96 STAT. 580
PUBLIC LAW 97-248—SEPT. 3, 1982 "(b) CERTAIN M I D D L E M E N TREATED AS P A Y O R S. — For purposes of
this subchapter— "(1) IN GENERAL.—To the extent provided in regulations— "(A) any custodian for, or nominee of, the payee, "(B) any corporate t r u s t e e of a t r u s t which is the payee, or "(C) any person which collects the payment for the payee or otherwise acts as a middleman between the payor and the payee, shall be treated as a payor with respect to the payment. "(2) RECEIPT TREATED AS PAYMENT.—To the e x t e n t provided in
regulations, any person t r e a t e d as a payor under paragraph (1) shall be treated a s having paid the interest, dividend, or patronage dividend when such person received such a m o u n t. "(c) A G E N T S, E T C. — I n the case of—
"(1) a fiduciary or agent with respect to the payment or crediting of any interest, dividend, or patronage dividend, or "(2) any other person w h o has the control, receipt, custody, or disposal of, or pays or credits any interest, dividend, or patronage dividend for any payor, the Secretary, under regulations prescribed by him, may designate such fiduciary, agent, or other person as a payor with respect to such payment or crediting for purposes of this subchapter. "(d) T R E A T M ENT OF P E R S O N S TO W H O M
SUBSECTION (b) OR (C)
APPLIES.—Any person treated as a payor under subsection (b) or (O— "(1) shall perform such acts as a r e required of a payor (within the m e a n i n g of subsection (a)) and as may be specified by the Secretary, and "(2) shall be treated as a payor for all provisions of law (including penalties) applicable in respect to a payor (within the m e a n i n g of subsection (a)). "(e) R E L I E F F R O M DOUBLE W I T H H O L D I N G. — The Secretary may by
regulations provide that w h e r e any person is treated as a payor under subsection (b) or (c) with respect to any payment, any other person who (but for this subsection) would be t r e a t e d a s a payor with respect to such payment shall be relieved from the requirements of this subchapter to the extent provided in such regulations. "(f) LIABILITY OF T H I R D PARTIES P A Y I N G OR PROVIDING INTEREST, DIVIDENDS, OR P A T R O N A G E DIVIDENDS.—To the e x t e n t provided in
regulations prescribed by the Secretary, rules similar to the rules of section 3505 (relating to liability of third parties paying or providing for wages) shall apply for purposes of this subchapter. For purposes of the preceding sentence, the last sentence of subsection (b) of section 3505 shall be applied by substituting '10 percent' for '25 percent'. 26 USC 3454.
"SEC. 3454. DEFINITIONS OF INTEREST, DIVIDEND, AND PATRONAGE DIVIDEND. "(a) INTEREST D E F I N E D. — For purposes of t h i s subchapter — "(1) GENERAL RULE. — The term ' i n t e r e s t ' means —
"(A) interest on any obligation in registered form or of a type offered to the public, "(B) interest on deposits with persons carrying on the b a n k i n g business, "(C) a m o u n t s (whether or not designated a s interest) paid by a m u t u a l savings bank, savings and loan association.
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