Title 26 — Internal Revenue CodeRelease 119-73not60
§7001 Collection of Foreign Items
Title 26 › Subtitle Subtitle F— Procedure and Administration › Chapter 72— LICENSING AND REGISTRATION › Subchapter A— Licensing › § 7001
Summary
Anyone who, as a business or for profit, collects foreign payments of interest or dividends by using coupons, checks, or bills of exchange must get a license from the Secretary and follow rules so the government can obtain needed income-tax information. The penalty for not getting the license is in section 7231.
Full Legal Text
Title 26, §7001
Internal Revenue Code — Source: USLM XML via OLRC
(a)All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks, or bills of exchange shall obtain a license from the Secretary and shall be subject to such regulations enabling the Government to obtain the information required under subtitle A (relating to income taxes) as the Secretary shall prescribe.
(b)For penalty for failure to obtain the license provided for in this section, see section 7231.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1976—Subsec. (a). Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.
Reference
Citations & Metadata
Citation
26 U.S.C. § 7001
Title 26 — Internal Revenue Code
Last Updated
Apr 5, 2026
Release point: 119-73not60