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26 U.S.C. § 2104 — Property within the United States

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 206 words · no verdicts yet

in plain englishAI-generated · not legal advice

For this subchapter, specified property is treated as property within the United States. The section lists the property covered and the rules for determining that status.

(a) Stock in corporation For purposes of this subchapter shares of stock owned and held by a nonresident not a citizen of the United States is treated property within the United States only if issued by a domestic corporation. (b) Revocable transfers and transfers within 3 years of death For purposes of this subchapter, any property of which the decedent has made a transfer, by trust or otherwise, within the meaning of sections 2035 to 2038, inclusive, is treated to be situated in the United States, if so situated either at the time of the transfer or at the time of the decedent’s death. (c) Debt obligations For purposes of this subchapter, debt obligations of— (1) a United States person, or (2) the United States, a State or any political subdivision of it, or the District of Columbia, owned and held by a nonresident not a citizen of the United States is treated property within the United States. Deposits with a domestic branch of a foreign corporation, if that branch is engaged in the commercial banking business, must, for purposes of this subchapter, be treated property within the United States. This subsection must not apply to a debt obligation to which section 2105(b) applies.
the actual law source: uscode.house.gov ↗public domain
(a) Stock in corporation

For purposes of this subchapter shares of stock owned and held by a nonresident not a citizen of the United States shall be deemed property within the United States only if issued by a domestic corporation.

(b) Revocable transfers and transfers within 3 years of death

For purposes of this subchapter, any property of which the decedent has made a transfer, by trust or otherwise, within the meaning of sections 2035 to 2038, inclusive, shall be deemed to be situated in the United States, if so situated either at the time of the transfer or at the time of the decedent’s death.

(c) Debt obligations

For purposes of this subchapter, debt obligations of—

(1)

a United States person, or

(2)

the United States, a State or any political subdivision thereof, or the District of Columbia,

owned and held by a nonresident not a citizen of the United States shall be deemed property within the United States. Deposits with a domestic branch of a foreign corporation, if such branch is engaged in the commercial banking business, shall, for purposes of this subchapter, be deemed property within the United States. This subsection shall not apply to a debt obligation to which section 2105(b) applies.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 397; Pub. L. 89–809, title I, § 108(c), Nov. 13, 1966, 80 Stat. 1572; Pub. L. 91–172, title IV, § 435(b), Dec. 30, 1969, 83 Stat. 625; Pub. L. 93–17, § 3(a)(1), Apr. 10, 1973, 87 Stat. 12; Pub. L. 93–625, § 9(b), Jan. 3, 1975, 88 Stat. 2116; Pub. L. 94–455, title XX, § 2001(c)(1)(L), Oct. 4, 1976, 90 Stat. 1853; Pub. L. 100–647, title I, § 1012(q)(11), Nov. 10, 1988, 102 Stat. 3525; Pub. L. 104–188, title I, § 1704(t)(38), Aug. 20, 1996, 110 Stat. 1889; Pub. L. 111–226, title II, § 217(c)(3), Aug. 10, 2010, 124 Stat. 2402; Pub. L. 113–295, div. A, title II, § 221(a)(98), Dec. 19, 2014, 128 Stat. 4051.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1966Amended · Pub. L. 89-809 · 80 Stat. 1572
  • 1969Amended · Pub. L. 91-172 · 83 Stat. 625
  • 1973Amended · Pub. L. 93-17 · 87 Stat. 12
  • 1975Amended · Pub. L. 93-625 · 88 Stat. 2116
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1853
  • 1988Amended · Pub. L. 100-647 · 102 Stat. 3525
  • 1996Amended · Pub. L. 104-188 · 110 Stat. 1889
  • 2010Amended · Pub. L. 111-226 · 124 Stat. 2402
  • 2014Amended · Pub. L. 113-295 · 128 Stat. 4051

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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