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26 U.S.C. § 895Income derived by a foreign central bank of issue from obligations of the United States or from bank deposits

submitted 65 years ago by Pub. L. 87-29 to r/title-26-INTERNAL-REVENUE-CODE · 129 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain

Income derived by a foreign central bank of issue from obligations of the United States or of any agency or instrumentality thereof (including beneficial interests, participations, and other instruments issued under section 302(c) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717)) which are owned by such foreign central bank of issue, or derived from interest on deposits with persons carrying on the banking business, shall not be included in gross income and shall be exempt from taxation under this subtitle unless such obligations or deposits are held for, or used in connection with, the conduct of commercial banking functions or other commercial activities. For purposes of the preceding sentence the Bank for International Settlements shall be treated as a foreign central bank of issue.

Source credit: (Added Pub. L. 87–29, § 1(a), May 4, 1961, 75 Stat. 64; amended Pub. L. 89–809, title I, § 102(a)(4)(A), Nov. 13, 1966, 80 Stat. 1543.)

history & why it existsrecord from the source credit
  • 1961Enacted · Pub. L. 87-29 · 75 Stat. 64
  • 1966Amended · Pub. L. 89-809 · 80 Stat. 1543

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-29 on 1961-05-04.

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