Page:United States Statutes at Large Volume 48 Part 1.djvu/748

 722 73d CONGRESS. SESS. II. CH. 277. MAY 10, 1934 . INCOM E TAX. (g) C ORPORATI ONS DER IVING I NCOME F ROM Poss EssIoNs or UNI TED RETURNS AND PAYMENTS-Contd. STATES .-For the purposes of this section a corporation entitled to Cor por ati ons in United States posses- the benefits of section 251, by reason of receiving a large percentage sions treated as foreign . of its income from possessions of the United States, shall be treated as a foreign corporation. Subsidiary of domes- (h) SUBSIDIARY FORMED TO COMPLY WITH FOREIGN LAW .-111 the tic corporation formed to comply with foreign case of a domestic corporation owning or controlling, directly or law, deemed domestic . indirectly, 100 per centum of the capital stock (exclusive of direc- tors' qualifying shares) of a corporation organized under the laws of a contiguous foreign country and maintained solely for the purpose of complying with the laws of such country as to title and operation of property, such foreign corporation may, at the option of the domestic corporation, be treated for the purpose of this title as a domestic corporation. Suspension of run- (i) SUSPENSION OF RUNNING OF STATUTE OF LIMITATIONS .-If a ning of statute of limi- tations. notice under section 272 (a) in respect of a deficiency for any taxable Post, p. 741. year is mailed to a corporation, the suspension of the running of the statute of limitations, provided in section 277, shall apply in the case of corporations with which such corporation made a consolidated return for such taxable year. (j) ALLOCATION OF INCOME AND DEDucTioNs .-For allocation of income and deductions of related trades or businesses, see section 45. Allocation of income and deductions. Ante, p. 695. Fiduciary returns. Sworn statements o f income, etc ., of benefi- ciaries. Net income of $1,000 or ov er, if single, etc. Married, etc., with $2,500 or over. Gro ss, of $5,000 or over. Estates or trusts of $1,000 net income or over. Gross income of $5,000 or over. Nonresident alien beneficiaries. By joint fiduciaries. Oath re qui red. Subject t o provisi ons app licable to indiv id- uals. SEC. 142. FIDUCIARY RETURNS. (a) REQUIREMENT OF RETURN : Every fiduciary (except a receiver appointed by authority of law in possession of part only of the property of an individual) shall make under oath a return for any of the following individuals, estates, or trusts for which he acts, stating specifically the items of gross income thereof and the deductions and credits allowed under this title- (1) Every individual having a net income for the taxable year of $1,000 or over, if single, or if married and not living with h usband or wife ; (2) Every individual having a net income for the taxable year of $2,500 or over, if married and living with husband or wife ; (3) Every individual having a gross income for the taxable year of $5,000 or over, regardless of the amount of his net income ; (4) Every estate or trust the net income of which for the taxable year is $1,000 or over ; (5) Every estate or trust the gross income of which for the taxable year is $5,000 or over, regardless of the amount of the net income ; and (6) Every estate or trust of whic h any benef iciar y is a non- resident alien. (b) JOINT FIDUCIARIES.-Under such regulations as the Commis- sione r wit h the appro val o f the Secre tary may pr escri be a return made by one of two or more joint fiduciaries and filed in the office of the collector of the district where such fiduciary resides shall be sufficient compliance with the above requirement. Such fiduciary shall make oath (1) that he has sufficient knowledge of the affairs of the individual, estate, or trust for which the return is made, to enable him to make the return, and (2) that the return is, to the best of his knowledge and belief, true and correct. (c) LAW APPL ICABLE TO FIDUCIARIES. -Any fiduciary required to make a return under this title shall be subject to all the provisions of law which apply to individuals.