Page:United States Statutes at Large Volume 47 Part 1.djvu/243

 72d CONGRESS. SESS. I. CH. 209 . JUNE 6,1932. 219 (b) P ROFI TS OF TA XABL E YE AR D ECLA RED As DIVIDENDS .-There shall be included in the return or appended thereto a statement of such facts as will enable the Commissioner to determine the portion of th e ear nings or profi ts of the corp orati on (i nclu ding gains, pr ofits , and income not taxed) accumulated during the taxable yea r for which the return is made, which have been distributed or ordered to be distributed, respectively, to its shareholder s during such yea r. (c) ACCUMULATED GAINS AND PROFITs .-When requested ~b y the Accumulated ga ins and profits. Commissioner, or any collector, every corporation shall forward to Statement of persons nd the entitled thereto. him a correct statement of accumulated gains and profits a names and addresses of the individuals or shareholders who would be entitled to t he same if divid ed or distribute d, and of the amo unts that would be payable to each. SEC. 149. RETURNS OF BROKERS. Ev ery pers on doing busines s as a b roker sh all, whe n requir ed by the Commissioner, render a correct return duly verified under oath, under such rules and r egula tions as th e Com missi oner, with the appro val o f the Secre tary, may p rescr ibe, showin g the name s of customers for whom such person has transacted any business, wi th such details as to the profits, losses, or other information which the Commissioner may require, as to each of such customers, as will enable the Commissioner to determine whether all income tax due on profits or gai ns of such custo mers has been pa id. SEC. 150. COLLECT ION OF FOR EIGN ITEMS. 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 Commissioner and shall be subject to such regulations enabling the Government to obtain the information required under this title as the Commissioner, with the approval of the Secretary, shall pre- scribe ; and whoever knowingly undertakes to collect such payments without having obtained a license therefor, or without complying with s uch regu lations, shall b e guilty of a mi sdemeano r and sh all be fin ed not m ore than $5,000 or impri soned fo r not mo re than one year, or both. Supplement. E-Estates and Trusts Estates and trusts. INCOME TAX Statement of profits of taxable year declared as dividends. Retur ns of bro kers. Sworn report of all business transacted. Collection of foreign Items. Licenses required for collecting foreign cou- pons, etc . Punishment for vio- lation. SEC. 161. I MPOS ITIO N OF TAX. t Income oi, to be (a) A PPLIC ATION OF TAX.-The taxes imposed by this title upon individuals shall apply to the income of estates or of any kind of property held in trust, including- (1) Income accumulated in trust for the benefit of unborn or "ascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the will or trust ; (2) Income which is to be distribut ed currently by the fiduciary to the beneficiaries, and income collected b y a guardian of an infant which is to be held or distributed as the court may direct (3) Income received by estates of deceased persons during the period of administration or settlement of the estate ; and (4) Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated . (b) COMPUTATION AND PAYMENT .-The tax shall be computed upon the net income of the estate or trust, and shall be paid by the fiduciary, except as provided in section 166 (relating to revocable tru sts) and se ction 167 (relating to income for benefit of the gran tor) . For re turn mad e by ben eficiary, see sec tion 142 . Ac cu trust . mulations in Periodical distribu- tions . Rec eived dur ing a d- ministrat ion . Discretionary distri- bution . Computation and payment. Payment by fiduci- ary; exception. Post, p . 221. Ante, p. 214. i i