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sioner, render a correct return, sioner, render a correct return,
duly verified under oath, of its duly verified under oath, of its
payments of dividends, stating the payments of dividends, stating the
name and address of each share- name and address of each share-
holder, the number of shares holder, the number of shares
owned by him, and the amount of owned by him, and the amount of
dividends paid to him.
dividends paid to him.

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Taxable Years
Beginning before 1939

See p. 270, Eighth Edition.

Sec. 148. (b) Profits declared as Sec. 148. (b) Profits declared as Sec. 148. (b) Profits declared as dividends. Every corporation dividends.-Every corporation dividends. shall, when required by the Com- shall, when required by the Commissioner, furnish him a statement missioner, furnish him a statement of such facts as will enable him to of such facts as will enable him to determine the portion of the earn- determine the portion of the earnings or profits of the corporation ings or profits of the corporation (including gains, profits, and in- (including gains, profits, and income not taxed) accumulated dur- come not taxed) accumulated during such periods as the Commis- ing such periods as the Commissioner may specify, which have sioner may specify, which have been distributed or ordered to be been distributed or ordered to be distributed, respectively, its distributed, respectively, to its shareholders during such taxable shareholders during such taxable years as the Commissioner may years as the Commissioner may specify.

specify.

Sec. 148. (c) Accumulated earn- Sec. 148. (c) Accumulated earnings and profits.-When requested ings and profits.-When requested by the Commissioner, or any col- by the Commissioner, or any collector, every corporation shall for- lector, every corporation shall forward to him a correct statement of ward to him a correct statement of accumulated earnings and profits accumulated earnings and profits and the names and addresses of and the names and addresses of the individuals or shareholders the individuals or shareholders who would be entitled to the same who would be entitled to the same if divided or distributed, and of if divided or distributed, and of the amounts that would be payable the amounts that would be payable to each. to each.

Sec. 148. (d) Contemplated dis- Sec. 148. (d) Contemplated dissolution or liquidation. Every solution or liquidation. Every corporation shall, within thirty corporation shall, within thirty days after the adoption by the days after the adoption by the corporation of a resolution or plan corporation of a resolution or plan for the dissolution of the corpora- for the dissolution of the corporation or for the liquidation of the tion or for the liquidation of the whole or any part of its capital whole or any part of its capital stock, render a correct return to stock, render a correct return to the Commissioner, verified under the Commissioner, verified under oath, setting forth the terms of oath, setting forth the terms of such resolution or plan and such such resolution or plan and such other information as the Commis- other information as the Commissioner shall, with the approval of sioner shall, with the approval of the Secretary, by regulations pre- the Secretary, by regulations prescribe. scribe.

Sec. 148. (e) Distributions in Sec. 148. (e) Distributions in liquidation. Every corporation liquidation.-Every corporation shall, when required by the Com- shall, when required by the Commissioner, render a correct return, missioner, render a correct return, duly verified under oath, of its dis- duly verified under oath, of its distributions in liquidation, stating tributions in liquidation, stating the name and address of each the name and address of each shareholder, the number and class shareholder, the number and class of shares owned by him, and the of shares owned by him, and the amount paid to him or, if the dis- amount paid to him or, if the dis

Sec. 148. (c) Accumulated earnings and profits.

See p. 270, Eighth Edition.

Sec. 148. (d) Contemplated dissolution or liquidation.

See p. 270, Eighth Edition.

Sec. 148. (e) Distributions in liquidation.

See p. 272, Eighth Edition.

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

tribution is in property other than tribution is in property other than tribution is in property other than money, the fair market value (as money, the fair market value (as money, the fair market value (as of the date the distribution is of the date the distribution is of the date the distribution is made) of the property distributed made) of the property distributed made) of the property distributed to him. to him.

to him.

Sec. 148. (f) Compensation of Sec. 148. (f) Compensation of Sec. 148. (f) Compensation of officers and employees. Under officers and employees. Under officers and employees.-Under regulations prescribed by the Com- regulations prescribed by the Com- regulations prescribed by the Commissioner with the approval of the missioner with the approval of the missioner with the approval of the Secretary, every corporation sub- Secretary, every corporation sub- Secretary, every corporation subject to taxation under this chapter ject to taxation under this chapter ject to taxation under this chapter shall, in its return, submit a list shall, in its return, submit a list shall, in its return, submit a list of the names of all officers and of the names of all officers and of the names of all officers and employees of such corporation and employees of such corporation and employees of such corporation and the respective amounts paid to the respective amounts paid to the respective amounts paid to them during the taxable year of them during the taxable year of them during the taxable year of the corporation by the corporation the corporation by the corporation the corporation by the corporation as salary, commission, bonus, or as salary, commission, bonus, or as salary, commission, bonus, or other compensation for personal other compensation for personal other compensation for personal services rendered, if the aggregate services rendered, if the aggregate services rendered, if the aggregate amount so paid to the individual amount so paid to the individual amount so paid to the individual is in excess of $75,000. is in excess of $75,000. is in excess of $75,000.

