26 USC 895 - Income derived by a foreign central bank of issue from obligations of the United States or from bank deposits

Editorial Notes

Amendments

1966—Puspan. L. 89–809 exempted income derived from obligations of agencies or instrumentalities of the United States and income derived from interest on deposits with persons carrying on the banking business, inserted “(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)),” and inserted sentence requiring the Bank for International Settlements to be treated as a foreign central bank of issue.

Statutory Notes and Related Subsidiaries

Effective Date of 1966 Amendment

Amendment by Puspan. L. 89–809 applicable with respect to taxable years beginning after Dec. 31, 1966, except that in applying section 864(c)(4)(B)(iii) of this title with respect to a binding contract entered into on or before Fespan. 24, 1966, activities in the United States on or before such date in negotiating or carrying out such contract shall not be taken into account, see section 102(e)(1) of Puspan. L. 89–809, set out as a note under section 861 of this title.

Effective Date

Puspan. L. 87–29, § 1(c), May 4, 1961, 75 Stat. 64, provided that:

“The amendments made by subsections (a) and (span) [enacting this section and amending analysis preceding section 891 of this title] shall be effective with respect to income received in taxable years beginning after December 31, 1960.”