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26 U.S.C. § 4701 — Tax on issuer of registration-required obligation not in registered form
Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of tax** In the case of any person who issues a registration-required obligation which is not in registered form, there is hereby imposed on such person on the issuance of such obligation a tax in an amount equal to the product of—
(1) 1 percent of the principal amount of such obligation, multiplied by
(2) the number of calendar years (or portions thereof) during the period beginning on the date of issuance of such obligation and ending on the date of maturity.
**(b) Definitions** For purposes of this section—
(1) **Registration-required obligation**
(A) *In general* — The term “registration-required obligation” has the same meaning as when used in section 163(f), except that such term shall not include any obligation which—
(i) is required to be registered under section 149(a), or
(ii) is described in subparagraph (B).
(B) *Certain obligations not included* — An obligation is described in this subparagraph if—
(i) there are arrangements reasonably designed to ensure that such obligation will be sold (or resold in connection with the original issue) only to a person who is not a United States person,
(ii) interest on such obligation is payable only outside the United States and its possessions, and
(iii) on the face of such obligation there is a statement that any United States person who holds such obligation will be subject to limitations under the United States income tax laws.
(2) **Registered form** — The term “registered form” has the same meaning as when used in section 163(f).
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Source location: Title 26, Chapter 39, § 4701; chapter-039-registration-required-obligations.md
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**(a) Imposition of tax** In the case of any person who issues a registration-required obligation which is not in registered form, there is hereby imposed on such person on the issuance of such obligation a tax in an amount equal to the product of—
(1) 1 percent of the principal amount of such obligation, multiplied by
(2) the number of calendar years (or portions thereof) during the period beginning on the date of issuance of such obligation and ending on the date of maturity.
**(b) Definitions** For purposes of this section—
(1) **Registration-required obligation**
(A) *In general* — The term “registration-required obligation” has the same meaning as when used in section 163(f), except that such term shall not include any obligation which—
(i) is required to be registered under section 149(a), or
(ii) is described in subparagraph (B).
(B) *Certain obligations not included* — An obligation is described in this subparagraph if—
(i) there are arrangements reasonably designed to ensure that such obligation will be sold (or resold in connection with the original issue) only to a person who is not a United States person,
(ii) interest on such obligation is payable only outside the United States and its possessions, and
(iii) on the face of such obligation there is a statement that any United States person who holds such obligation will be subject to limitations under the United States income tax laws.
(2) **Registered form** — The term “registered form” has the same meaning as when used in section 163(f).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Private activity bond** For purposes of this title, the term “private activity bond” means any bond issued as part of an issue—
(1) which meets—
(A) the private business use test of paragraph (1) of subsection (b), and
(B) the private security or payment test of paragraph (2) of subsection (b), or
(2) which meets the private loan financing test of subsection (c).
**(b) Private business tests**
(1) **Private business use test** — Except as otherwise provided in this subsection, an issue meets the test of this paragraph if more than 10 percent of the proceeds of the issue are to be used for any private business use.
(2) **Private security or payment test** — Except as otherwise provided in this subsection, an issue meets the test of this paragraph if the payment of the principal of, or the interest on, more than 10 percent of the proceeds of such issue is (under the terms of such issue or any underlying arrangement) directly or indirectly—
(A) secured by any interest in—
(i) property used or to be used for a private business use, or
(ii) payments in respect of such property, or
(B) to be derived from payments (whether or not to the issuer) in respect of property, or borrowed money, used or to be used for a private business use.
(3) **5 percent test for private business use not related or disproportionate to government use financed by the issue**
(A) *In general* — An issue shall be treated as meeting the tests of paragraphs (1) and (2) if such tests would be met if such paragraphs were applied—
(i) by substituting “5 percent” for “10 percent” each place it appears, and
(ii) by taking into account only—
(I) the proceeds of the issue which are to be used for any private business use which is not related to any government
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 141
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Bonds must be registered to be tax exempt**
(1) **General rule** — Nothing in section 103(a) or in any other provision of law shall be construed to provide an exemption from Federal income tax for interest on any registration-required bond unless such bond is in registered form.
(2) **Registration-required bond** — For purposes of paragraph (1), the term “registration-required bond” means any bond other than a bond which—
(A) is not of a type offered to the public, or
(B) has a maturity (at issue) of not more than 1 year.
(3) **Special rules**
(A) *Book entries permitted* — For purposes of paragraph (1), a book entry bond shall be treated as in registered form if the right to the principal of, and stated interest on, such bond may be transferred only through a book entry consistent with regulations prescribed by the Secretary.
(B) *Nominees* — The Secretary shall prescribe such regulations as may be necessary to carry out the purpose of paragraph (1) where there is a nominee or chain of nominees.
**(b) Federally guaranteed bond is not tax exempt**
(1) **In general** — Section 103(a) shall not apply to any State or local bond if such bond is federally guaranteed.
(2) **Federally guaranteed defined** — For purposes of paragraph (1), a bond is federally guaranteed if—
(A) the payment of principal or interest with respect to such bond is guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof),
(B) such bond is issued as part of an issue and 5 percent or more of the proceeds of such issue is to be—
(i) used in making loans the payment of principal or interest with respect to which are to be guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof), or
(ii)
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 149
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exclusion** Except as provided in subsection (b), gross income does not include interest on any State or local bond.
**(b) Exceptions** Subsection (a) shall not apply to—
(1) **Private activity bond which is not a qualified bond** — Any private activity bond which is not a qualified bond (within the meaning of section 141).
