Notes on public charities : US Code - Notes

Search Notes on public charities : US Code - Notes

Sec.
4911. Tax on excess expenditures to influence legislation.
4912. Tax on disqualifying lobbying expenditures of certain
organizations.

AMENDMENTS
1987 - Pub. L. 100-203, title X, Sec. 10714(d), Dec. 22, 1987,
101 Stat. 1330-471, added item 4912.

PRIOR PROVISIONS
The provisions of a prior chapter 41, Interest Equalization Tax,
were set out as follows:
Subchapter A, Acquisitions of foreign stock and debt
obligations, comprising sections 4911 to 4920.
Subchapter B, Acquisition by commercial banks, comprising
section 4931.
Prior sections 4911 to 4922 and 4931 were repealed by Pub. L. 94-
455, Sec. 1904(a)(21)(A), Oct. 4, 1976, 90 Stat. 1814, effective
with respect to acquisitions of stock and debt obligations made
after June 30, 1974. See section 1904(a)(21)(B), set out as an
Effective Date of Repeal of Prior Provisions note below.
The subject matter of the prior provisions is as follows:
Section 4911, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 809; amended Pub. L. 89-243, Secs. 2, 3(a)(1), (b), Oct. 9,
1965, 79 Stat. 954; Pub. L. 90-59, Secs. 2, 3(a), July 31, 1967, 81
Stat. 145; Pub. L. 91-50, Aug. 2, 1969, 83 Stat. 86; Pub. L. 91-65,
Sec. 2, Aug. 25, 1969, 83 Stat. 105; Pub. L. 91-128, Secs. 2, 3,
Nov. 26, 1969, 83 Stat. 261, 262; Pub. L. 92-9, Sec. 2, Apr. 1,
1971, 85 Stat. 13; Pub. L. 93-17, Sec. 2, Apr. 10, 1973, 87 Stat.
12, imposed a tax on each acquisition by a United States person of
stock of a foreign issuer or a debt obligation of a foreign
obligor, if such obligation had a period remaining to maturity of 1
year or more and provided for modification of tax rate by executive
order, rate tables, rates during interim period, rules and
regulations, persons liable for tax, and termination date, that no
tax shall be imposed on any acquisition made after June 30, 1974.
Section 4912, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 810; amended Pub. L. 89-243, Sec. 4(m)(3), Oct. 9, 1965, 79
Stat. 963; Pub. L. 90-59, Sec. 5(a)(1), July 31, 1967, 81 Stat.
157; Pub. L. 91-128, Sec. 4(a)(1), Nov. 26, 1969, 83 Stat. 263;
Pub. L. 92-9, Sec. 3(a)(1), Apr. 1, 1971, 85 Stat. 14; Pub. L. 93-
17, Sec. 3(e), Apr. 10, 1973, 87 Stat. 17, defined term
"acquisition" and provided special rules to be applied to certain
transfers to foreign trusts, foreign corporations and partnerships,
foreign branches, acquisitions from domestic corporations or
partnerships formed or availed of to obtain funds for foreign
issuer or obligor, and reorganization exchanges.
Section 4913, added Pub. L. 88-563, Sec. 2(a), Sept. 12, 1964, 78
Stat. 812, imposed general and special limitations on tax on
certain acquisitions relating to stock or debt obligations acquired
by surrender, extensions, renewals, and exercises, transfers which
are deemed acquisitions and acquisitions by certain domestic
corporations and partnerships.
Section 4914, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 813; amended Pub. L. 89-44, title IV, Sec. 405(d), June 21,
1965, 79 Stat. 149; Pub. L. 89-243, Secs. 3(a)(2), (3), 4(a)(1)-
(3), (b)-(f)(2), (g), (h)(1), Oct. 9, 1965, 79 Stat. 954, 956-960;
Pub. L. 89-809, title II, Secs. 213(a), (b)(1), 214(a), Nov. 13,
1966, 80 Stat. 1585; Pub. L. 90-59, Sec. 5(b)(1), (c)(1), (2),
(d)(1), (e)(1), (f)(1), July 31, 1967, 81 Stat. 157, 158; Pub. L.
91-128, Sec. 4(b)(1), (c)(1), (2), (i)(1), (2), Nov. 26, 1969, 83
Stat. 263, 264, 268; Pub. L. 92-9, Sec. 3(b)(1), (2), (c)(1),
(d)(1), (2), Apr. 1, 1971, 85 Stat. 15-17; Pub. L. 93-17, Sec.
3(f), Apr. 10, 1973, 87 Stat. 17, provided exclusions for certain
acquisitions including: transactions not considered acquisitions;
export credit, etc., transactions; loans to assure raw materials
sources; acquisitions by insurance companies doing business in
foreign countries; acquisitions by certain tax-exempt organizations
such as labor, fraternal, and similar organizations having foreign
branches or chapters; sale or liquidation of foreign subsidiary or
sale of foreign branch; certain debt obligations secured by United
States mortgages, etc.; acquisitions of stock of foreign issuers
investing exclusively in the United States, and loss of entitlement
to exclusion in case of certain subsequent transfers or
acquisitions of stock or debt obligations in connection with
nationalization, expropriation, etc.
Section 4915, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 824; amended Pub. L. 90-59, Sec. 5(h)(3), July 31, 1967, 81
Stat. 163; Pub. L. 91-128, Sec. 4(e)(3), Nov. 26, 1969, 83 Stat.
267; Pub. L. 92-9, Sec. 3(e)(1), Apr. 1, 1971, 85 Stat. 17; Pub. L.
93-17, Sec. 3(g)(1), Apr. 10, 1973, 87 Stat. 18, related to
exclusions for direct investments and provided for excluded
