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RULES AND REGULATIONS

5070

TITLE 26 INTERNAL REVENUE
Chapter I Bureau of Internal Reve nue, Department of the Treasury Subchapter C Miscellaneous Excise Taxes
Regs. 71; T. D. 5799
P art 113D ocumentary S tamp T axes EX EM PT TRANSFERS BETWEEN CORPORATIONS
AND THEIR N OM INEES: ELIMINATION OF
RETURNS OF BROKERS AND DEALERS IN
STOCKS AND BONDS

In order to conform Regulations 71
1941 Edition 26 CFR Part 113, to the provisions of section 4 of Public Law 378
81st Cong., 1st sess., approved October 25, 1949, and in order to eliminate the requirement of filing a monthly return on Form 838 by brokers and by dealers in stocks and bonds, such regulations are amended as follows:
P aragraph 1. Immediately preceding 113.30 there is inserted the following :
P ublic L aw 378 81 st C ong ., 1st S ess . , Approved O ctober 25, 1949
S ec . 4.
poration
T ransfers of AND NOMINEE.

stock betw een cor
a Section 1802 b of the Internal Reve nue Code relating to stamp taxes on sales and transfers of stock is hereby amended by striking out the period at the end of clause 2 and inserting in lieu thereof a semicolon, and by inserting after clause 2
the following new clause:
3 Prom, a corporation to a registered nominee of such corporation, or from one such nominee to another such nominee, if in either case the shares or certificates con tinue to be held by such nominee for the same purpose for which they would be held if retained by such corporation; or from such nominee to such corporation.
b In the case of the death before the date of the enactment of this act of a nomi nee of a corporation whether or not such nominee was registered, the tax under sec tion 1802 b of the Internal Revenue Code shall not be imposed upon any delivery or transfer of stock from the executor or admin istrator of such nominee to such corporation if such delivery or transfer is made on or before the date of the enactment of this act or within one year after such date.

P ar. 2. Section 113.35, as amended by Treasury Decision 5613, approved April 27, 1948, is further amended as follows:
A By changing the designations of paragraphs g and h to h and i respectively, by substituting g for f in the first sentence of the redesig nated paragraph i, and by changing h as it occurs in paragraphs a to f inclusive to i.
B Bj inserting a new paragraph g as follows:
g Transfers between corporations and their nominees. The tax does not apply to the delivery or transfer of stock from a corporation to a registered nomi nee of such corporation, or from one such nominee to another such nominee, if in either case the shares or certificates con tinue to be held by such nominee f ou the same purpose for which they would be held if retained by such corporation; or from such nominee to such corporation.
No exemption is granted unless the nom inee is registered in the manner pro vided in 113.153.
In the case of the death before Oc tober 25, 1949, of a nominee of a cor
poration whether or not such nominee was registered, the tax shall not apply to the delivery or transfer of stock from the executor or administrator of such nominee to such corporation if such de livery or transfer is made on or before October 25, 1950.
The exemption specified in this para graph shall not be granted in any case unless the delivery or transfer is accom panied by an exemption certificate, executed by the person making the ex empt transfer, in substantially the form prescribed in paragraph i.
P ar. 3. Section 113.153 is amended by deleting the third paragraph thereof and inserting in its place the following two paragraphs:
Any corporation may appoint some person to act as nominee in holding stock on its behalf.
The name of the person appointed as nominee of a broker, custodian or cor poration shall be registered with the collector for the district in which the principal office of the broker, custodian or corporation is located. Substitution of a nominee may be effected by like wise registering the name of the suc cessor nominee.
P ar. 4. Section 113.154 is amended by deleting from the third paragraph there of the words broker or custodian wherever such words appear and insert ing in lieu thereof the words broker, custodian or corporation.
P ar. 5. Sections 113.39 and 113.69 arc deleted.
Sec. 3791, I. R. C. 53 Stat. 467; 26 U. S. C.
3791

