Page:United States Statutes at Large Volume 49 Part 1.djvu/1750

 74TH C ONGRESS. SESS. II. CH. 690 . JU NE 22, 1936 . 170 5 SEC. 148. INFORMATION BY CORPORATIONS. Information by cor- po rati ons. (a) DIVIDEND PA YM EN TS .-Ever y corp oratio n sha ll, wh en req uired Sworn return o f divi- by the Commissioner, render a correct return, duly verified under dend payments, etc . oath, of its payments of dividends, stating the name and address of each shareholder, the number o f shares owned by hi m, and the amount of dividends paid to him. (b) PROFITS DECLARED AS DIVIDENDS .-Every corporation Shall, etStat e m cf ntd fapr t, when requir ed by the Co mmissi oner, furnis h him a sta tement of deedsK such facts as will enable him to determine the portion of the earn- ings or profits of the corporation (including gains, profits, and income not taxed) accumulated during such periods as the Com- missioner may specify, which have been distributed or ordered to be distributed, respectively, to its shareholders during such taxable years as the Commissioner may specify. (c) AC CUM ULA TED EAR NIN GS AND PROFITS .-When requested by the Statement of accu- m ula ted ear nin gs and Commissioner, or any collector, every corporation shall forward profits, etc. t o him a correct statement of accumulated earnings 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 regula- Names of officers, etc ., tions p rescribed by the Commissioner with the approval of the See- receiving more than $15,000 during taxable retary, every corporation subject to taxation under this title shall, year. in its return, submit a list of the names of all officers and employees of such corpor ation and the respective amoun ts paid to them during the taxable year of the corporation by the corporation as salary, com- mission, bonus, or other compensation for personal 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 re- Report to Congress. port to Congress compiled from the returns made containing the names of, and amounts paid to, each such officer and employee and the name of the paying corporation. SEC. 149. RETUR NS OF BROKER S. Returns of brokers. Every person doing business as a broker shall, when required by buuess retu rns transact ions . l 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 cus- tomers for whom such person has transacted any business, with such details as to the profits, losses, or other information which the Com- missioner may require, as to each of such customers, as will enable the Commissioner to determine whether all income tax due on profits or gains of such customers has been paid. SEC. 150. COLLECTION OF FOREIGN ITEMS. Collection of foreig n items. All persons undertaking as a matter of business or for profit the Lic en se for collect- collection of foreign payments of interest or dividends by means of collect- ing coupons, coupons, checks, or bills of exchange shall obtain a license from the Commissioner and shall be subj ect to such regulations enabli ng the Government to obtain the information required under this title as the Commissioner, with the approva l of the Secretary, shall pres cribe ; and whoever knowingly undertakes to collect such payments without having obtained a license ther efor, or without complying wit h 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.