26 U.S.C. § 4483 — Exemptions

Page 2985 TITLE 26—INTERNAL REVENUE CODE § 4483 1970—Subsec. (c)(4). Pub. L. 91–605 substituted ‘‘1977’’ for ‘‘1972’’ wherever appearing. 1961—Subsec. (c)(4). Pub. L. 87–61 added par. (4). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2021 AMENDMENT Amendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 80102(f) of Pub. L. 117–58, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 2015 AMENDMENT Amendment by Pub. L. 114–94 effective Oct. 1, 2016, see section 31102(f) of Pub. L. 114–94, set out as a note under section 4041 of this title. EFFECTIVE AND TERMINATION DATES OF 2012 AMENDMENT Pub. L. 112–141, div. D, title I, § 40102(b)(2)(B), July 6, 2012, 126 Stat. 845, provided that: ‘‘The amendment made by this paragraph [amending this section] shall take effect as if included in the amendments made by section 142 of the Surface Transportation Extension Act of 2011, Part II [Pub. L. 112–30].’’ Amendment by section 40102(b)(1)(B) of Pub. L. 112–141 effective July 1, 2012, see section 40102(f) of Pub. L. 112–141, set out as a note under section 4041 of this title. Amendment by Pub. L. 112–140 to cease to be effective on July 6, 2012, with text as amended by Pub. L. 112–140 to revert back to read as it did on the day before June 29, 2012, and amendments by Pub. L. 112–141 to be exe- cuted as if Pub. L. 112–140 had not been enacted, see section 1(c) of Pub. L. 112–140, set out as a note under section 101 of Title 23, Highways. Amendment by Pub. L. 112–140 effective as if included in section 402 of Pub. L. 112–102, see section 402(f)(2) of Pub. L. 112–140, set out as a note under section 4041 of this title. Amendment by Pub. L. 112–102 effective Apr. 1, 2012, see section 402(f) of Pub. L. 112–102, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 2011 AMENDMENT Amendment by Pub. L. 112–30 effective Oct. 1, 2011, see section 142(f) of Pub. L. 112–30, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 1983 AMENDMENT Amendment by section 513(c), (e) of Pub. L. 97–424 ef- fective July 1, 1984, see section 513(f) of Pub. L. 97–424, set out as a note under section 4481 of this title. EFFECTIVE DATE OF 1976 AMENDMENT Amendment by section 1904(c) of Pub. L. 94–455 effec- tive on first day of first month which begins more than 90 days after Oct. 4, 1976, see section 1904(d) of Pub. L. 94–455, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 1961 AMENDMENT Amendment by Pub. L. 87–61 effective July 1, 1961, see section 208 of Pub. L. 87–61, set out as a note under sec- tion 4041 of this title. SPECIAL RULES IN THE CASE OF SMALL OWNER- OPERATORS Amendment by section 513(c) of Pub. L. 97–424 effec- tive July 1, 1984, in the case of a small owner-operator, notwithstanding section 513(f)(2) of Pub. L. 97–424, see section 901(b)(2) of Pub. L. 98–369, set out as a note under section 4481 of this title. § 4483. Exemptions (a) State and local governmental exemption Under regulations prescribed by the Secretary, no tax shall be imposed by section 4481 on the use of any highway motor vehicle by any State or any political subdivision of a State. (b) Exemption for United States The Secretary of the Treasury may authorize exemption from the tax imposed by section 4481 as to the use by the United States of any par- ticular highway motor vehicle, or class of high- way motor vehicles, if he determines that the imposition of such tax with respect to such use will cause substantial burden or expense which can be avoided by granting tax exemption and that full benefit of such exemption, if granted, will accrue to the United States. (c) Certain transit-type buses Under regulations prescribed by the Secretary, no tax shall be imposed by section 4481 on the use of any bus which is of the transit type (rath- er than of the intercity type) by a person who, for the last 3 months of the