18
PUBLIC LAW 93-17-APR. 10, 1973
"Services."
debt obligation are not unreasonable in light of credit practices in the business in which the person selling or leasing such property or services is engaged. rpj^^ term 'services' as used in this paragraph and paragraph (2), shall not be construed to include functions performed as an underwriter." (2)
s/statVss^^' 26 USC 4914.
REFUNDING OR REFINANCING CERTAIN DEBT OBLIGATIONS.—
Section 4914(c) is amended by redesignating paragraph (8) as (9), and by inserting after paragraph (7) the following new paragraph: "(8)
78 Stat. 809.
[87 STAT.
REFUNDING OR REFINANCING CERTAIN DEBT OBLIGATIONS.—
The tax imposed by section 4911 shall not apply to the acquisition of a debt obligation issued for the purpose of refunding or refinancing a new or original debt obligation if— (A) the purpose for which and circumstances under which the new or original debt obligation was issued are such that, were such debt obligation issued on the date on which the refunding or refinancing debt obligation is issued, the acquisition of that new or original debt obligation would not be subject to tax under section 4911, and " (B) the terms of the refunding or refinancing debt obligation are not unreasonable in light of credit practices in the business in which the person acquiring the debt obligation is engaged and the refunding or refinancing of the new or original debt obligation is customary in transactions of the type out of which it arose." (g)(1) EXCLUSION FOR ACQUISITIONS BY QLFC'S TO FINANCE EXPORTS.—
85 Stat. 17.
85 Stat. 18.
Section 4915(e)(1)(A) is amended to read as follows: " (A)(i) the amounts received by the corporation as a result of the acquisition will not be used to acquire stock of foreign issuers or debt obligations of foreign obligors (other than stock or debt obligations the acquisition of which is not subject to the tax imposed by section 4911 on account of section 4914(c)), or utilized in any way outside of the United States other than for the acquisition of tangible personal property for leasing which is manufactured or produced in the United States, or (ii) the funds used for such acquisition were obtained from sources outside the United States; and". ^2) DEFINITION OF QLFC AMENDED.—Section 4920(d)(2) is amended by striking out everything preceding subparagraph (A) and inserting in lieu thereof the following: "(2) all debt obligations of foreign obligors (other than debt obligations the acquisition of which is not subject to the tax imposed by section 4911 on account of section 4914(c)) acquired by such corporation, and all tangible personal property not manufactured or produced in the United States acquired by such corporation for leasing, are acquired and carried solely out of—". (h)(1)
^^81 Stat. 148,
PARTICIPATING FIRMS TRADING FOR THEIR OWN ACCOUNTS.—
Section 4918(e) (relating to sales effected by participating firms in connection with exempt acquisitions) is amended by— (A) striking "or" at the end of paragraph (7), (B) redesignating paragraph (8) as (9), and (C) inserting after paragraph (7) the following new paragraph: "(8) sells for its own account and pays the tax imposed under section 4911 on its acquisition of such stock or debt obligation not later than the time it would be required to pay over such tax to the Secretary or his delegate if such tax were withheld under paragraph (7); or".
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