The Secretary shall compile from The Secretary shall compile from The Secretary shall compile from the returns made a list containing the returns made a list containing the returns made a list containing the names of, and the amounts paid the names of, and the amounts paid the names of, and the amounts paid to, each such officer and employee to, each such officer and employee to, each such officer and employee and the name of the paying corpo- and the name of the paying corpo- and the name of the paying corporation, and shall make such list ration, and shall make such list ration, and shall make such list availavailable to the public. It shall available to the public. It shall able to the public. It shall be unbe unlawful for any person to sell, be unlawful for any person to sell, lawful for any person to sell, offer offer for sale, or circulate, for any offer for sale, or circulate, for any for sale, or circulate, for any conconsideration whatsoever, any copy consideration whatsoever, any copy sideration whatsoever, any copy or or reproduction of any list, or part or reproduction of any list, or part reproduction of any list, or part thereof, authorized to be made pub- thereof, authorized to be made pub- thereof, authorized to be made public by this Act or by any prior Act lie by this Act or by any prior Act lie by this Act or by any prior Act relating to the publication of in- relating to the publication of in- relating to the publication of information derived from income-tax formation derived from income-tax formation derived from income-tax returns; and any offense against returns; and any offense against returns; and any offense against the foregoing provision shall be a the foregoing provision shall be a the foregoing provision shall be a misdemeanor and be punished by misdemeanor and be punished by misdemeanor and be punished by a fine not exceeding $1,000 or by a fine not exceeding $1,000 or by a fine not exceeding $1,000 or by imprisonment not exceeding one imprisonment not exceeding one imprisonment not exceeding one year, or both, at the discretion of year, or both, at the discretion of year, or both, at the discretion of the court: Provided, That nothing the court: Provided, That nothing the court: Provided, That nothing in this sentence shall be construed in this sentence shall be construed in this sentence shall be construed to be applicable with respect to to be applicable with respect to to be applicable with respect to any newspaper, or other periodical any newspaper, or other periodical any newspaper, or other periodical publication, entitled to admission publication, entitled to admission publication, entitled to admission to the mails as second-class mail to the mails as second-class mail to the mails as second-class mail

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Sec. 149. Returns of brokers.
Every person doing business as

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Sec. 149. Returns of brokers. Every person doing business as a broker shall, when required by a broker shall, when required by the Commissioner, render a correct the Commissioner, render a correct return duly verified under oath, return duly verified under oath,

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tribution is in property other than tribution is in property other than
money, the fair market value (as money, the fair market value (as
of the date the distribution is of the date the distribution is
made) of the property distributed made) of the property distributed
to him.
to him.

Sec. 148. (f) Compensation of Sec. 148. (f) Compensation of officers and employees. Under officers and employees. Under regulations prescribed by the Com- regulations prescribed by the Commissioner with the approval of the missioner with the approval of the Secretary, every corporation sub- Secretary, every corporation subject to taxation under this chapter ject to taxation under this chapter shall, in its return, submit a list shall, in its return, submit a list of the names of all officers and of the names of all officers and employees of such corporation and employees of such corporation and the respective amounts paid to the respective amounts paid to them during the taxable year of them during the taxable year of the corporation by the corporation the corporation by the corporation. as salary, commission, bonus, or as salary, commission, bonus, or other compensation for personal other compensation for personal services rendered, if the aggregate services rendered, if the aggregate amount so paid to the individual amount so paid to the individual is in excess of $75,000. is in excess of $75,000.

The Secretary shall compile The Secretary shall compile from the returns made a list con- from the returns made a list containing the names of, and the taining the names of, and the amounts paid to, each such officer amounts paid to, each such officer and employee and the name of the and employee and the name of the paying corporation, and shall make paying corporation, and shall make such list available to the public. such list available to the public. It It shall be unlawful for any per- shall be unlawful for any person to son to sell, offer for sale, or circu- sell, offer for sale, or circulate, for late, for any consideration whatsoever, any copy or reproduction of any consideration whatsoever, any any list, or part thereof, authorized copy or reproduction of any list, or to be made public by this Act or by part thereof, authorized to be made any prior Act relating to the pub- public by this Act or by any prior lication of information derived Act relating to the publication of infrom income-tax returns; and any formation derived from income-tax offense against the foregoing pro- returns; and any offense against the vision shall be a misdemeanor and foregoing provision shall be a misbe punished by a fine not exceeding demeanor and be punished by a $1,000 or by imprisonment not ex-fine not exceeding $1,000 or by imceeding one year, or both, at the prisonment not exceeding one year, discretion of the court: Provided, That nothing in this sentence shall be construed to be applicable with respect to any newspaper, or other periodical publication, entitled to admission to the mails as secondclass mail matter.