preceding year (or for such other period as the Secretary may by regulations prescribe for purposes of this sub- section), met the 60-percent passenger fare rev- enue test set forth in section 6421(b)(2) (as in ef- fect on the day before the date of the enactment of the Energy Tax Act of 1978) as applied to the period prescribed for purposes of this subsection. (d) Exemption for trucks used for less than 5,000 miles on public highways (1) Suspension of tax (A) In general If— (i) it is reasonable to expect that the use of any highway motor vehicle on public highways during any taxable period will be less than 5,000 miles, and (ii) the owner of such vehicle furnishes such information as the Secretary may by forms or regulations require with respect to the expected use of such vehicle, then the collection of the tax imposed by section 4481 with respect to the use of such vehicle shall be suspended during the tax- able period. (B) Suspension ceases to apply where use ex- ceeds 5,000 miles Subparagraph (A) shall cease to apply with respect to any highway motor vehicle when- ever the use of such vehicle on public high- ways during the taxable period exceeds 5,000 miles. (2) Exemption If— (A) the collection of the tax imposed by section 4481 with respect to any highway motor vehicle is suspended under paragraph (1), (B) such vehicle is not used during the tax- able period on public highways for more than 5,000 miles, and (C) except as otherwise provided in regula- tions, the owner of such vehicle furnishes such information as the Secretary may re- quire with respect to the use of such vehicle during the taxable period, then no tax shall be imposed by section 4481 on the use of such vehicle for the taxable period. Page 2986 TITLE 26—INTERNAL REVENUE CODE § 4483 (3) Refund where tax paid and vehicle not used for more than 5,000 miles If— (A) the tax imposed by section 4481 is paid with respect to any highway motor vehicle for any taxable period, and (B) the requirements of subparagraphs (B) and (C) of paragraph (2) are met with respect to such taxable period, the amount of such tax shall be credited or re- funded (without interest) to the person who paid such tax. (4) Relief from liability for tax under certain circumstances where truck is transferred Under regulations prescribed by the Sec- retary, the owner of a highway motor vehicle with respect to which the collection of the tax imposed by section 4481 is suspended under paragraph (1) shall not be liable for the tax imposed by section 4481 (and the new owner shall be liable for such tax) with respect to such vehicle if— (A) such vehicle is transferred to a new owner, (B) such suspension is in effect at the time of such transfer, and (C) the old owner furnishes such informa- tion as the Secretary by forms and regula- tions requires with respect to the transfer of such vehicle. (5) 7,500-miles exemption for agricultural vehi- cles (A) In general In the case of an agricultural vehicle, paragraphs (1) and (2) shall be applied by substituting ‘‘7,500’’ for ‘‘5,000’’ each place it appears. (B) Definitions For purposes of this paragraph— (i) Agricultural vehicle The term ‘‘agricultural vehicle’’ means any highway motor vehicle— (I) used primarily for farming pur- poses, and (II) registered (under the laws of the State in which such vehicle is required to be registered) as a highway motor ve- hicle used for farming purposes. (ii) Farming purposes The term ‘‘farming purposes’’ means the transporting of any farm commodity to or from a farm or the use directly in agricul- tural production. (iii) Farm commodity The term ‘‘farm commodity’’ means any agricultural or horticultural commodity, feed, seed, fertilizer, livestock, bees, poul- try, fur-bearing animals, or wildlife. (6) Owner defined For purposes of this subsection, the term ‘‘owner’’ means, with