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

Federal law — U.S. Code and appendices · legal_authorities

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

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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1717&num=0&edition=prelim))) 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.

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Source location: Title 26, Chapter 1, § 895; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1717 — Investment of funds

Moneys in the Fund not needed for the current operations of the Department of Housing and Urban Development related to insurance under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) shall be deposited with the Treasurer of the United States to the credit of the Fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States or any agency of the United States: Provided, That such moneys shall to the maximum extent feasible be invested in such bonds or other obligations the proceeds of which will be used to directly support the residential mortgage market. The Secretary may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued under the provisions of [section 1710 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1710&num=0&edition=prelim). Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued, and the several group accounts to which such debentures have been charged shall be charged with the amounts used in making such purchases.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 861 — Income from sources within the United States

**(a) Gross income from sources within United States** The following items of gross income shall be treated as income from sources within the United States: (1) **Interest** — Interest from the United States or the District of Columbia, and interest on bonds, notes, or other interest-bearing obligations of noncorporate residents or domestic corporations not including— (A) interest— (i) on deposits with a foreign branch of a domestic corporation or a domestic partnership if such branch is engaged in the commercial banking business, and (ii) on amounts satisfying the requirements of subparagraph (B) of section 871(i)(3) which are paid by a foreign branch of a domestic corporation or a domestic partnership, and (B) in the case of a foreign partnership, which is predominantly engaged in the active conduct of a trade or business outside the United States, any interest not paid by a trade or business engaged in by the partnership in the United States and not allocable to income which is effectively connected (or treated as effectively connected) with the conduct of a trade or business in the United States. (2) **Dividends** — The amount received as dividends— (A) from a domestic corporation, or (B) from a foreign corporation unless less than 25 percent of the gross income from all sources of such foreign corporation for the 3-year period ending with the close of its taxable year preceding the declaration of such dividends (or for such part of such period as the corporation has been in existence) was effectively connected (or treated as effectively connected other than income described in section 884(d)(2)) with the conduct of a trade or business within the United States; but only in an amount which bears the same ratio to such dividends as the gross in

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 891 — Doubling of rates of tax on citizens and corporations of certain foreign countries

Whenever the President finds that, under the laws of any foreign country, citizens or corporations of the United States are being subjected to discriminatory or extraterritorial taxes, the President shall so proclaim and the rates of tax imposed by sections 1, 3, 11, 801, 831, 852, 871, and 881 shall, for the taxable year during which such proclamation is made and for each taxable year thereafter, be doubled in the case of each citizen and corporation of such foreign country; but the tax at such doubled rate shall be considered as imposed by such sections as the case may be. In no case shall this section operate to increase the taxes imposed by such sections (computed without regard to this section) to an amount in excess of 80 percent of the taxable income of the taxpayer (computed without regard to the deductions allowable under section 151 and under part VIII of subchapter B). Whenever the President finds that the laws of any foreign country with respect to which the President has made a proclamation under the preceding provisions of this section have been modified so that discriminatory and extraterritorial taxes applicable to citizens and corporations of the United States have been removed, he shall so proclaim, and the provisions of this section providing for doubled rates of tax shall not apply to any citizen or corporation of such foreign country with respect to any taxable year beginning after such proclamation is made.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1717 — Federal National Mortgage Association

Page 748 TITLE 12—BANKS AND BANKING § 1717 1 See References in Text note below. efits, section 612 of former Title 40, Public Buildings, Property, and Works, sections 1452b, 3534 and 3535 of Title 42, The Public Health and Welfare, and notes under this section and section 1721 of this title] shall be effective from and after a date, no more than one hun- dred and twenty days following the date of enactment of this Act [Aug. 1, 1968], as established by the Sec- retary of Housing and Urban Development. Notice of the establishment of such effective date shall be pub- lished in the Federal Register at least thirty days prior thereto.’’ SAVINGS PROVISION Pub. L. 90–448, title VIII, § 809, Aug. 1, 1968, 82 Stat. 545, provided that: ‘‘(a) No cause of action by or against the Federal Na- tional Mortgage Association existing prior to the effec- tive date established pursuant to section 808 [set out above] shall abate by reason of the enactment of this title. Any such cause of action may thereafter be as- serted by or against the appropriate corporate body named in section 302(a)(2) of the National Housing Act [section 1717(a)(2) of this title]. ‘‘(b) No suit, action, or other proceeding commenced by or against the Federal National Mortgage Associa- tion, or any officer thereof in his official capacity, prior to the effective date established pursuant to sec- tion 808 shall abate by reason of the enactment of this title. A court may at any time thereafter during the pendency of any such litigation, on its own motion or that of any party, order that the litigation may be maintained by or against the appropriate corporate body named in section 302(a)(2) of the National Housing Act [section 1717(a)(2) of this title] or the appropriate corresponding officer t

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 895 — Income derived by a foreign central bank

Page 2095 TITLE 26—INTERNAL REVENUE CODE § 896 Editorial Notes AMENDMENTS 1997—Subsec. (c). Pub. L. 105–34 added subsec. (c). 1988—Subsec. (a). Pub. L. 100–647 substituted ‘‘Treaty provisions’’ for ‘‘Income affected by treaty’’ in heading and amended text generally. Prior to amendment, text read as follows: ‘‘Income of any kind, to the extent re- quired by any treaty obligation of the United States, shall not be included in gross income and shall be ex- empt from taxation under this subtitle.’’ 1966—Pub. L. 89–809 designated existing provisions as subsec. (a), added subsec. (b), and substituted ‘‘affected by treaty’’ for ‘‘exempt under treaty’’ in section catch- line. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1997 AMENDMENT Pub. L. 105–34, title X, § 1054(b), Aug. 5, 1997, 111 Stat. 944, provided that: ‘‘The amendments made by this sec- tion [amending this section] shall apply upon the date of enactment of this Act [Aug. 5, 1997].’’ EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title. EFFECTIVE DATE OF 1966 AMENDMENT Pub. L. 89–809, title I, § 105(d), Nov. 13, 1966, 80 Stat. 1565, provided that: ‘‘The amendments made by this section (other than subsections (d) and (f)) [amending this section and enacting section 896 of this title] shall apply with respect to taxable years beginning after De- cember 31, 1966.’’ § 895. Income derived by a foreign central bank of issue from obligations of the United States or from bank deposits Income derived by a foreign central bank of issue from

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