PUBLIC LAWS-CHS. 518, 519-AUG. 8 , 1947 53 Stat. 196. 26U. S. C. §1802(b). Transfer of interest in partnership owning shares. Supra. 53 Stat. 424 . 26U.S. C. §3481(a). August 8, 1947 [H. R. 4075] [Public Law 388] Sugar Act of 1948. Ante, p. 35 . by a transfer of earned surplus or otherwise, bears to the total par value (or actual value if no par stock) of such certificates or shares issued in the recapitalization." Section 1802 (b) of the Internal Revenue Code is amended by insert- ing after the first proviso the following: "Provided further, That upon any transfer of an interest in a partnership owning shares or certificates of stock, the tax shall be limited to an amount equal to that percentage of a tax computed on the transfer of all of such shares or certificates of stock owned by the partnership as the interest trans- ferred bears to the total interests in the partnership of all the partners :" Section 1802 (b) of the Internal Revenue Code is amended by insert- ing in the second proviso following the word "deposited" a comma and the words "nor upon mere loans of stock". Section 3481 (a) of the Internal Revenue Code is amended by insert- ing after "Provided" the following: "That upon any transfer of an interest in a partnership owning such instruments, the tax shall be limited to an amount equal to that percentage of a tax computed on the transfer of all of such instruments owned by the partnership as the interest transferred bears to the total interests in the partnership of all the partners: Providedfurther,". Approved August 8, 1947. [CHAPTER 519] AN ACT To regulate commerce among the several States, with the Territories and pos- sessions of the United States, and with foreign countries; to protect the welfare of consumers of sugars and of those engaged in the domestic sugar-producing industry; to promote the export trade of the United States; and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Sugar Act of 1948". TITLE I-DEFINITIONS Pot, p. 34. SEC. 101. For the purposes of this Act except title V- "Person." (a) The term "person" means an individual, partnership, corpora- tion, or association. "sugars." (b) The term "sugars" means any grade or type of saccharine pro- duct derived from sugarcane or sugar beets, which contains sucrose, dextrose, or levulose. "Sugar. " (c) The term "sugar" means raw sugar or direct-consumption sugar. "Raw sugar." (d) The term "raw sugar" means any sugars which are principally of crystalline structure and which are to be further refined or improved in quality and any sugars which are principally not of crystalline structure, but which are to be further refined or otherwise improved in quality to produce any sugars principally of crystalline structure. thDirect-consump- (e) The term "direct-consumption sugar" means any sugars which are principally of crystalline structure and which are not to be further refined or otherwise improved in quality. 'Liquid sugar." (f) The term "liquid sugar" means any sugars (exclusive of sirup of cane juice produced from sugarcane grown in continental United States) which are principally not of crystalline structure and which contain, or which are to be used for the production of any sugars principally not of crystalline structure which contain, soluble non- sugar solids (excluding any foreign substances that may have been added or developed in the product) equal to 6 per centum or less of the total soluble solids. 922 [61 STAT.
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