(b) WORTHLESS STOCK AND OBLIGATIONS.-The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections by an executor or administrator to a legatee, heir, or distributee, if it is shown to the satisfaction of the Secretary or his delegate that the value of such instrument is not greater than the amount of the tax which would otherwise be imposed on such delivery or transfer. (c) TRANSFERS BETWEEN CERTAIN REVOCABLE TRUSTS.—The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections by one revocable trust to another revocable trust if— (1) the grantor of both trusts is the same person, and (2) at the time of such delivery or transfer, such grantor is treated under section 676 as the owner of both trusts. For purposes of the preceding sentence, if 2 or more grantors are treated under section 676 as owners in the same relative proportions of both trusts, such grantors shall be treated as the same person. SEC. 4345. EXEMPTION CERTIFICATES. Except as provided in regulations prescribed by the Secretary or his delegate, no exemption shall be granted under section 4322, 4332 (a), 4341, 4342, 4343 (a), or 4344 (a) or (c) unless the delivery or transfer is evidenced by a certificate setting forth such facts as the Secretary or his delegate may by regulations prescribe. SEC. 4346. CROSS REFERENCES. For other exemptions, see sections 4322, 4332, and 4382. Subpart B-Miscellaneous Provisions Sec. 4351. Definitions. Sec. 4352. Affixing of stamps. Sec. 4353. Payment of tax through national securities exchanges without use of stamps. Sec. 4354. Cross references. SEC. 4351. DEFINITIONS. (a) REGISTERED NOMINEE.-For purposes of this subchapter, the term "registered nominee" means any person registered in accordance with such regulations as the Secretary or his delegate shall prescribe. (b) SALE OR TRANSFER. For purposes of this subchapter, the term "sale or transfer" means any sale, agreement to sell, memorandum of sale or delivery, or transfer of legal title, whether or not shown by the books of the corporation or other organization (or by any assignment in blank, or by any delivery, or by any paper or agreement or memorandum or other evidence of transfer or sale), and whether or not the holder acquires a beneficial interest in the instru ments. SEC. 4352. AFFIXING OF STAMPS. The stamps representing the taxes imposed by section 4321 and section 4331 shall be affixed to (1) INSTRUMENT.-The instrument where the change of ownership is by transfer of the instrument. (2) BILL OR MEMORANDUM OF SALE. The bill or memorandum of sale in cases of an agreement to sell or where the transfer is by delivery of the instrument assigned in blank. Such bill or memorandum of sale shall be made and delivered by the seller to the buyer, and shall show the date thereof, the name of the seller, the amount of the sale, and the instrument to which it refers. SEC. 4353. PAYMENT OF TAX THROUGH NATIONAL SECURITIES EXCHANGES WITHOUT USE OF STAMPS. (a) GENERAL RULE.-Under regulations prescribed by the Secretary or his delegate, if a member of a securities exchange which is registered with the Securities and Exchange Commission as a national securities exchange appoints such exchange, or the clearinghouse for such exchange, as his agent for purposes of paying the taxes imposed by sections 4321 and 4331 in respect of his transactions, the taxes imposed by such sections in respect of such transactions may be paid. through such agent without the use of stamps. (b) TREATMENT AS STAMP TAX.-For purposes of this title (1) any tax which is payable as provided under subsection (a) shall be treated as tax payable by stamp, and (2) any amount of tax which is paid as provided under subsection (a) shall be treated as tax paid by stamp. SEC. 4354. CROSS REFERENCES. For penalties and other general and administrative provisions applicable to this subchapter, see section 4384 and subtitle F. Subchapter C-Conveyances Sec. 4361. Imposition of tax. Sec. 4363. Cross references. SEC. 4361. IMPOSITION OF TAX. There is hereby imposed, on each deed, instrument, or writing by which any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrance remaining thereon at the time of sale) exceeds $100, a tax at the rate of 55 cents for each $500 or fractional part thereof. SEC. 4362. EXEMPTIONS. (a) SECURITY FOR DEBT.-The tax imposed by section 4361 shall not apply to any instrument or writing given to secure a debt. (b) STATE AND LOCAL GOVERNMENT CONVEYANCES.