acquisitions, overpayment with respect to certain taxable
acquisitions, special rule for government-controlled enterprises,
exception for foreign corporations or partnerships formed or
availed of for tax avoidance, exception for acquisitions made with
intent to sell to United States persons, and special rule for
investments in certain lending and financial corporations.
Section 4916, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 827; amended Pub. L. 89-243, Sec. 4(i), Oct 9, 1965, 79 Stat.
960; Pub. L. 90-59, Sec. 5(g)(1), July 31, 1967, 81 Stat. 159; Pub.
L. 92-9, Sec. 3(b)(3), Apr. 1, 1971, 85 Stat. 16; Pub. L. 93-17,
Sec. 3(b), Apr. 10, 1973, 87 Stat. 13, related to exclusion for
investment in less developed countries, provided special rules
applicable to such investments, subsequent tax liability in certain
cases, the repeal of exclusion for issues after Jan. 29, 1973, in
the case of less developed country shipping companies, and defined
term "less developed country".
Section 4917, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 830; amended Pub. L. 89-243, Sec. 4(j), (k), Oct. 9, 1965, 79
Stat. 960; Pub. L. 90-59, Sec. 5(h)(1), July 31, 1967, 81 Stat.
159, related to exclusion for original or new issues where required
for international monetary stability.
Section 4918, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 831; amended Pub. L. 89-809, title II, Sec. 213(b)(2), Nov.
13, 1966, 80 Stat. 1585; Pub. L. 90-59, Sec. 4(a), July 31, 1967,
81 Stat. 148; Pub. L. 90-73, Sec. 2(a)-(c), Aug. 29, 1967, 81 Stat.
175, 176; Pub. L. 93-17, Sec. 3(h)(1), Apr. 10, 1973, 87 Stat. 18,
related to exemption for prior American ownership and compliance,
proof of such ownership or compliance, issuance of IET clean
confirmation by participating firm, sales effected by participating
firms in connection with exempt acquisitions, filing of transition
inventory, transfer of custody certificate, certain debt
obligations arising out of loans to assure raw material sources,
regulations, and definitions of "participating firm," and
"participating custodian".
Section 4919, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 833; amended Pub. L. 89-243, Sec. 4(1), Oct. 9, 1965, 79
Stat. 961; Pub. L. 90-59, Sec. 5(i)(1), (2), July 31, 1967, 81
Stat. 159, 160; Pub. L. 91-128, Sec. 4(d)(1), Nov. 26, 1969, 83
Stat. 264; Pub. L. 92-9, Sec. 3(f)(1), (2), Apr. 1, 1971, 85 Stat.
20; Pub. L. 93-17, Sec. 3(i)(1), Apr. 10, 1973, 87 Stat. 19,
related to credit or refund on sales by underwriters and dealers to
foreign persons, evidence needed to support such credit or refund,
and defined terms "underwriter", "dealer", and "persons other than
United States persons".
Section 4920, added Pub. L. 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 835; amended Pub. L. 89-243, Secs. 3(a)(4), 4(m)(1), (2)(A),
(n), Oct. 9, 1965, 79 Stat. 954, 961-963; Pub. L. 90-59, Secs.
4(f), 5(j)-(k)(2), July 31, 1967, 81 Stat. 156, 160-163; Pub. L. 91-
128, Sec. 4(e)(1), (2), (i)(3), Nov. 26, 1969, 83 Stat. 264, 269;
Pub. L. 92-9, Sec. 3(e)(2), (3), (g)(1), (h)(1), Apr. 1, 1971, 85
Stat. 18, 20, 21; Pub. L. 93-17, Sec. 3(g)(2)(j), Apr. 10, 1973, 87
Stat. 18, 19, related to definitions and special rules.
Section 4921, added Pub. L. 92-9, Sec. 3(i)(1), Apr. 1, 1971, 85
Stat. 21, related to standby authority of the President to impose
tax on debt obligations of foreign obligors having a period
remaining to maturity of less than 1 year and provided that such
authority may be extended by Executive order.
Section 4922, added Pub. L. 93-17, Sec. 3(d)(1), Apr. 10, 1973,
87 Stat. 15, related to exclusion for certain issues to finance new
or additional direct investment in the United States, qualification
for exclusion, and loss of entitlement to exclusion by subsequent
noncompliance.
Section 4931, added Pub. L 88-563, Sec. 2(a), Sept. 2, 1964, 78
Stat. 839; amended Pub. L. 89-243, Secs. 3(e)(1), 4(a)(4), (o),
Oct. 9, 1965, 79 Stat. 955, 956, 964; Pub. L. 89-809, title II,
Sec. 215(a), Nov. 13, 1966, 80 Stat. 1587, Pub. L. 90-59, Sec.
3(b)(1), July 31, 1967, 81 Stat. 145, related to the standby
authority of the President to impose, by Executive order, tax on
acquisitions by commercial banks of debt obligations of foreign
obligors, made provision for exclusions concerning export loans,
foreign currency loans by foreign branches, preexisting
commitments, and provided for prescription of regulations by the
Secretary.

EFFECTIVE DATE OF REPEAL OF PRIOR PROVISIONS
Section 1904(a)(21)(B) of Pub. L. 94-455 provided that: "The
repeal made by subparagraph (A) [repealing sections 4911 through
4922 and section 4931 of this title] shall apply with respect to
acquisitions of stock and debt obligations made after June 30,
1974."