31 U.S. Code § 3109 - Tax and loss bonds

(a) The Secretary of the Treasury may issue tax and loss bonds of the United States Government and may buy, redeem, and make refunds under section 3111 of this title. The proceeds of the tax and loss bonds shall be used for expenditures authorized by law. Tax and loss bonds are nontransferrable except as provided by the Secretary, bear no interest, and shall be issued in amounts needed to allow persons to comply with section 832(e) of the Internal Revenue Code of 1986 (26 U.S.C. 832 (e)). The Secretary may prescribe the amount of tax and loss bonds and the conditions under which the bonds will be issued as required by section 832(e).
(b) For a taxable year in which amounts are deducted from the mortgage guaranty account referred to in section 832(e)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 832 (e)(3)), an amount of tax and loss bonds bought under section 832(e)(2) of the Internal Revenue Code of 1986 (26 U.S.C. 832 (e)(2)) shall be redeemed for the amount deducted from the account. The amount redeemed shall be applied as necessary to pay taxes due because of the inclusion under section 832(b)(1)(E) of the Internal Revenue Code of 1986 (26 U.S.C. 832 (b)(1)(E)) of amounts in gross income. The Secretary also may prescribe additional ways to redeem the bonds.

Source

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 942; Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
3109(a) 31:757c–3(1st–3d sentences). Sept. 24, 1917, ch. 56, 40 Stat. 288, § 26; added Jan. 2, 1968, Pub. L. 90–240, § 5(f), 81 Stat. 778.
3109(b) 31:757c–3(4th, last sentences).

In subsection (a), the words “and may buy, redeem, and make refunds under section 3111 of this title” are substituted for “and to retire any outstanding obligations of the United States issued under this Act” for consistency. The words “subject to the limitations imposed by section 757b of this title” are omitted as surplus. The word “conditions” is substituted for “terms and conditions” because it is inclusive.
Amendments

1986—Pub. L. 99–514substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing.

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31 USCDescription of ChangeSession YearPublic LawStatutes at Large

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31 CFR - Money and Finance: Treasury

31 CFR Part 306 - GENERAL REGULATIONS GOVERNING U.S. SECURITIES

31 CFR Part 341 - REGULATIONS GOVERNING UNITED STATES RETIREMENT PLAN BONDS

31 CFR Part 346 - REGULATIONS GOVERNING UNITED STATES INDIVIDUAL RETIREMENT BONDS

31 CFR Part 355 - REGULATIONS GOVERNING FISCAL AGENCY CHECKS

31 CFR Part 356 - SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 1-93)

31 CFR Part 357 - REGULATIONS GOVERNING BOOK-ENTRY TREASURY BONDS, NOTES AND BILLS HELD IN TREASURY/RESERVE AUTOMATED DEBT ENTRY SYSTEM (TRADES) AND LEGACY TREASURY DIRECT

31 CFR Part 358 - REGULATIONS GOVERNING BOOK-ENTRY CONVERSION OF BEARER CORPORA AND DETACHED BEARER COUPONS

31 CFR Part 363 - REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT

31 CFR Part 370 - ELECTRONIC TRANSACTIONS AND FUNDS TRANSFERS RELATING TO UNITED STATES SECURITIES

 

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