Page:United States Statutes at Large Volume 85.djvu/569

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[85 STAT. 539]
[85 STAT. 539]
PUBLIC LAW 92-000—MMMM. DD, 1971

85 STAT. ]

PUBLIC LAW 92-178-DEC. 10, 1971


that such sale, exchange, lease, rental, or other disposition, or furnishing of services— " (A) is for ultimate use in the United States; " (B) is accomplished by a subsidy granted by the United States or any instrumentality thereof; " (C) is for use by the United States or any instrumentality thereof where the use of such export property or services is required by law or regulation. "Qualified x For purposes of this part, the term 'q[ualified export receipts' does port r e c e i p t s e". not include receipts from a corporation which is a D I S C for its taxable year in which the receipts arise and which is a member of a controlled group (as defined in paragraph (3)) which includes the recipient corporation. "(3) DEFINITION OF CONTROLLED GROUP.—For purposes of this part, the term 'controlled group' has the meaning assigned to such term by section 1563(a), except that the phrase 'more than 50 ^^ Stat. 120. percent' shall be substituted for the phrase 'at least 80 percent' each place it appears therein, and section 1563(b) shall not. apply. " (b) QUALIFIED EXPORT ASSETS.—For purposes of this part, the qualified export assets of a corporation are— " (1) export property (as defined in subsection (c)); "(2) assets used primarily in connection with the sale, lease, rental, storage, handling, transportation, packaging, assembly, or servicing of export property, or the performance of engineering or architectural services described in subparagraph (G) of subsection (a)(1) or managerial services in furtherance of the production of qualified export receipts described in subparagraphs (A), (B), (C), and (G) of subsection (a)(1); "(3) accounts receivable and evidences of indebtedness which arise by reason of transactions of such corporation described in subparagraph (A), (B), (C), (D), (G), or (H), of subsection (a)(1); "(4) money, bank deposits, and other similar temporary investments, which are reasonably necessary to meet the working ^ capital requirements of such corporation; "(5) obligations arising in connection with a producer's loan (as defined in subsection (d)); " (6) stock or securities of a related foreign export corporation (as defined in subsection (e)); "(7) obligations issued, guaranteed, or insured, in whole or in part, by the Export-Import Bank of the United States or the Foreign Credit Insurance Association in those cases where such obligations are acquired from such Bank or Association or from the seller or purchaser of the goods or services with respect to which such obligations arose; "(8) obligations issued by a domestic corporation organized solely for the purpose of financing sales of export jDroperty pursuant to an agreement with the Export-Import Bank of the United States under which such corporation makes export loans guaranteed by such bank; and "(9) amounts (other than reasonable working capital) on deposit in the United States that are utilized during the period provided for in, and otherwise in accordance with, regulations prescribed by the Secretary or his delegate to acquire other qualified export assets. " (c) EXPORT PROPERTY.—

"(1) IN GENERAL.—For purposes of this part, the term 'export property' means property— " (A) manufactured, produced, grown, or extracted in the United States by a person other than a DISC,