Page:United States Statutes at Large Volume 48 Part 1.djvu/753

 73d C ONGRESS. SESS. II. CH. 277 . MAY 10, 1934 . distributed, respectively, to its shareholders during such taxable years as the Comm ission er ma y spe cify. (e) ACCO"MULATED GAINS AND PROFITS .-When request ed by the Commissioner, or any collector, every corporation shall forward to him a correct statement of accumulated gains and profits and the names and addresses of the individuals or shareholders who would be entitled to the same if divided or distributed, and of the amounts that would be payable to each . (d) COMPENSATION OF OFFICERS AND EMPLOYEES .-Under regu- lations prescribed by the Commissioner with the approval of the Secretary, every corporation subject to taxation under this title shall, in its return, submit a list of the names of all officers and employ ees o f suc h corp orati on and the respe ctive amoun ts pa id to them during the taxable year of the corporation by the corporation as sal ary, commi ssion, bonu s, or other comp ensat ion fo r per sonal services rendered, if the aggregate amount so paid to the individual is in excess of $15,000. The Secretary of the Treasury shall submit an annual report to Congress compiled from the returns made containing the names of, and amounts paid to, each such officer and employee and the na me of the paying corporation. SEC. 149. RETURNS OF BROKERS. Every person doing business as a broker shall, when required by the Commissioner, render a correct return duly verified under oath, under such rules and regulations as the Commissioner, with the approval of the Secretary, may prescribe, showing the names of customers for whom such person has transacted any business, with such details as to the profits, losses, or other information which the Commissioner may require, as to each of such customers, as wi ll enable the Commissioner to determine whether all income tax due on profits or gains of such customers has been paid. SEC. 150. COL LEC TI ON OF FO REI GN ITEMS. All persons undertaking as a matter of business or for profit the collec tion of fo reign payme nts of inte rest or di vidend s by means of coupo ns, chec ks, or b ills of exchange shall ob tain a l icense f rom 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 prescribe ; and who eve r knowingly u nde rta kes to col lec t s uch payments 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, o r both. Supplement E-Estates and Trusts SEC. 161. IMPOSITION OF TAX. (a) APPLICATION OF TA X .-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 benef it of unbor n or unascertained persons or persons with contingent interests, and income ac cumulated or held for futur e distribution under the terms of the will or t rust ; (2) Income which is to be distributed currently by the fiduciary to the b enefi ciari es, an d inc ome c ollect ed by a gu ardian of an infant which is to be held or distributed as the court may direct 727 INCOME TAX. R ETUR NS AND PAYMENTS-Contd. Accumulated gains and profits and names, etc ., entitled thereto, if distributed. Corporations to sub- mit names of officers, etc ., receiving more than $15,000 during taxable year. Report thereof to Congress. Returns of brokers. Sworn returns of all bu siness transa ctions. Co llecti on of f oreign items. License required for collecting foreign cou- pons, etc. Punishment for vio- lation. EST ATES AND TRUSTS. Imposition of tax. Ap plicat ion of tax. Trust accumulations_ Periodically distrib- uted.