Voglio sapere a riguardo di…

272

FEDERAL REGISTER, Thursday, January 19, 1939

Published by the Division of the Federal Register, The National Archives, pursuant to the authority contained in . the Federal Register Act, approved July 26, 1935 49
Stat. L. 500, under regulations prescribed by the Administrative Committee, with the approval of the President.
The Administrative Committee consists of the Archivist or Acting Archivist, an officer of the Department of Justice designated by the Attorney General, and the Public Printer or Acting Public Printer.
The daily issue of the F ederal R egister will be furnished by mail to subscribers, free of postage, for $1 per month or $10 per year;
single copies 10 cents each; payable in ad vance. Remit by money order payable to Superintendent of Documents, Government Printing Office, Washington, D. C.
Correspondence concerning the publica tion of the F ederal R egister should be ad dressed to the Director, Division of the Federal Register, The National Archives, Washington, D. C.

limitations of law, so far as applicable, relat ing to the refunding of taxes, but tax so abated or refunded after the date of the en actment of the Revenue Act of 1938 shall be reassessed whenever it shall appear that pay ment of the tax will not diminish the assets as aforesaid. The running of the statute of limitations on the making of assessment and collection shall be suspended during, and for ninety days beyond, the period for which, pursuant to this section, assessment or col lection may not be made, and a tax which has been abated may be reassessed and col lected during the time within which, had there been no abatement, collection might have been made.
d This section shall not apply to any tax imposed by the Social Security Act.

A rticle 1. Effective date of amend ment.The amendment of section 22, made by section 818 of the Revenue Act of 1938, is effective on May 28, 1938, the date of enactment of the Revenue Act of 1938.
Art . 2. Banks and trust companies cov ered.Section 22 as amended of the Act of March 1, 1879, applies to any na tional bank, or bank or trust company organized under State law, a substantial portion of the business of which consists of receiving deposits and making loans and discounts, and which has
a ceased to do business by reason of insolvency or bankruptcy, or b been released or discharged from its liability to its depositors for any part of their deposit claims, and the deposi tors have accepted in lieu thereof a lien upon its subsequent earnings or claims against its assets either 1 segregated and held by it for benefit of the deposi tors or 2 transferred by it to an in dividual or corporate trustee or agent who holds the assets for the benefit of the depositors.
Art . 3. Definitions.As hereinafter used in these regulations:

a The term section, unless other wise indicated by the context, means section 22 of the Act of March 1, 1879, as amended by section 818 of the Reve nue Act of 1938.
b The term bank, unless otherwise indicated by the context, means any na tional bank, or bank or trust company organized under State law, within the scope of the section. See article 2.
c The term effective date means May 28, 1938.
d The term Commissioner means the Commissioner of Internal Revenue.
e The term collector means col lector of internal revenue.
Art . 4. Scope of section generally.
The section prior to amendment was in tended to assist depositors of a bank which had ceased to do business by reason of insolvency to recover their de posits, by prohibiting collection of taxes of the bank which would diminish the assets necessary for payment of its de positors. By the amendment like as sistance is given to depositors of banks which are in financial difficulties but which, in certain conditions, continue in business.
Tn order th at the section shall operate in a case where the bank continues busi ness it is necessary th at the depositors shall agree to accept, in lieu of all or a part of their deposit claims as such, claims against segregated assets, or a lien upon subsequent earnings of the bank, or both. When such an agreement exists no tax diminishing such assets or earnings, or both, otherwise available and necessary for payment of deposi tors, may be collected therefrom. If, under such an agreement, the depositors have the right also to look to the un segregated assets of the bank for re covery, in whole or part, the unsegre gated assets are likewise, to the extent of the depositors claims, unavailable for tax collection.
To illustrate the working of the sec tion, assume th at depositors agree to forego 30 percent of their deposit claims, th at as to 45 percent they will look to segregated assets and 60 percent of the earnings from bank operations, and th at as to the remaining 25 per cent of the deposit claims the bank re mains liable. The segregated assets and 60 percent of the earnings from bank operations are immune from tax collec tion until the total realizations from such source are sufficient to meet the percentage of the depositors claims pay able from th at source. When the reali zation from such source is sufficient to satisfy the percentage of the depositors claims chargeable thereto, any balance of the segregated assets, and the stated percentage of bank earnings, will be available for tax collection. The unj segregated assets and the other 40 per cent of bank earnings will be available for tax collection to the extent th at col lection therefrom will not diminish the
amount necessary for payment of out standing depositors claims other than those allocated to the segregated assets.
See article 11.
For the purposes of the section, de positors claims include bona fide in terest, either on the deposits as such, or on the claims accepted in lieu of deposits as such.
The section is not intended for the relief of banks as such, and does not prevent collection of tax from assets not necessary, or not available, for payment of depositors. The section is not for the relief of creditors other than depositors, although it may incidentally operate for their benefit. See article 11.
Art . 5. Segregated or transferred as sets.In a case involving segregated or transferred assets, it is not necessary, for application of the section, that the assets shall technically constitute a trust fund. It is sufficient that segregated as sets be definitely separated from other assets of the bank and th at transferred assets be definitely separated both from other assets of the bank and from other assets held or owned by the trustee or agent to whom assets of the bank have been transferred; that the bank be wholly or partially released from liability for repayment of deposits made with it as such; and th at the depositors have claims against the separated assets. Any excess of separated assets over the amount necessary for payment of such depositors will be available for tax collection.
Where the segregated assets are trans ferred to a separate corporate trustee or corporate agent the assets are within the protection of the section no matter by whom the stock of such corporation is held.
However, property of a separate corpo ration not conveyed by the bank pur suant to an insolvency agreement with depositors, is not within the immunity of the section, even though the corpora tions stock is owned by the bank. Tax due from a separate corporation to which assets of an insolvent bank are conveyed is collectible, even though such tax be due to the property so conveyed, except in so far as tax collection will diminish assets conveyed by the bank for benefit of depositors or the earnings from such assets to which the depositors are en titled, and which are necessary for pay ment of the depositors claims. Other assets and earnings of a separate corpo ration are available for collection of the taxes of such corporation even though the assets and earnings of such corpora tion if received by the bank would be available for satisfaction of claims of the banks depositors and such claims cannot otherwise be paid.
Art. 6. XJnsegregated assets. a De positors claims against assets.Claims of depositors, to the extent that they are to be satisfied out of segregated assets, will not be considered in determining the availability of unsegregated assets