2015 US Code
Title 31 - Money and Finance (Sections 101 - 9705)
Subtitle III - Financial Management (Sections 3101 - 3907)
Chapter 31 - Public Debt (Sections 3101 - 3130)
Subchapter I - Borrowing Authority (Sections 3101 - 3113)
Sec. 3109 - Tax and loss bonds
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 31 - MONEY AND FINANCE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY Sec. 3109 - Tax and loss bonds |
| Contains | section 3109 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942; Pub. L. 99-514, §2, Oct. 22, 1986, 100 Stat. 2095. |
| Statutes at Large References | 40 Stat. 288 81 Stat. 778 96 Stat. 942 100 Stat. 2095 |
| Public and Private Laws | Public Law 90-240, Public Law 97-258, Public Law 99-514 |
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(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.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 942; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095.)
| 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.
AMENDMENTS1986—Pub. L. 99–514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954" wherever appearing.
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