Page:United States Statutes at Large Volume 53 Part 1.djvu/224

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.

CODIFICATION OF INTERNAL REVENUE LAWS forms of the official cotton standards which shall be established by him, and to furnish such practical forms from time to time, upon request, to any person, the cost thereof, as determined by the Secre- tary of Agriculture, to be paid by the person requesting the same, and to certify such practical forms under the seal of the Depart- ment of Agriculture and under the signature of the said Secretary, thereto affixed by himself or by some official or employee of the Department of Agriculture thereunto duly authorized by the said Secretary. (2) DIsPosImoN OF nECEIPTS FROM SALES. -Al l sums collected by the Secretary of Agriculture for furnishing practical forms under paragraph (1) shall be deposited and covered into the Treasury as miscellaneous receipts. SEC. 1927. BONA FIDE SPOT MARKETS. (a) DEFINITION. - For the purposes of this chapter the only mar- kets which shall be considered bona fide spot markets shall be those which the Secretary of Agriculture shall, from time to time, after investigation, determine and designate to be such, and of which he shall give public notice. (b) DETERMINATION. -In determining, pursuant to the provisions of this chapter, what markets are bona fide spot markets, the Secre- tary of Agriculture is directed to consider only markets in which spot cotton is sold in such volume and under such conditions as custom- arily to reflect accurately the value of middling cotton and the dif- ferences between the prices or values of middling cotton and of other grades of cotton for which standards shall have been established by the Secretary of Agriculture: Provided,That if there be not sufficient places, in the markets of which are made bona fide sales of spot cotton of grades for which standards are established by the Secretary of Agriculture, to enable him to designate at least five spot markets in accordance with section 1922 (c) of this chapter, he shall, from data as to spot sales collected by him, make rules and regulations for determining the actual commercial differences in the value of spot cotton of the grades established by him as reflected by bona fide sales of spot cotton, of the same or different grades, in the markets selected and designated by him, from time to time, for that purpose, and in that event, differences in value of cotton of various grades involved in contracts made pursuant to section 1922 (a) and (b) shall be deter- mined in compliance with such rules and regulations: Provided fur- ther, That it shall be the duty of any person engaged in the business of dealing in cotton, when requested by the Secretary of Agriculture or any agent acting under his instructions, to answer correctly to the best of his knowledge, under oath or otherwise, all questions touching his knowledge of the number of bales, the classification, the price or bona fide price offered, and other terms of purchase or sale of any cotton involved in any transaction participated in by him, or to pro- duce all books, letters, papers, or documents in his possession or under his control relating to such matter. SEC. 1928. COLLECTION AND ENFORCEMENT. (a) RrUES AND REGULATIONs.- T he Secretary of the Treasury is authorized to make and promulgate such rules and regulations as he may deem necessary to collect the tax imposed by this chapter and otherwise to enforce its provisions. (b) RECORDS AND RETU'rNS.- Further to effect the purpose of sub- section (a), the Secretary shall require all persons coming within its provisions to keep such records and statements of account, and may require such persons to make such returns verified under oath or otherwise, as will fully and correctly disclose all transactions men- tioned in section 1920 (a) of this chapter, including the making, execution, settlement, and fulfillment thereof; he may require all per- 214