[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.7001-1]

[Page 475]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                                Licensing
 
Sec. 301.7001-1  License to collect foreign items.


    (a) In general. Any bank or agent undertaking as a matter of 
business or for profit the collection of foreign items must obtain a 
license from the district director for the district in which is located 
its principal place of business within the United States. For 
definitions of the terms ``foreign item'' and ``collection'', see 
paragraph (b) of this section.
    (b) Definitions--(1) Foreign item. The term ``foreign item'' as used 
in this section, means any item of interest upon the bonds of a foreign 
country or of a nonresident foreign corporation not having a fiscal or 
paying agent in the United States (including Puerto Rico as if a part of 
the United States), or any item of dividends upon the stock of such 
corporation.
    (2) Collection. The term ``collection'' as used in this section, 
includes the following:
    (i) The payment by the licensee of the foreign item in cash;
    (ii) The crediting by the licensee of the account of the person 
presenting the foreign item;
    (iii) The tentative crediting by the licensee of the account of the 
person presenting the foreign item until the amount of the foreign item 
is received by the licensee from abroad; and
    (iv) The receipt of foreign items by the licensee for the purpose of 
transmitting them abroad for deposits.
    (c) Application for license. Application for the license required by 
paragraph (a) of this section shall be made in writing and shall contain 
the following information:
    (1) The name and present business of the person, partnership 
(including names of all partners), or corporation applying for the 
license;
    (2) The address of the applicant's principal place of business in 
the United States and of any branch offices in the United States;
    (3) The date on which the applicant intends to commence the 
collection of foreign items; and
    (4) An estimate of the aggregate amount of annual collections of 
foreign items (in dollars).

The application shall be signed by the applicant (a partner, in the case 
of a partnership, or an officer, in the case of a corporation).
    (d) Issuance of license. The license will be issued by the district 
director in letter form without cost to the licensee.
    (e) Previous license holders. Any person who has been issued a 
license under the corresponding provision of the Internal Revenue Code 
of 1939, or any prior revenue law, is not required to renew such license 
under this section.
    (f) Returns of information as to foreign items. For provisions 
relating to the filing of returns as to foreign items, see section 
6041(b) and Sec. 1.6041-4 of this chapter (Income Tax Regulations).