Page:United States Statutes at Large Volume 50 Part 1.djvu/849

 824 75TH CONGRESS, 1ST SESSION-CH. 815-AUGUST 26, 1937 respect to the preceding calendar month the name and address of each shareholder, the class and number of shares held by each, together with any changes in stockholdings during such period, the name and address of any holder of securities convertible into stock of such corporation, and such other information with respect to the stock and s ecurit ies of the c orpora tion as the C ommiss ioner with t he approval of the Secretary shall by regulations prescribe as necessary for carrying out the provisions of this Act. The Commissioner, with the ap proval of th e Secr etary, may by regul ations presc ribe, as the period with respect to which returns shall be filed, a longer eriod than a month. In such case the return shall be due on the fifteenth day of the succeeding period, and shall be filed by the persons who on such day are United States shareholders. Annual returns. " (b) ANNUAL RETURNS .-On the sixtieth day after the close of the taxable year of a foreign personal holding company each United States shareholder by or for whom on such sixtieth day more than 50 per centum of the outstanding stock of such company is owned directly or indirectly (including in the case of an individual, stock owned by members of his family as defined in section 333 (a) (2) ), shall file with the Commissioner a return setting forth the same information with respect to such preceding taxable year as is required in subsection (a); except that if all the required reports with respect to such year have been filed under subsection (a) no information under this subsec tion n eed be set f orth in the a nnual report . Return s as to forma - "SEC. 340. RE TURNS AS TO FORMAT ION, ETC ., OF FOREIGN CORPORA- tion, etc ., of foreign TIO NS. corporations. Requirement. "( a) REQUIREMENT .-Under regulations prescribed by the Com- missi oner w ith th e appr oval of the Secreta ry, an y atto rney, accoun t- ant, fiduci ary, b ank, t rust c ompany, finan cial i nstitu tion, or oth er person-- "(1) Who, on or after the date of the enactment of the Reve- nue Act of 1937, aids, assis ts, co unsels, or ad vises in, or with respect to, the formation, organization, or reorganization of any fore ign co rporat ion, s hall, within 30 days thereafter, file with the Commissioner a return; or "(2) Who, since December 31, 1933, and prior to 90 days after the date of the enactm ent of the R evenue Act of 1937, has a ided, assisted, counseled, or advised in the formation, organization, or reorganization of any foreign corporation shall, within 90 days after the date of the enactment of such Act, file with the Com- missioner a return . Form and contents a (b) FORM A ND CONTENT S OF RETURN .-Such return shall be in of return. such form, and shall set forth, under oath, in respect of each such cor- poration, to the full extent of the information within the possession or knowledge or under the control of the person required to file the return, such information as the Commissioner with the approval of the Secretary prescribes by regulations as necessary for carrying out the provisions of this Act . Nothing in this section shall be construed to req uire t he div ulging of pr ivileg ed comm unicat ions b etween attor - ney and client. Penalties. "SEC . 341. PENALTIES . Willful failure to "Any eperson required under section 338, 339, or 340 to file a return sSe omp ol swith specified or to upply any information, who willfuly fils to file such return, Ante, p. 823. or supply such information, at the time or times required by law or 49stat .1703. regulations, shall, in lieu of the penalties provided in section 145 (a) for such offense, be guilty of a misdemeanor and, upon conviction thereof, be fined not more than $2,000, or imprisoned for not more than one year, or both ."