Treasury Regulations (26 C.F.R.)
26 CFR § 301.7001-1
License to collect foreign items.
# (a) In general.
Any bank or agent undertaking as a matter of business or for profit the collection of foreign items must obtain a license from the district director for the district in which is located its principal place of business within the United States. For definitions of the terms “foreign item” and “collection”, see paragraph (b) of this section.
# (b)
Definitions—(1) Foreign item. The term “foreign item” as used in this section, means any item of interest upon the bonds of a foreign country or of a nonresident foreign corporation not having a fiscal or paying agent in the United States (including Puerto Rico as if a part of the United States), or any item of dividends upon the stock of such corporation.
(2) Collection. The term “collection” as used in this section, includes the following:
(i) The payment by the licensee of the foreign item in cash;
(ii) The crediting by the licensee of the account of the person presenting the foreign item;
(iii) The tentative crediting by the licensee of the account of the person presenting the foreign item until the amount of the foreign item is received by the licensee from abroad; and
(iv) The receipt of foreign items by the licensee for the purpose of transmitting them abroad for deposits.
# (c) Application for license.
Application for the license required by paragraph (a) of this section shall be made in writing and shall contain the following information:
(1) The name and present business of the person, partnership (including names of all partners), or corporation applying for the license;
(2) The address of the applicant's principal place of business in the United States and of any branch offices in the United States;
(3) The date on which the applicant intends to commence the collection of foreign items; and
(4) An estimate of the aggregate amount of annual collections of foreign items (in dollars).
# (d) Issuance of license.
The license will be issued by the district director in letter form without cost to the licensee.
# (e) Previous license holders.
Any person who has been issued a license under the corresponding provision of the Internal Revenue Code of 1939, or any prior revenue law, is not required to renew such license under this section.
# (f) Returns of information as to foreign items.
For provisions relating to the filing of returns as to foreign items, see section 6041(b) and § 1.6041-4 of this chapter (Income Tax Regulations).
Source: view the official text
In this part (40 sections)
- 301.6803-1 · Accounting and safeguarding.
- 301.6804-1 · Attachment and cancellation.
- 301.6805-1 · Redemption of stamps.
- 301.6806-1 · Posting occupational tax stamps.
- 301.6851-1 · Termination of taxable year.
- 301.6852-1 · Termination assessments of tax in the case of flagrant…
- 301.6861-1 · Jeopardy assessments of income, estate, gift, and certain…
- 301.6862-1 · Jeopardy assessment of taxes other than income, estate,…
- 301.6863-1 · Stay of collection of jeopardy assessments; bond to stay…
- 301.6863-2 · Collection of jeopardy assessment; stay of sale of seized…
- 301.6867-1 · Presumptions where owner of large amount of cash is not…
- 301.6871(a)-1 · (a)-1 Immediate assessment of claims for income,…
- 301.6871(a)-2 · (a)-2 Collection of assessed taxes in bankruptcy and…
- 301.6871(b)-1 · (b)-1 Claims for income, estate, and gift taxes in…
- 301.6872-1 · Suspension of running of period of limitations on…
- 301.6873-1 · Unpaid claims in bankruptcy or receivership proceedings.
- 301.6901-1 · Procedure in the case of transferred assets.
- 301.6902-1 · Burden of proof.
- 301.6903-1 · Notice of fiduciary relationship.
- 301.6905-1 · Discharge of executor from personal liability for…
- 301.7001-1 · License to collect foreign items.
- 301.7101-1 · Form of bond and security required.
- 301.7102-1 · Single bond in lieu of multiple bonds.
- 301.7121-1 · Closing agreements.
- 301.7122-0 · Table of contents.
- 301.7122-1 · Compromises.
- 301.7207-1 · Fraudulent returns, statements, or other documents.
- 301.7209-1 · Unauthorized use or sale of stamps.
- 301.7214-1 · Offenses by officers and employees of the United States.
- 301.7216-0 · Table of contents.
- 301.7216-1 · Penalty for disclosure or use of tax return information.
- 301.7216-2 · Permissible disclosures or uses without consent of the…
- 301.7216-3 · Disclosure or use permitted only with the taxpayer's…
- 301.7231-1 · Failure to obtain license for collection of foreign items.
- 301.7269-1 · Failure to produce records.
- 301.7272-1 · Penalty for failure to register.
- 301.7304-1 · Penalty for fraudulently claiming drawback.
- 301.7321-1 · Seizure of property.
- 301.7322-1 · Delivery of seized property to U.S. marshal.
- 301.7324-1 · Special disposition of perishable goods.