U.S. Code » Title 26 » Subtitle Subtitle D— Miscellaneous Excise Taxes › Chapter CHAPTER 39— REGISTRATION-REQUIRED OBLIGATIONS

26 U.S.C. § 4701

Tax on issuer of registration-required obligation not in registered form

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(a) Imposition of taxIn 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) DefinitionsFor purposes of this section—(1) Registration-required obligation(A) In generalThe 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 includedAn 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).

(Added Pub. L. 97–248, title III, § 310(b)(4)(A), Sept. 3, 1982, 96 Stat. 598; amended Pub. L. 99–514, title XIII, § 1301(j)(5), Oct. 22, 1986, 100 Stat. 2657; Pub. L. 111–147, title V, § 502(e), Mar. 18, 2010, 124 Stat. 108.)Editorial NotesAmendments

2010—Subsec. (b)(1). Pub. L. 111–147 amended par. (1) generally. Prior to amendment, text read as follows: “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 required to be registered under section 149(a).”

1986—Subsec. (b)(1). Pub. L. 99–514 substituted “section 149(a)” for “section 103(j)”.

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by Pub. L. 111–147 applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, see section 502(f) of Pub. L. 111–147, set out as a note under section 149 of this title.

Effective Date of 1986 Amendment

Amendment by Pub. L. 99–514 applicable to bonds issued after Aug. 15, 1986, except as otherwise provided, see sections 1311 to 1318 of Pub. L. 99–514, set out as an Effective Date; Transitional Rules note under section 141 of this title.

Effective Date

Section applicable to obligations issued after Dec. 31, 1982, with an exception for certain warrants, see section 310(d)(1), (3) of Pub. L. 97–248, set out as an Effective Date of 1982 Amendment note under section 103 of this title.

Notes of Decisions
Cited in 51 cases, 1955–2011 · leading case: Minor v. United States, 396 U.S. 87 (1969).
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Minor v. United States, 396 U.S. 87 (1969). · cites it 6× “The Harrison Narcotics Act, 26 U. S. C. § 4701 et seq., applies to various drugs, including heroin.”
Leary v. United States, 395 U.S. 6 (1969). · cites it 2× “" [25] He stated that in form the bill was a "synthesis" of the Harrison Narcotics Act, now 26 U. S. C. § 4701 et seq., and the National Firearms Act, now 26 U.”
Veal v. Am. Home Mortg. Servicing, Inc. (In Re Veal), 450 B.R. 897 (9th Cir. BAP 2011). “596 (codified at 26 U.S.C. § 4701 (a)). 26 . As well as any indorser’s obligation to pay.”
United States v. Calvin Clark, 425 F.2d 827 (3rd Cir. 1970). · cites it 3× “§§ 4721-4722 ; producers or importers who sell must purchase stamps and affix them to the package, 26 U.”
United States v. Winston Massiah, Mitchell Anfield, Leonard Royal Aiken & Icky Thorn, 307 F.2d 62 (2d Cir. 1962). · cites it 2× “§§ 173 and 174, and possession, on the same occasion, of cocaine not having come from an original stamped package, in violation of 26 U.S.C. §§ 4701 , 4703, 4704(a), 4771(a) and 7237(a).”
United States v. 1964 Ford Thunderbird, Motor & Serial No. 4y85z156657. Appeal of Webster Bivens, 445 F.2d 1064 (3rd Cir. 1971). · cites it 4× “The search turned up two glassine envelopes of heroin, neither of which bore the federal tax stamps required by 26 U.S.C. §§ 4701 , 4771(a) (1) (1964). 2 Since these packages of heroin did not bear the required federal tax stamps, they constituted contraband under 49 U.”
United States v. Evelio Del Toro, 426 F.2d 181 (5th Cir. 1970). · cites it 2× “§ 4705 (a) 1 (count one), and of possessing heroin without having registered and paid the tax provided for by 26 U.S. C.A. §§ 4701 2 and 4702 3 in violation of 26 U.”
United States v. Barrington Williams, 442 F.2d 738 (D.C. Cir. 1970). · cites it 3× “Count I charges: On or about August 14, 1968, within the District of Columbia, Barrington Williams purchased, dispensed and distributed not in the original stamped package and not from the original stamped package, a narcotic drug, that is, ninety-nine capsules containing a…”
United States v. Robert L. Youngblood, 379 F.2d 365 (2d Cir. 1967). “§§ 173 , 174 and count six with unlawful possession of the same narcotics in violation of 26 U.S.C. §§ 4701 , 4703, 4704(a), 4771(a) and 7237(a).”
United States of Am. Ex Rel. Benigno Marrero v. Warden, Lewisburg Penitentiary, 483 F.2d 656 (3rd Cir. 1974). “§§ 173 and 174 and 26 U.S.C. §§ 4701 , 4703, 4704(a), 4771(b), and 7237(a).”
United States v. Benigno Marrero, 450 F.2d 373 (2d Cir. 1971). “…and of purchasing, dispensing and distributing cocaine not in or from the original stamped package in violation of 26 U.S.C. § 4701 , § 4703, § 4704(a), § 4771(a) and § 7237(a). As a second of *375 fender he was sentenced to 10 years imprisonment on each count to be served…”
Miguel A. Moreno Rios v. United States, 256 F.2d 68 (1st Cir. 1958). “, 26 U.S.C.A. § 4701 et seq. However, in a chapter on Definitions, there was added a new § 7701(c) reading: “Where not otherwise distinctly expressed or manifestly incompatible with the intent thereof, references in this title to possessions of the United States shall be treated…”
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