78 STAT. ]
PUBLIC LAW 88-563-SEPT. 2, 1964
833
"SEC. 4919. SALES BY UNDERWRITERS AND DEALERS TO FOREIGN PERSONS. " (a) CREDIT OR REFUND.—The tax paid under section 4911 on the
acquisition of stock or debt obligations of a foreign issuer or obligor shall constitute an overpayment of tax to the extent that such stock or debt obligations— " (1) PRIVATE PLACEMENTS AND PUBLIC OFFERINGS.—Are acquired
by an underwriter in connection with a private placement or a public offering by a foreign issuer or obligor (or a person or persons directly or indirectly controlling, controlled by, or under common control with such issuer or obligor) and are sold as part of such private placement or public offering by the underwriter (including sales by other underwriters who are United States persons participating in the placement or distribution of the stock or debt obligations acquired by the underwriter) to persons other than United States persons; " (2) CERTAIN DEBT OBLIGATIONS.—Consist of debt obligations— " (A) acquired by a dealer in the ordinary course of his business and sold by him, within 90 days after their purchase, to— "(i) persons other than United States persons, or "(ii) another dealer who resells them on the same or the next business day to persons other than United States persons; or " (B) acquired by a dealer in the ordinary course of his business to cover short sales made by him, within 90 days before their purchase, to— " H) persons other than United States persons, or "(ii) another dealer who resold them on the same or the next business day to persons other than United States persons; or
dA) "(
ERTAIN STOCK.
C o u s i s to f StOck—
acquired by a dealer in the ordinary course of his business and sold by him on the day of purchase or on either of the two succeeding business days to persons other than United States persons; or " (B) acquired by a dealer in the ordinary course of his business to cover short sales made by him on the day of purchase or on either of the two preceding business days to persons other than United States persons. Under regulations prescribed by the Secretary or his delegate, credit or refund (without interest) shall be allowed or made with respect to such overpayment. For purposes of paragraphs (2) and (3) of this subsection and for purposes of paragraph (3) of subsection (b), the day of purchase or sale of any stock or debt obligation is the day on which an order to purchase or to sell, as the case may be, is executed. " (b) EVIDENCE To SUPPORT CREDIT OR REFUND.—
"(1) IN GENERAL.—Credit or refund shall be allowed to an underwriter or dealer under subsection (a) with respect to any stock or debt obligation sold by him only if the underwriter or dealer— " (A) files with the return required by section 6011(d) on which credit is claimed, or with the claim for refund, such information as the Secretary or his delegate may prescribe by regulations, and " (B) establishes that such stock or debt obligation was sold to a person other than a United States person.
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