An Act relating to the application of the documentary stamp tax to transfers of certain installment obligations paid for in installments
PL 84-400 (H.R.7364), enacted 01/28/1956

70 
S T A T . ] 
PUBLIC LAW 401-J AN. 31, 1966 
SEC. 2. The amendment made by section 1 shall be applicable with 
respect to taxable years begi ming after December 31,1951, and before 
January 1, 1954. No interest shall be allowed or paid on any over-
payment resulting from such amendment. 
Approved January 28, 1956. 
Effective date. 
Public Law 400 
CHAPTER 
19 
AN ACT 
Relating to the application of the documentary stamp tax to transfers of certain 
obligations paid for in installments. 
January 28, 1956 
[H. R. 73641 
Be it enacted hy the Senate and House of Representatives 
of the 
United /States of Amerioa in Congress assembled^ That effective as of 
January 1, 1955, section 4332 of the Internal Eevenue Code of 1954 
(relating to exemption from tax on sales or transfers of certificates 
of indebtedness) is hereby amended by relettering subsection (b) as 
subsection (c) and by inserting after subsection (a) the following 
new subsection: 
" (b) INSTALLMENT PURCHASE OF OBLIGATIONS.—The tax imposed by 
section 4331 shall not apply to any instrument under the terms of which 
the obligee is required to make payment therefor in installments and 
is not permitted to make in any year a payment of more than 20 per-
cent of the cash amount to which entitled upon maturity of the instru-
ment." 
Approved January 28, 1956. 
D o c u m e n t a r y 
stamp tax. 
68A Stat. 516. 
26 u s e 4332-
68A Stat. 516. 
26 u s e 4331. 
Public Law 401 
CHAPTER 
27 
JOINT RESOLUTION 
To request the Secretary of State to arrange for the International Joint Com-
mission, United . States and Canada, to conduct a survey of the proposed 
Passamaquoddy tidal power project, and for other puri>oses. 
Resolved hy the Senate and House of Repre-setitatlves of the United 
States of America i/i Congress assembled. That the International 
Joint (commission created by the treaty between the United States 
and (ireat Britain relating to boundary waters between the United 
States and Canada, signed at Washington on January 11, 1909, under 
the provisions of such treaty, be requested by the Secretary of State 
to arrange for a final survey to be made to determine the cost of 
construction of the proposed Passamacjuoddy tidal power project at 
Passamaquoddy Bay in the State of Maine, ITnited States of America, 
and the Province of New I^runswick, Dominion of Canada, and to 
determine whether or not such cost would allow hydroelectric power 
to be produced at a price that is economically feasible, and also to 
determine what contribution such project Mould make to the national 
economy and the national defense. 
SEC, 2. The survey provided for in the first section shall make use of 
the report (dated March 15, 1950) made by the International Pas-
samaquoddy Engineering Board to the International Joint Com-
mission, and with the supplemental report (dated May 1952) on 
details of estimate of cost of comprehensive investigation of Passa-
maquoddy tidal power project by Corps of Engineers, United States 
Army. 
SEC. 3. The Secretary of the Army, the Federal Power Commis-
sion, and other officers and agencies of the Government of the United 
States are authorized to assist the International Joint Commission 
January 31, 1956 
[S. J. Reg. 121 
P a s samaquoddy 
t i d a l power proj-
ect. 
Survey. 
36 Stat. 2448. 
A g e n c y assist-
ance.