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us/statute/26/3406/h/6 — Readily tradable instrument · Axiom

Readily tradable instrument

The term “readily tradable instrument” means—

(A) any instrument which is part of an issue any portion of which is traded on an established securities market (within the meaning of section 453(f)(5)), and

(B) except as otherwise provided in regulations prescribed by the Secretary, any instrument which is regularly quoted by brokers or dealers making a market.

in view

Whole section

▸rulespec code

Shown source

statutes/26/3406/h.yaml

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Rules

incorrect_tin_count_threshold_for_lockout

Parameter

source: 26 USC 3406(h)(2)

- name: incorrect_tin_count_threshold_for_lockout
  kind: parameter
  dtype: Count
  source: 26 USC 3406(h)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: 2 incorrect TINs
  versions:
    - effective_from: '1990-01-01'
      formula: '2'

incorrect_tin_lockout_period_years

Parameter

source: 26 USC 3406(h)(2)

- name: incorrect_tin_lockout_period_years
  kind: parameter
  dtype: Count
  source: 26 USC 3406(h)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: in any 3-year period
  versions:
    - effective_from: '1990-01-01'
      formula: '3'

improper_digit_tin_treated_as_failure_to_furnish

Derived

source: 26 USC 3406(h)(1)

- name: improper_digit_tin_treated_as_failure_to_furnish
  kind: derived
  entity: Person
  dtype: Judgment
  period: Year
  source: 26 USC 3406(h)(1)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: >-
              treated as failing to furnish his TIN if the TIN furnished does not contain the proper
              number of digits
  versions:
    - effective_from: '1990-01-01'
      formula: tin_furnished_does_not_contain_proper_number_of_digits

second_incorrect_tin_lockout_applies

Derived

source: 26 USC 3406(h)(2)

- name: second_incorrect_tin_lockout_applies
  kind: derived
  entity: Person
  dtype: Judgment
  period: Year
  source: 26 USC 3406(h)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: If the payee furnishes the payor 2 incorrect TINs in any 3-year period
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: after receiving notice of the second incorrect TIN
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: >-
              until the day on which the payor receives notification from the Secretary that a
              correct TIN has been furnished
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/3406/h#incorrect_tin_count_threshold_for_lockout
            output: incorrect_tin_count_threshold_for_lockout
            hash: sha256:local
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/3406/h#incorrect_tin_lockout_period_years
            output: incorrect_tin_lockout_period_years
            hash: sha256:local
  versions:
    - effective_from: '1990-01-01'
      formula: >-
        incorrect_tins_furnished_to_payor_count_in_period >=
        incorrect_tin_count_threshold_for_lockout

        and incorrect_tin_count_period_years <= incorrect_tin_lockout_period_years

        and payor_received_notice_of_second_incorrect_tin

        and not payor_has_received_secretary_notification_that_correct_tin_has_been_furnished

joint_payee_payment_attributed_to_first_listed_payee

Derived

source: 26 USC 3406(h)(3)

- name: joint_payee_payment_attributed_to_first_listed_payee
  kind: derived
  entity: Payment
  dtype: Judgment
  period: Year
  source: 26 USC 3406(h)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: >-
              any payment to joint payees shall be treated as if all the payment were made to the
              first person listed
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: Except to the extent otherwise provided in regulations
  versions:
    - effective_from: '1990-01-01'
      formula: |-
        payment_made_to_joint_payees
        and not regulations_provide_otherwise_for_joint_payee_payment

payor

Derived

source: 26 USC 3406(h)(4)

- name: payor
  kind: derived
  entity: Person
  dtype: Judgment
  period: Year
  source: 26 USC 3406(h)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/3406
            excerpt: >-
              a person required to file a return described in paragraph (2) or (3) of subsection (b)
              with respect to such payment
  versions:
    - effective_from: '1990-01-01'
      formula: |-
        person_required_to_file_return_described_in_subsection_b_2_with_respect_to_payment
        or person_required_to_file_return_described_in_subsection_b_3_with_respect_to_payment