26 U.S.C. § 7001 — Collection of foreign items
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 88 words · no verdicts yet
This section requires people who collect foreign interest or dividend payments as a business or for profit to obtain a license. It subjects them to information-reporting regulations and cross-references the penalty for failing to obtain the license.
(a) License All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks, or bills of exchange must obtain a license from the Secretary* and must be subject to that regulations enabling the Government to obtain the information required under subtitle A (relating to income taxes) as the Secretary must prescribe.
(b) Penalty for failure to obtain license For penalty for failure to obtain the license provided for in this section, see section 7231.
All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks, or bills of exchange shall obtain a license from the Secretary* and shall be subject to such regulations enabling the Government to obtain the information required under subtitle A (relating to income taxes) as the Secretary shall prescribe.
For penalty for failure to obtain the license provided for in this section, see section 7231.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 845; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1834
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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