its parent or subsidiary corporation, to purchase stock of any such corporations if the tax imposed by section 4911 has been paid;", (D) amending clause (ii) of subparagraph (E) (as redesignated by subparagraph (B) of this paragraph) by inserting before the semicolon the following: ", or on the latest record date before the issuance of such additional shares", (E) amending clause (iv) of such subparagraph (E) by inserting after 4917," the following: "or are shares issued after January 29, 1973, upon exercise of an option described in section 4914(a)(8) (determined without regard to whether or not the optionee is a United States person) granted to an employee who immediately after such option is granted is an individual described in section 422(b)(7) (provided that the aggregate number of shares of such class subject to all options described in section 4914(a)(8) (determined without regard to whether or not the optionee is a United States person) that are granted during one calendar year does not

79 Stat. 963; 85 Stat. 2 0.

78 Stat. 813,,

78 Stat. 64.