-No State or Territory, or political subdivision thereof, or the District of Columbia, shall be liable for the tax imposed by section 4361 with respect to any deed, instrument, or writing to which it is a party, and affixing of stamps thereby shall not be deemed payment for the tax, which may be collected by assessment from any other party liable therefor. (c) OTHER EXEMPTIONS. For other exemptions, see section 4382. SEC. 4363. CROSS REFERENCES. For penalties and other general and administrative provisions applicable to this subchapter, see section 4384 and subtitle F. Subchapter D-Policies Issued by Foreign Insurers Sec. 4371. Imposition of tax. Sec. 4372. Definitions. Sec. 4373. Exemptions. Sec. 4374. Affixing of stamps. SEC. 4371. IMPOSITION OF TAX. There is hereby imposed, on each policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer, a tax at the following rates: (1) CASUALTY INSURANCE AND INDEMNITY BONDS.-Four cents on each dollar, or fractional part thereof, of the premium charged on the policy of casualty insurance or the indemnity bond, if issued to or for, or in the name of, an insured as defined in section 4372(d). (2) LIFE INSURANCE, SICKNESS, AND ACCIDENT POLICIES, ANNUITY CONTRACTS.-One cent on each dollar, or fractional part thereof, of the premium charged on the policy of life, sickness, or accident insurance, or annuity contract, unless the insurer is subject to tax under section 816. AND (3) REINSURANCE.-One cent on each dollar, or fractional part thereof, of the premium charged on the policy of reinsurance covering any of the contracts taxable under paragraph (1) or (2). SEC. 4372. DEFINITIONS. (a) FOREIGN INSURER OR REINSURER. For the purpose of this subchapter, the term "foreign insurer or reinsurer" means an insurer or reinsurer who is a nonresident alien individual, a foreign partnership, or a foreign corporation. The term includes a nonresident alien individual, foreign partnership, or foreign corporation which shall become bound by an obligation of the nature of an indemnity bond. (b) POLICY OF CASUALTY INSURANCE. For purposes of section 4371(1), the term "policy of casualty insurance" means any policy (other than life) or other instrument by whatever name called whereby a contract of insurance is made, continued, or renewed. (c) INDEMNITY BOND.-For purposes of this subchapter, the term "indemnity bond" means any instrument by whatever name called whereby an obligation of the nature of an indemnity, fidelity, or surety bond is made, continued, or renewed. The term includes any bond for indemnifying any person who shall have become bound or engaged as surety, and any bond for the due execution or performance of any contract, obligation, or requirement, or the duties of any office or position, and to account for money received by virtue thereof, where a premium is charged for the execution of such bond. (d) INSURED. For purposes of section 4371(1), the term "insured" means (1) a domestic corporation or partnership, or an individual resident of the United States, against, or with respect to, hazards, risks, losses, or liabilities wholly or partly within the United States, or (2) a foreign corporation, foreign partnership, or nonresident individual, engaged in a trade or business within the United States, against, or with respect to, hazards, risks, or liabilities within the United States. (e) POLICY OF LIFE, SICKNESS, OR ACCIDENT INSURANCE, OR ANNUITY CONTRACT. For purposes of section 4371(2), the term "policy of life, sickness, or accident insurance, or annuity contract" means any policy or other instrument by whatever name called whereby a contract of insurance or an annuity contract is made, continued, or renewed with respect to the life or hazards to the person of a citizen or resident of the United States. (f) POLICY OF REINSURANCE. For purposes of section 4371(3), the term "policy of reinsurance" means any policy or other instrument by whatever name called whereby a contract of reinsurance is made, continued, or renewed against, or with respect to, any of the hazards, risks, losses, or liabilities covered by contracts taxable under paragraph (1) or (2) of section 4371. SEC. 4373. EXEMPTIONS. The tax imposed by section 4371 shall not apply to (1) DOMESTIC AGENT.-Any policy, indemnity bond, or annuity contract signed or countersigned by an officer or agent of the insurer in a State, Territory, or District of the United States within which such insurer is authorized to do business. (2) INDEMNITY BOND.-Any indemnity bond required to be filed by any person to secure payment of any pension, allowance, allotment, relief, or insurance by the United States, or to secure a duplicate for, or the payment of, any bond, note, certificate of indebtedness, war-saving certificate, warrant, or check, issued by the United States. SEC. 4374. AFFIXING OF STAMPS. Any person to or for whom or in whose name any policy, indemnity bond, or annuity contract referred to in section 4371 is issued, or any solicitor or broker acting for or on behalf of such person in the procurement of any such instrument, shall affix the proper stamps to such instrument. SEC. 4375. CROSS REFERENCES. For penalties and other general and administrative provisions, see section 4384 and subtitle F. |