respect to any highway motor vehicle, the person described in section 4481(b). (e) Reduction in tax for trucks used in logging The tax imposed by section 4481 shall be re- duced by 25 percent with respect to any highway motor vehicle if— (1) the exclusive use of such vehicle during any taxable period is the transportation, to and from a point located on a forested site, of products harvested from such forested site, and (2) such vehicle is registered (under the laws of the State in which such vehicle is required to be registered) as a highway motor vehicle used in the transportation of harvested forest products. [(f) Repealed. Pub. L. 108–357, title VIII, § 867(d), Oct. 22, 2004, 118 Stat. 1622] (g) Exemption for mobile machinery No tax shall be imposed by section 4481 on the use of any vehicle described in section 4053(8). (h) Exemption for vehicles used in blood collec- tion (1) In general No tax shall be imposed by section 4481 on the use of any qualified blood collector vehicle by a qualified blood collector organization. (2) Qualified blood collector vehicle For purposes of this subsection, the term ‘‘qualified blood collector vehicle’’ means a ve- hicle at least 80 percent of the use of which during the prior taxable period was by a quali- fied blood collector organization in the collec- tion, storage, or transportation of blood. (3) Special rule for vehicles first placed in serv- ice in a taxable period In the case of a vehicle first placed in service in a taxable period, a vehicle shall be treated as a qualified blood collector vehicle for such taxable period if such qualified blood collector organization certifies to the Secretary that the organization reasonably expects at least 80 percent of the use of such vehicle by the orga- nization during such taxable period will be in the collection, storage, or transportation of blood. (4) Qualified blood collector organization The term ‘‘qualified blood collector organi- zation’’ has the meaning given such term by section 7701(a)(49). (i) Termination of exemptions Subsections (a) and (c) shall not apply on and after October 1, 2029. (Added June 29, 1956, ch. 462, title II, § 206(a), 70 Stat. 391; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), (B), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95–618, title II, § 233(a)(3)(C), Nov. 9, 1978, 92 Stat. 3191; Pub. L. 97–424, title V, §§ 513(b), 516(b)(3), Jan. 6, 1983, 96 Stat. 2177, 2183; Pub. L. 98–369, div. A, title IX, §§ 902(a), 903(a), July 18, 1984, 98 Stat. 1004; Pub. L. 100–17, title V, §§ 502(b)(5), 507(b), Apr. 2, 1987, 101 Stat. 257, 260; Pub. L. 101–508, title XI, § 11211(d)(4), Nov. 5, 1990, 104 Stat. 1388–427; Pub. L. 102–240, title VIII, § 8002(b)(4), Dec. 18, 1991, 105 Stat. 2203; Pub. L. 105–178, title IX, § 9002(b)(2), June 9, 1998, 112 Stat. 500; Pub. L. 108–357, title VIII, §§ 851(b)(1), 867(d), Oct. 22, 2004, 118 Stat. 1607, 1622; Pub. L. 109–14, § 9(c)(4), May 31, 2005, 119 Stat. 336; Pub. L. 109–59, title XI, § 11101(b)(2), Aug. 10, 2005, 119 Stat. 1944; Pub. L. 109–280, title XII, § 1207(d), Page 2987 TITLE 26—INTERNAL REVENUE CODE § 4483 Aug. 17, 2006, 120 Stat. 1070; Pub. L. 112–30, title I, § 142(d), Sept. 16, 2011, 125 Stat. 356; Pub. L. 112–102, title IV, § 402(d), Mar. 30, 2012, 126 Stat. 282; Pub. L. 112–140, title IV, § 402(c), June 29, 2012, 126 Stat. 403; Pub. L. 112–141, div. D, title I, § 40102(d)(2), July 6, 2012, 126 Stat. 845; Pub. L. 114–94, div. C, title XXXI, § 31102(d)(2), Dec. 4, 2015, 129 Stat. 1727; Pub. L. 117–58, div. H, title I, § 80102(d)(2), Nov. 15, 2021, 135 Stat. 1328.) Editorial Notes REFERENCES IN TEXT The date of the enactment of the Energy Tax Act of 1978, referred to in subsec. (c), is the date of enactment of Pub. L. 95–618, which was approved Nov. 9, 1978. AMENDMENTS 2021—Subsec. (i). Pub. L. 117–58 substituted ‘‘October 1, 2029’’ for ‘‘October 1, 2023’’. 