CH. 39—^REGULATORY TAXES
585
cotton is contracted to be bought or sold, the date of the purchase or sale, and the time when shipment or dehvery of such cotton is to be made. (3) PROHIBITION
OF DELIVERY
OF OTHER
THAN
SPECIFIED
GRADE.—Provide that cotton of or within the grade or of the type, or according to the sample or description, specified in the contract shall be delivered thereunder, and that no cotton which does not conform to the type, sample, or description, or which is not of or within the grade specified in the contract shall be tendered or delivered thereunder. (4) PROVISION FOR SPECIFIC PERFORMANCE.—Provide that the delivery of cotton under the contract shall not be effected by means of "set-off" or "ring" settlement, b u t only by the actual transfer - of the specified cotton mentioned in the contract. (b) INCORPORATION OF CONDITIONS IN CONTRACT.—The provisions of subsection (a)(1), (3), and (4) shall be deemed fully incorporated into any such contract if there be written or printed thereon, or on the document or memorandum evidencing the same, a t or prior to the time the same is entered into, the words "Subject to Internal Revenue Code, section 4865." (c) APPLICATION OF SECTION.—This section shall not be construed to apply to any contract of sale made in compliance with section 4863 or 4864. PART III—ADMINISTRATIVE PROVISIONS ^'
^
Sec. Sec. Sec. Sec. Sec. Sec. Sec.
4871. 4872. 4873. 4874. 4875. 4876. 4877.
Method of payment. Collection and enforcement. Liability of principal for acts of agent. Immunity of witnesses. Operation of State laws. Reports of Secretary of Agriculture. Cross references.
SEC. 4871. METHOD OF PAYMENT.
The tax imposed by section 4851(a) shall be paid by means of stamps which shall be affixed to such contracts, or to the memoranda evidencing the same, and canceled in compliance with rules and regulations which shall be prescribed by the Secretary or his delegate. SEC. 4872. COLLECTION AND ENFORCEMENT. (a) RULES AND REGULATIONS.—The Secretary or his delegate is
authorized to make and promulgate such rules and regulations as he may deem necessary to collect the tax imposed by this subchapter and otherwise to enforce its provisions. (b) RECORDS AND R E T U R N S. — F u r the r to effect the purpose of subsection (a), the Secretary or his delegate shall require all persons coming within its provisions to keep such records and statements of account, and may require such persons to make such returns verified under oath or otherwise, as will fully and correctly disclose all transactions mentioned in section 4851(a), including the making, execution, settlement, and fulfillment thereof; he may require all persons who act in the capacity of a clearing house, clearing association, or similar institution for the purpose of clearing, settling, or adjusting transactions mentioned in section 4851(a) to keep such records and to make such returns as will fully and correctly disclose all facts in their possession relating to such transactions. § 4872(b) 49012°—54
40
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