Sec. 7. Definitions
332 words·~2 min read·
/bill/115/hr/1172/ih/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this Act: The term associated with a country or associated with the country — with respect to an asset, means— any financial account maintained by a financial institution that is a person of the country; any stock or security issued by a person of the country; any financial instrument or contract held for investment that has an issuer or counterparty that is a person of the country; any interest in a person of the country; or any real property located in the country or in which a person of the country, including any representative or agent of the government of the country, has a financial interest; with respect to income, includes dividends, rents, interest, or capital gains or any other income (as defined in section 61 of the Internal Revenue Code of 1986) received directly or indirectly from an asset associated with the country or any gift or reimbursement received from a person of the country, including any representative or agent of the government of the country; and with respect to a liability, refers to any liability owed to any creditor that is a person of the country, including an enterprise owned or controlled by the government of the country.
Except as provided in subparagraph (B), with respect to a country, the term person of the country means— an individual who is a citizen of the country; or a branch, partnership, group or subgroup, association, estate, trust, corporation or division of a corporation, or other organization if— it is organized under the laws of the country; its principal place of business is in the country; or its equity securities are primarily traded on one or more exchanges of the country. The term person of the country does not include any branch, partnership, group or subgroup, association, estate, trust, corporation or division of a corporation, or other organization for which it is demonstrated that a majority of the equity interest in the organization is ultimately owned by nationals of the United States.