Because the purposes of this Treasury decision are merely to conform the regu lations to the provisions of section 4 of Public Law 378 81st Congress, 1st Ses sion , exempting from stamp tax certain deliveries and transfers of stock, and to eliminate the filing of monthly returns by brokers or dealers in stocks or bonds, it is found that it is unnecessary to is sue this Treasury decision under section 4 a of the Administrative Procedure Act, approved June 11, 1946, or subject to the effective date limitation of section 4 c of said act.
seal
F red S. M artin,
Acting Commissioner of Internal Revenue.
Approved: August 2, 1950.
T homas J. Lynch ,
Acting Secretary of the Treasury.
P. R. Doc. 50-6935; Filed, Aug. 7, 1950;
8:51 a. m.

TITLE 29 LABOR
Chapter IV Child Labor Branch, Department of Labor P art 450G eneral S tatement on the Child L abor P rovisions of the F air Labor S tandards A ct of 1938, as A mended GENERAL

Sec.
450.0
450.1
450.2

Introductory statement.
General scope of statutory provisions.
Comparison with wage and hours provisions.

COVERAGE OF SEC TION

12 a
Sec.
450.3
450.4
450.5

General.
Producer, manufacturer, or dealer".
Ship or deliver for shipment in com merce.
450.6 Goods".
450.7 Produced.
450.8 Establishment s i t u a t e d in the United States.
450.9 In or about.
450.10 Removal within 30 days.
COVERAGE OF SECTION 12 C
450.11 General.
450.12 Employment in commerce or in the production of goods for commerce.
J O I N T AND SEPARATE APPLICABILITY O F SECTIONS
1 2 a AND 1 2 C

450.13 General.
450.14 Joint applicability.
450.15 Separate applicability.

y
OPPRESSIVE CH ILD LABOR

450.16
450.17
450.18
450.19
450.20

General.
Sixteen year minimum.
Fourteen year minimum.
Eighteen year minimum.
Age certificates.

450.21
450.22
450.23
450.24
450.25

General.
Agriculture.
Delivery of newspapers.
Actors and performers.
Parental exemption.

EX EM PTIO N S

EN FORCEM EN T

450.26 General.
450.27 Good faith defense.
450.28 Relation to other laws.
Au t h o r it y : 450.0 to 450.28 issued under 52 Stat. 1060, as amended; 29 U. S. C. and Sup., 201-219.
GENERAL

450.0 Introductory statement. This part discusses the meaning and scope of the child labor provisions of the Fair Labor Standards Act, as amended1
hereinafter referred to as the act.
The provisions of this part seek to pro tect the safety, health, well-being and opportunities for schooling of youthful workers and authorize the Secretary of Labor to issue legally binding orders or regulations in certain instances and un der certain conditions. The child labor provisions are found in sections 3 1, 11 b, 12, 13 c and d, 15 a 4, 16 a, and 18 of the act. They are ad ministered and enforced by the Secre tary of Labor who had delegated2 to the Wage and Hour Division the duty of making investigations to obtain compli ance, and to the Bureau of Labor Stand ards the duty of developing standards for the issuance of regulations and or ders relating to a hazardous occupa1 Pub. No. 718, 75th Cong., 3d sess. 52
Stat. 1060, as amended by the act of June 26, 1940 Pub. Res. "No. 88, 76th Cong., 3d sess.; by Reorganization Plan No. 2 60
Stat. 1095, effective July 16, 1946; by the Portal-to-Portal Act of 1947, approved May 14, 1947 61 Stat. 84; and by the Fair Labor Standards Amendments of 1949, approved October 26, 1949 Pub. Law 393, 81st Cong., 1st sess.. Amendments provided by the Fair Labor Standards Amendments of 1949
are effective as of January 25, 1950. These amendments leave the existing law un changed except as to provisions specifically amended and the addition of certain new provisions.
2 General Order No. 42 issued by the Sec retary on July 1, 1949.