Page:United States Statutes at Large Volume 45 Part 1.djvu/888

 SEVENTIETH CONGRESS. SESS. I. CH. 852. 1928 . 837 of interest, rent, salaries, wages, premiums, annuities, compensations, ExeP ons. TAX remune ratio ns, e molume nts, or other fixed or determinable gains, infra. profits, and income (other than payments described in section 149 (a) or 150), of $1,500 or more in any taxable year, or, in the case of such payments made by the United States, the officers or employees of the United States having information as to such payments and required to mak e ret urns in reg ard t hereto by t he re gulat ions h erein after provided for, shall render a true and accurate return to the Com- missioner, under such regulations and in such form and manner and to such extent as may be prescribed by him with the approval of the Secretary, setting forth the amount of such gains, profits, and income, and the name and address of the recipient of such payment. b Re turns rega rdless of amount of payment .- Su ch returns Regardless of amounts. may be required, regardless of amounts, (1) in the case of payments Interest on corpora- of interest upon bonds, mortgages, deeds of trust, or other similar tion bonds, etc. obligations of corporations, and (2) in the case of collections of c oupon s Collectingforeign , items (not payable in the United States) of interest upon the bonds etc. of foreign countries and interest upon the bonds of and dividends fr om foreign corporations by persons undertaking as a matter of business or for profit the collection of foreign payments of such interest or dividends by means of coupons, checks, or bills of excha nge. Names and addresses (c) R ecip ient to furn ish name and add ress .-W he n necessary of recipients. t o make effective the provisions of this section the name and address of the reci pient of in come shall be furnished upon demand of the person paying the income. Not applicable to (d) Obligations of United States .-The p rovi sion s of thi s se c- Federal securities . tion shall not apply to the payment of interest on obligations of the United Stat es. SEC. 149. INFORMATION BY CORPORATIONS. pInfer ons~tion by cor- SEC. make specific re- (a) Dividend payments.-Every corporation subject to the tax turns of dividend pay- imposed by this title shall, when required by the Commissioner, ments. render a correct return, duly verified under oath, of its payments of dividends, stating the name and address of each shareholder, the num- ber of shares owned by hi m, and the amount of dividends paid to him. Detai led s tate ment of (b) Profits of taxable year declared as dividends .-There shall profits, etc ., declared as be included in the return or appended thereto a statement of div ide nds. such f acts as will enable the Commissioner to de termin e the por- tion of the earn ings or profits of the c orporati on (inclu ding gai ns, profits and income not taxed) accumulated during the taxable year for whic h the re turn is made, wh ich have been di stributed or orde red to be distributed, respectively, to its shareholders during such year. Accumulated gains (c) Accumulated gains and profits .-When requested by the Coin- and profits and names of persons entitled missioner, or any collector, every corporation shall forward to him thereto if distributed . a correct statement of accumulated gains and profits and the names and a ddre sses of the indi vidu als or s hare hold ers who wou ld be entitled to the same if divided or distributed, and of the amounts that would be payable to each. SEC. 150. RETURNS OF BROKERS. Returns of brokers. Every person doing business as a broker shall, when required b sworn returns of all y businesstransactionsto the Commissioner, render a correct return duly verified under oath, be made. under such rules and regulations as the Commissioner, with the approval of the Secretary, may prescribe, showing the names of cus- tome rs for w hom such per son has tran sact ed any b usin ess, wit h such details as to the profits, losses, or other information which the

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