2015—Subsec. (i). Pub. L. 114–94 substituted ‘‘October 1, 2023’’ for ‘‘October 1, 2017’’. 2012—Subsec. (i). Pub. L. 112–141 substituted ‘‘October 1, 2017’’ for ‘‘July 1, 2012’’. Pub. L. 112–140, §§ 1(c), 402(c), temporarily substituted ‘‘July 7, 2012’’ for ‘‘July 1, 2012’’. See Effective and Ter- mination Dates of 2012 Amendment note below. Pub. L. 112–102 substituted ‘‘July 1, 2012’’ for ‘‘April 1, 2012’’. 2011—Subsec. (i). Pub. L. 112–30 substituted ‘‘April 1, 2012’’ for ‘‘October 1, 2011’’. 2006—Subsecs. (h), (i). Pub. L. 109–280, which directed the amendment of section 4483 by adding subsec. (h) and redesignating former subsec. (h) as (i), without specifying the act to be amended, was executed by making the amendments to this section, which is sec- tion 4483 of the Internal Revenue Code of 1986, to reflect the probable intent of Congress. 2005—Subsec. (h). Pub. L. 109–59 substituted ‘‘2011’’ for ‘‘2006’’. Pub. L. 109–14 substituted ‘‘2006’’ for ‘‘2005’’. 2004—Subsec. (f). Pub. L. 108–357, § 867(d), struck out heading and text of subsec. (f). Text read as follows: ‘‘If the base for registration purposes of any highway motor vehicle is in a contiguous foreign country for any taxable period, the tax imposed by section 4481 for such period shall be 75 percent of the tax which would (but for this subsection) be imposed by section 4481 for such period.’’ Subsecs. (g), (h). Pub. L. 108–357, § 851(b)(1), added sub- sec. (g) and redesignated former subsec. (g) as (h). 1998—Subsec. (g). Pub. L. 105–178 substituted ‘‘2005’’ for ‘‘1999’’. 1991—Subsec. (g). Pub. L. 102–240 substituted ‘‘1999’’ for ‘‘1995’’. 1990—Subsec. (g). Pub. L. 101–508 substituted ‘‘1995’’ for ‘‘1993’’. 1987—Subsec. (f). Pub. L. 100–17, § 507(b), added subsec. (f). Former subsec. (f) redesignated (g). Pub. L. 100–17, § 502(b)(5), substituted ‘‘1993’’ for ‘‘1988’’. Subsec. (g). Pub. L. 100–17, § 507(b), redesignated former subsec. (f) as (g). 1984—Subsec. (d)(5), (6). Pub. L. 98–369, § 903(a), added par. (5) and redesignated former par. (5) as (6). Subsecs. (e), (f). Pub. L. 98–369, § 902(a), added subsec. (e) and redesignated former subsec. (e) as (f). 1983—Subsec. (d). Pub. L. 97–424, § 513(b), added subsec. (d). Subsec. (e). Pub. L. 97–424, § 516(b)(3), added subsec. (e). 1978—Subsec. (c). Pub. L. 95–618 inserted ‘‘(as in effect on the day before the date of the enactment of the En- ergy Tax Act of 1978)’’ after ‘‘section 6421(b)(2)’’. 1976—Subsecs. (a), (c). Pub. L. 94–455, § 1906(b)(13)(A), struck out ‘‘or his delegate’’ after ‘‘Secretary’’ wher- ever appearing. Subsec. (b). Pub. L. 94–455, § 1906(b)(13)(B), inserted ‘‘of the Treasury’’ after ‘‘Secretary’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2021 AMENDMENT Amendment by Pub. L. 117–58 effective Oct. 1, 2021, see section 80102(f) of Pub. L. 117–58, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 2015 AMENDMENT Amendment by Pub. L. 114–94 effective Oct. 1, 2016, see section 31102(f) of Pub. L. 114–94, set out as a note under section 4041 of this title. EFFECTIVE AND TERMINATION DATES OF 2012 AMENDMENT Amendment by Pub. L. 112–141 effective July 1, 2012, see section 40102(f) of Pub. L. 112–141, set out as a note under section 4041 of this title. Amendment by Pub. L. 112–140 to cease to be effective on July 6, 2012, with text as amended by Pub. L. 112–140 to revert back to read as it did on the day before June 29, 2012, and amendments by Pub. L. 112–141 to be exe- cuted as if Pub. L. 112–140 had not been enacted, see section 1(c) of Pub. L. 112–140, set out as a note under section 101 of Title 23, Highways. Amendment by Pub. L. 112–140 effective July 1, 2012, see section 402(f)(1) of Pub. L. 112–140, set out as a note under section 4041 of this title. Amendment by Pub. L. 112–102 effective Apr. 1, 2012, see section 402(f) of