(2) **Arbitrage bond** — Any arbitrage bond (within the meaning of section 148).
(3) **Bond not in registered form, etc.** — Any bond unless such bond meets the applicable requirements of section 149.
**(c) Definitions** For purposes of this section and part IV—
(1) **State or local bond** — The term “State or local bond” means an obligation of a State or political subdivision thereof.
(2) **State** — The term “State” includes the District of Columbia and any possession of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** In issuing obligations under sections 3102–3104 of this title, the Secretary of the Treasury may prescribe—
(1) whether an obligation is to be issued on an interest-bearing basis, a discount basis, or an interest-bearing and discount basis;
(2) regulations on the conditions under which the obligation will be offered for sale, including whether it will be offered for sale on a competitive or other basis;
(3) the offering price and interest rate;
(4) the method of computing the interest rate;
(5) the dates for paying principal and interest;
(6) the form and denominations of the obligations; and
(7) other conditions.
**(b)**
(1) Under conditions prescribed by the Secretary, an obligation issued under this chapter and redeemable on demand of the owner or holder may be used to pay the United States Government for taxes imposed by it.
(2) An obligation of the Government issued after March 3, 1971, under law may not be redeemed before its maturity to pay a tax imposed by the Government in an amount more than the fair market value of the obligation at the time of its redemption. This paragraph does not apply to a Treasury bill issued under [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3104&num=0&edition=prelim).
**(c)** Under conditions prescribed by the Secretary, an obligation authorized by this chapter may be issued in exchange for an obligation of an agency whose principal and interest are unconditionally guaranteed by the Government at or before maturity.
**(d)** Under conditions prescribed by the Secretary, the Secretary may issue registered bonds in exchange for and instead of coupon bonds that have been or may be issued. The registered bonds shall be similar in all respects to the registered
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Short title** This section may be cited as the “United States Cotton Futures Act”.
**(b) Omitted**
**(c) Definitions** For purposes of this section—
(1) **Cotton futures contract** — The term “cotton futures contract” means any contract of sale of cotton for future delivery made at, on, or in any exchange, board of trade, or similar institution or place of business which has been designated a “contract market” by the Commodity Futures Trading Commission pursuant to the Commodity Exchange Act [[7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.] and the term “contract of sale” as so used shall be held to include sales, agreements of sale, and agreements to sell, except that—
(A) any cotton futures contract that, by its terms, is settled in cash is excluded from the coverage of this paragraph and section; and
(B) any cotton futures contract that permits tender of cotton grown outside of the United States is excluded from the coverage of this paragraph and section to the extent that the cotton grown outside of the United States is tendered for delivery under the cotton futures contract.
(2) **Future delivery** — The term “future delivery” shall not include any cash sale of cotton for deferred shipment or delivery.
(3) **Person** — The term “person” includes an individual, trust, estate, partnership, association, company, or corporation.
(4) **Secretary** — The term “Secretary” means the Secretary of Agriculture of the United States.
(5) **Standards** — The term “standards” means the official cotton standards of the United States established by the Secretary pursuant to the United States Cotton Standards Act, as amended [[7 U.S.C. 51](https://uscode.house.gov/view.xhtml?req=granuleid:USC-
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Federal law — U.S. Code and appendices · legal_authorities
Page 3008
TITLE 26—INTERNAL REVENUE CODE
§ 4701
cling requirement for imported halon under section
4682(d)(1) of the Internal Revenue Code of 1986, as
amended by paragraph (1).’’
DEPOSITS FOR FIRST QUARTER OF 1991
Pub. L. 101–508, title XI, § 11203(f), Nov. 5, 1990, 104
Stat. 1388–423, provided that: ‘‘No deposit of any tax im-
posed by subchapter D of chapter 38 of the Internal
Revenue Code of 1986 on any substance treated as an
ozone-depleting chemical by reason of the amendment
made by subsection (a)(1) [amending this section] shall
be required to be made before April 1, 1991.’’
CHAPTER 39—REGISTRATION-REQUIRED
OBLIGATIONS
Sec.
4701.
Tax on issuer of registration-required obliga-
tion not in registered form.
Editorial Notes
PRIOR PROVISIONS
The provisions of a prior chapter 39, Regulatory
Taxes, were set out as:
Subchapter A, Narcotic Drugs and Marihuana, com-
prising sections 4701 to 4707, 4711 to 4716, 4721 to 4726,
4731 to 4736, 4741 to 4746, 4751 to 4757, 4761, 4762, and
4771 to 4776.
Subchapter B, White phosphorus matches, com-
prising sections 4801 to 4806.
Subchapter C, Adulterated butter and filled cheese,
comprising sections 4811 to 4819, 4821, 4822, 4826, 4831
to 4836, 4841, 4842, and 4846.
Subchapter D, Cotton futures, comprising sections
4851 to 4854, 4861 to 4865, and 4871 to 4877.
Subchapter E, Circulation other than of national
banks, comprising sections 4881 to 4886.
Subchapter F, Silver bullion, comprising sections
4891 to 4897.
Prior sections 4701 to 4897 were based on act Aug. 16,
1954, ch. 736, 68A Stat. 549–592, as amended.
Sections 4701–4776 were repealed by Pub. L. 91–513,
title III, § 1101(b)(3)(A), Oct. 27, 1970, 84 Stat. 1292. See
section 801 et seq. of Title 21, Food and Drugs.
Sections 4801–4826, 4851–4873,
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 4701
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