Page:United States Statutes at Large Volume 52.djvu/592

 52STAT.] 75TH CONG., 3D SESS.-CH. 289-MAY 28, 1938 (g) BASIS OF STOCK IN CASE OF DEATH.- For basis of stock or Bas of s securities in a foreign personal holding company acquired from a Ante, p.490. decedent, see section 113 (a) (5). (h) LIQUIDATION.- For amount of gain taken into account on Liquidation. liquidation of foreign personal holding company, see section 115 (c). (i) PERIOD OF LIMITATION ON ASSESSMENT AND COLLECTION.--For onPaesent period of limitation on assessment and collection without assessment, lection. in case of failure to include in gross income the amount properly Ante, p. 39. includible therein under subsection (b), see section 275 (d). SEC. 338. INFORMATION RETURNS BY OFFICERS AND DIRECTORS. (a) MONTHLY RETURNS.- On the fifteenth day of each month which begins after the date of the enactment of this Act each indi- vidual who on such day is an officer or a director of a foreign cor- poration which, with respect to its taxable year (if not beginning before August 26, 1936) preceding the taxable year (whether begin- ning on, before, or after January 1, 1938) in which such month occurs, was a foreign personal holding company, shall file with the Commissioner a return setting forth with 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 securities of the corpora- tion as the Commissioner with the approval of the Secretary shall by regulations prescribe as necessary for carrying out the provisions of this Act. The Commissioner, with the approval of the Secretary, may by regulations prescribe, as the period with respect to which returns shall be filed, a longer period 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 individuals who on such day are officers and directors of the corporation. (b) ANNUAL RETURNS.-On the sixtieth day after the close of the taxable year of a foreign personal holding company each individual who on such sixtieth day is an officer or director of the corporation shall file with the Commissioner a return setting forth- (1) In complete detail the gross income, deductions and credits, net income, Supplement P net income, and undistributed Supplement P net income of such foreign personal holding com- pany for such taxable year; and (2) The same information with respect to such taxable year as is required in subsection (a); except that if all the required returns with respect to such year have been filed under sub- section (a) no information under this paragraph need be set forth in the return filed under this subsection. SEC. 339. INFORMATION RETURNS BY SHAREHOLDERS. (a) MONTHLY REruRNs.-On the fifteenth day of each month which begins after the date of the enactment of this Act each United States shareholder, by or for whom 50 per centum or more in value of the outstanding stock of a foreign corporation is owned directly or indirectly (including in the case of an individual, stock owned by the members of his family as defined in section 333 (a) (2)), if such foreign corporation with respect to its taxable year (if not beginning before August 26, 1936) preceding the taxable year (whether begin- ning on, before, or after January 1, 1938) in which such month occurs was a foreign personal holding company, shall file with the Commissioner a return setting forth with respect to the preceding Information returns by officers and direc- tors. Monthly returns. Annual returns. Information returns by shareholders. Monthly returns. Ante, p. 547. 551 ock in itation nd col-

