CH. 3 9—REGULATORY TAXES
591
(5) MEMORANDUM.—The term "memorandum" means a bill, memorandum, agreement, or other evidence of a transfer. (6) W A S H SALE.—The term "wash sale" means a transaction involving the transfer of an interest in silver bullion and, within 30 days before or after such transfer, the acquisition by the same person of an interest in silver bullion. Only so much of the interest so acquired as does not exceed the interest so transferred, and only so much of the interest so transferred as does not exceed the interest so acquired, shall be deemed to be included in the wash sale. (7) SILVER BULLION.—The term "silver bullion" means silver which has been melted, smelted, or refined and is in such state or condition that its value depends primarily upon the silver content and not upon its form. SEC. 4893. LIABILITY FOR TAX.
This tax imposed by this subchapter shall be paid by any person who makes, signs, issues, or sells any of the documents and instruments subject to the tax imposed by this subchapter, or for whose use or benefit the same are made, signed, issued, or sold. The United States or any agency or instrumentality thereof shall not be liable for the tax with respect to an instrument to which it is a party, and aflSxing of stamps thereby shall not be deemed payment for the tax, which may be collected by assessment from any other party liable therefor. SEC. 4894. ABATEMENT OR REFUND.
The Secretary or his delegate shall abate or refund, in accordance with regulations issued under this subchapter, such portion of any tax imposed by section 4891 as he finds to be attributable to profits— (1) COURSE OF REGULAR BUSINESS.—Realized in the course of the transferor's regular business of furnishing silver bullion for industrial, professional, or artistic use and— (A) not resulting from a change in the market price of silver bullion, or (B) offset by contemporaneous losses incurred in transactions in interests in silver bullion determined, in accordance with such regulations, to have been specifically related hedging transactions; or (2) SILVER
FOREIGN
EXCHANGE.—Offset
by
contemporaneous
losses attributable to changes in the market price of silver bullion and incurred in transactions in silver foreign exchange determined, in accordance with such regulations, to have been hedged specifically by the interest in silver bullion transferred. SEC. 4895. STAMPS. (a) AFFIXING OF STAMPS.—On every transfer subject to the tax
imposed by section 4891, there shall be made and delivered by the transferor to the transferee a memorandum to which there shall be affixed lawful stamps in value equal to the tax thereon. (b) MEMORANDUM,—Every such memorandum shall show the date thereof, the names and addresses of the transferor and transferee, the interest in silver bullion to which it refers, the price for which such interest is or is to be transferred, and the cost thereof and the allowed expenses. (c) CANCELLATION OF STAMPS.—Stamps aflaxed under this section shall be canceled (in lieu of the manner provided in subtitle F) by § 4895(c)
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