1302
26 USC 7701.
PUBLIC LAW 85-859-SEPT. 2, 1958
[72 STAT.
"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.—
26 USC 521.
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 II u s e I note.
(IIU. S.C),
47 Stat. 1474.
" (B) approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in section 77 (j^) of the Bankruptcy Act, as amended (11 U.S.C. 205 " (C) approved in an equity receivership proceeding m a court involving a corporation, as defined m 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,
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