Pub. L. 112–102, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 2011 AMENDMENT Amendment by Pub. L. 112–30 effective Oct. 1, 2011, see section 142(f) of Pub. L. 112–30, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 2006 AMENDMENT Amendment by Pub. L. 109–280 effective Jan. 1, 2007, and applicable to taxable periods beginning on or after July 1, 2007, see section 1207(g) of Pub. L. 109–280, set out as a note under section 4041 of this title. EFFECTIVE DATE OF 2004 AMENDMENT Pub. L. 108–357, title VIII, § 851(b)(2), Oct. 22, 2004, 118 Stat. 1608, provided that: ‘‘The amendments made by this subsection [amending this section] shall take ef- fect on the day after the date of the enactment of this Act [Oct. 22, 2004].’’ Amendment by section 867(d) of Pub. L. 108–357 appli- cable to taxable periods beginning after Oct. 22, 2004, see section 867(e) of Pub. L. 108–357, set out as a note under section 4481 of this title. EFFECTIVE DATE OF 1987 AMENDMENT Amendment by section 507(b) of Pub. L. 100–17 effec- tive July 1, 1987, see section 507(d) of Pub. L. 100–17, set out as a note under section 4481 of this title. EFFECTIVE DATE OF 1984 AMENDMENT Pub. L. 98–369, div. A, title IX, § 902(b), July 18, 1984, 98 Stat. 1004, provided that: ‘‘The amendment made by this section [amending this section] shall take effect on July 1, 1984.’’ Pub. L. 98–369, div. A, title IX, § 903(b), July 18, 1984, 98 Stat. 1004, provided that: ‘‘The amendments made by subsection (a) [amending this section] shall take effect as if included in the amendments made by section 513 of the Highway Revenue Act of 1982 [Pub. L. 97–424, see section 513(f) of Pub. L. 97–424, set out as an Effective Date of 1983 Amendment note under section 4481 of this title].’’ EFFECTIVE DATE OF 1983 AMENDMENT Amendment by section 513(b) of Pub. L. 97–424 effec- tive July 1, 1984, see section 513(f) of Pub. L. 97–424, set out as a note under section 4481 of this title. EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95–618 effective on first day of first calendar month which begins more than 10 days Page 2988 TITLE 26—INTERNAL REVENUE CODE § 4484 after Nov. 9, 1978, see section 233(d) of Pub. L. 95–618, set out as a note under section 34 of this title. SPECIAL RULES IN THE CASE OF SMALL OWNER- OPERATORS Amendment by section 513(b) of Pub. L. 97–424 effec- tive July 1, 1984, in the case of a small owner-operator, notwithstanding section 513(f)(2) of Pub. L. 97–424, see section 901(b)(2) of Pub. L. 98–369, set out as a note under section 4481 of this title. § 4484. Cross references (1) For penalties and administrative provisions applicable to this subchapter, see subtitle F. (2) For exemption for uses by Indian tribal gov- ernments (or their subdivisions), see section 7871. (Added June 29, 1956, ch. 462, title II, § 206(a), 70 Stat. 391; amended Pub. L. 97–473, title II, § 202(b)(10), Jan. 14, 1983, 96 Stat. 2610.) Editorial Notes AMENDMENTS 1983—Pub. L. 97–473 designated existing provisions as par. (1) and added par. (2). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT For effective date of amendment by Pub. L. 97–473, see section 204(5) of Pub. L. 97–473, set out as an Effec- tive Date note under section 7871 of this title. EFFECTIVE DATE Section effective June 29, 1956, see section 211 of act June 29, 1956, set out as an Effective Date of 1956 Amendment note under section 4041 of this title. [Subchapter E—Repealed] [§§ 4491 to 4494. Repealed. Pub. L. 97–248, title II, § 280(c)(1), Sept. 3, 1982, 96 Stat. 564] Section 4491, added Pub. L. 91–258, title II, § 206(a), May 21, 1970, 84 Stat. 243; amended Pub. L. 91–614, title III, § 305(a), Dec. 31, 1970, 84 Stat. 1846; Pub. L. 96–298, § 1(c)(1), July 1, 1980, 94 Stat. 829, provided for imposi- tion of a tax on use of civil aircraft. Section 4492, added Pub. L. 91–258, title II, § 206(a), May 