Sec. 148 (f), I. R. C., supra, amended by Sec. 407, R. A. of 1939, approved June 29, 1939, to read as above. For Sec. 148 (f), I. R. C., before amendment. see explanation under Sec. 148 (f), I. R. C., in 1939 column.

or both, at the discretion of the
court: Provided, That nothing in
this sentence shall be construed to
be applicable with respect to any
newspaper, or other periodical pub-
lication, entitled to admission to the
mails as second-class mail matter.

Sec. 148 (f), I. R. C., supra, amended by Sec. 407, R. A. of 1939, approved June 29, 1939, by adding language in italics.

Sec. 149. Returns of brokers. Sec. 149. Returns of brokers. Every person doing business as Every person doing business as a broker shall, when required by a broker shall, when required by the Commissioner, render a correct the Commissioner, render a correct return duly verified under oath, return duly verified under oath,

Taxable Years Beginning before 1939

Sec. 148. (f) Compensation of officers and employees.

See p. 272, Eighth Edition.

Sec. 149. Returns of brokers.

See p. 272, Eighth Edition.

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Taxable Years
Beginning in 1941

under such rules and regulations under such rules and regulations under such rules and regulations as the Commissioner, with the ap- as the Commissioner, with the ap- as the Commissioner, with the approval of the Secretary, may pre-proval of the Secretary, may pre-proval of the Secretary, may prescribe, showing the names of cus- scribe, showing the names of cus- scribe, showing the names of customers for whom such person has tomers for whom such person has tomers for whom such person has transacted any business, with such transacted any business, with such transacted any business, with such details as to the profits, losses, or details as to the profits, losses, or details as to the profits, losses, or other information which the Com- other information which the Com- other information which the Commissioner may require, as to each missioner may require, as to each missioner may require, as to each of such customers, as will enable of such customers, as will enable of such customers, as will enable to determine the the Commissioner to determine the whether all income tax due on whether all income tax due on profits or gains of such customers profits or gains of such customers has been paid. has been paid.

Sec. 150. Collection of foreign items.

Commissioner

Sec. 150. Collection of foreign items.

a

Commissioner to determine whether all income tax due on profits or gains of such customers has been paid.

Sec. 150. Collection of foreign items.

a

a All persons undertaking as All persons undertaking as All persons undertaking as matter of business or for profit matter of business or for profit matter of business or for profit the collection of foreign payments the collection of foreign payments the collection of foreign payments of interest or dividends by means of interest or dividends by means of interest or dividends by means of coupons, checks, or bills of ex- of coupons, checks, or bills of ex- of coupons, checks, or bills of exchange shall obtain a license from change shall obtain a license from change shall obtain a license from the Commissioner and shall be the Commissioner and shall be the Commissioner and shall be subject to such regulations ena- subject to such regulations enasubject to such regulations enabling the Government to obtain the bling the Government to obtain the bling the Government to obtain the information required under this information required under this information required under this chapter as the Commissioner, with chapter as the Commissioner, with chapter as the Commissioner, with the approval of the Secretary, shall the approval of the Secretary, shall the approval of the Secretary, shall prescribe; and whoever knowingly prescribe; and whoever knowingly prescribe; and whoever knowingly undertakes to collect such payments undertakes to collect such payments undertakes to collect such payments without having obtained a license without having obtained a license therefor, or without complying with such regulations, shall be guilty of a misdemeanor and shall be fined not more than $5,000 or imprisoned for not more than one year, or both.

Sec. 151. Foreign personal holding companies.

For information returns by officers, directors, and large shareholders, with respect to foreign holding personal companies, see sections 338, 339, and 340.

For information returns by and attorneys, accountants, so forth, as to formation and so forth, of foreign corporations, see section 3604.

Sec. 152. Pan-American trade corporations,

Sec. 152, I. R. C., supra, repealed by Sec. 159 (b), R. A. of 1942, by providing that said Sec. 152, I. R. C., shall not apply with respect to any taxable year beginning after Dec. 31, 1941.

therefor, or without complying with
such regulations, shall be guilty of
a misdemeanor and shall be fined
not more than $5,000 or imprisoned
for not more than one year, or
both.

