Executive Order 11506—Further Amending Executive Order No. 11211, Relating to the Exclusion for Original or New Japanese Issues as Required for International Monetary Stability

By virtue of the authority vested in me by section 4917 (a) of the Internal Revenue Code of 1954, and as President of the United States, it is hereby ordered as follows:

SECTION 1. Exclusion. Executive Order No. 11211 of April 2, 1965, as amended by section 3 of Executive Order No. 11368 of August 28, 1967, providing for an exclusion from the tax imposed by section 4911 of the Internal Revenue Code of 1954 with respect to acquisitions of certain original or new Japanese issues of stock or debt obligations

(a) shall not apply to any acquisition of such debt obligations made on or after the effective date of this order;

(b) shall continue to apply to an acquisition of such stock made on or after the effective date of this order pursuant to the exercise of a right to convert (without payment of additional consideration) contained in a debt obligation issued prior to the effective date of this order.

SEC. 2. Rules and regulations. The Secretary of the Treasury or his delegate is authorized to prescribe from time to time regulations, rulings, directions, and instructions to carry out the purpose of this order.

SEC. 3. Effective date. This order shall be effective upon its filing for publication in the Federal Register.

RICHARD NIXON

The White House

February 2, 1970