21, 1970, 84 Stat. 243; amended Pub. L. 94–530, § 2(a), Oct. 17, 1976, 90 Stat. 2488; Pub. L. 95–163, § 17(b)(1), Nov. 9, 1977, 91 Stat. 1286; Pub. L. 95–504, § 2(b), Oct. 24, 1978, 92 Stat. 1705, provided definitions to be used for pur- poses of this subchapter. Section 4493, added Pub. L. 91–258, title II, § 206(a), May 21, 1970, 84 Stat. 244; amended Pub. L. 94–455, title XIX, §§ 1904(a)(13), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1814, 1834, enumerated special rules for payment of tax by lessees and certain persons engaged in foreign air commerce. Section 4494, added Pub. L. 91–258, title II, § 206(a), May 21, 1970, 84 Stat. 245, provided a cross reference to subtitle F of this title for penalties and administrative provisions applicable to this subchapter. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable with respect to transportation be- ginning after Aug. 31, 1982, but inapplicable to amounts paid on or before such date, see section 280(d) of Pub. L. 97–248, set out as an Effective Date of 1982 Amend- ment note under section 4261 of this title. TAX ON USE OF AIRCRAFT Pub. L. 96–298, § 1(c)(2), (3), July 1, 1980, 94 Stat. 829, set out various changes in the amount and rate of tax under former section 4491 of this title for period begin- ning on July 1, 1980, and ending on Oct. 1, 1980, and pro- vided that due date for filing any tax return of tax im- posed by such section 4491, with respect to any use after June 30, 1980, would not be earlier than Oct. 31, 1980. [Subchapter F—Repealed] [§§ 4495 to 4498. Repealed. Pub. L. 105–34, title XIV, § 1432(b)(1), Aug. 5, 1997, 111 Stat. 1050] Section 4495, added Pub. L. 96–283, title IV, § 402(a), June 28, 1980, 94 Stat. 582, provided for imposition of tax on removal of hard mineral resource from deep seabed. Section 4496, added Pub. L. 96–283, title IV, § 402(a), June 28, 1980, 94 Stat. 583, defined terms for purposes of this subchapter. Section 4497, added Pub. L. 96–283, title IV, § 402(a), June 28, 1980, 94 Stat. 583; amended Pub. L. 99–514, title XV, § 1511(c)(7), Oct. 22, 1986, 100 Stat. 2745, related to imputed values for commercially recoverable metals and minerals and provided for suspension of tax on minerals held for later processing. Section 4498, added Pub. L. 96–283, title IV, § 402(a), June 28, 1980, 94 Stat. 584, provided for termination of tax imposed by section 4495. CHAPTER 37—REPURCHASE OF CORPORATE STOCK Sec. 4501. Repurchase of corporate stock. Editorial Notes PRIOR PROVISIONS A prior chapter 37, comprised of former sections 4501 et seq. of this title, related to excise tax on sugar and coconut oil, prior to repeal by Pub. L. 101–508, title XI, § 11801(a)(48), Nov. 5, 1990, 104 Stat. 1388–522 and Pub. L. 87–456, title III, § 302(d), May 24, 1962, 76 Stat. 77. § 4501. Repurchase of corporate stock (a) General rule There is hereby imposed on each covered cor- poration a tax equal to 1 percent of the fair mar- ket value of any stock of the corporation which is repurchased by such corporation during the taxable year. (b) Covered corporation For purposes of this section, the term ‘‘cov- ered corporation’’ means any domestic corpora- tion the stock of which is traded on an estab- lished securities market (within the meaning of section 7704(b)(1)). (c) Repurchase For purposes of this section— (1) In general The term ‘‘repurchase’’ means— (A) a redemption within the meaning of section 317(b) with regard to the stock of a covered corporation, and (B) any transaction determined by the Secretary to be economically similar to a transaction described in subparagraph (A). (2) Treatment of purchases by specified affili- ates (A) In general The acquisition of stock of a covered cor- poration by a specified affiliate of such cov- ered corporation, from a person who is not the covered corporation or a specified affil-