Sec. 151. Foreign personal holding companies.

For information returns by officers, directors, and large shareholders, with respect to foreign personal holding companies, see sections 338, 339, and 340.

For information returns by and attorneys,

accountants,

so forth, as to formation and
so forth, of foreign corpora-
tions, see section 3604.

Bee. 159. Pan-American trade
corporations.

If a domestie corporation en gaged in the active conduct of a trade or business within the United States (hereinafter referred to as the "parent corporation") owns directly 100 per centum of the capital stock of one or more domes tie corporations each of which is engaged solely in the active con duet of a trade or business in Cen tral or South America (hereinafter referred to as a Pan-American

without having obtained a license therefor, or without complying with such regulations, shall be guilty of a misdemeanor and shall be fined not more than $5,000 or imprisoned for not more than one year, or both.

Sec. 151. Foreign personal holding companies.

For information returns by officers, directors, and large shareholders, with respect to foreign personal holding companies, see sections 338, 339, and 340.

For information returns by attorneys, accountants, and so forth, as to formation and so forth, of foreign corporations, see section 3604.

Sec. 152. Pan-American trade corporations.

If a domestic corporation engaged in the active conduct of a trade or business within the United States (hereinafter referred to as the "parent corporation") owns directly 100 per centum of the capital stock of one or more domestic corporations each of which is engaged solely in the active conduct of a trade or business in Central or South America (hereinafter referred to as a Pan-American trade corporation),

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under such rules and regulations under such rules and regulations

as the Commissioner, with the ap- as the Commissioner, with the ap-
proval of the Secretary, may pre- proval of the Secretary, may pre-
scribe, showing the names of cus- scribe, showing the names of cus-
tomers for whom such person has tomers for whom such person has
transacted any business, with such transacted any business, with such
details as to the profits, losses, or details as to the profits, losses, or
other information which the Com- other information which the Com-
missioner may require, as to each missioner may require, as to each
of such customers, as will enable of such customers, as will enable
the Commissioner to determine the Commissioner to determine
whether all income tax due on whether all income tax due on
profits or gains of such customers profits or gains of such customers
has been paid.
has been paid.

Sec. 150. Collection of foreign Sec. 150. Collection of foreign
items.
items.
All persons undertaking as a All persons undertaking as a
matter of business or for profit matter of business or for profit
the collection of foreign payments the collection of foreign payments
of interest or dividends by means of interest or dividends by means
of coupons, checks, or bills of ex- of coupons, checks, or bills of ex-
change shall obtain a license from change shall obtain a license from
the Commissioner and shall be the Commissioner and shall be
subject to such regulations ena- subject to such regulations ena-
bling the Government to obtain the bling the Government to obtain the
information required under this information required under this
chapter as the Commissioner, with chapter as the Commissioner, with
the approval of the Secretary, the approval of the Secretary,
shall prescribe; and whoever shall prescribe; and whoever
knowingly undertakes to collect knowingly undertakes to collect
such payments without having such payments without having
obtained a license therefor, or obtained a license therefor, or
without complying with such regu- without complying with such regu-
lations, shall be guilty of a misde- lations, shall be guilty of a misde-
meanor and shall be fined not meanor and shall be fined not
more than $5,000 or imprisoned more than $5,000 or imprisoned
for not more than one year, or for not more than one year, or
both.
both.

Sec. 151. Foreign personal holding companies.

For information returns by officers, directors, and large shareholders, with respect to foreign personal holding companies, see sections 338, 339, and 340.

For information returns by attorneys, accountants, and so forth, as to formation, and so forth, of foreign corporations, see section 3604.

Sec. 152. Pan-American trade corporations.

If a domestic corporation engaged in the active conduct of a trade or business within the United States (hereinafter referred to as the "parent corporation") owns directly 100 per centum of the capital stock of one or more domestic corporations each of which is engaged solely in the active conduct of a trade or business in Central or South America (hereinafter referred to as a Pan

Sec. 151. Foreign personal holding companies.

For information returns by officers, directors, and large shareholders, with respect to foreign personal holding companies, see sections 338, 339, and 340.

For information returns by attorneys, accountants, and so forth, as to formation, and so forth, of foreign corporations, see section 3604.

Taxable Years
Beginning before 1939

Sec. 150.. Collection of foreign items.

See p. 274, Eighth Edition.

Sec. 151. Foreign personal holding companies.

See p. 274, Eighth Edition.

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