Page:United States Statutes at Large Volume 52.djvu/593

 PUBLIC LAWS-CI. 289-MAY 28, 1938 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 corporation as the Commissioner with the approval of the Sec- retary shall by regulations prescribe as necessary for carrying out Tie extension per- the provisions of this Act. The Commissioner, with the approval mitted. 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 suc- ceeding period, and shall be filed by the persons who on such day are United States shareholders. Annual returns. (b) ANNUAL REmNs.- 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 50 per centum or more in value of the outstanding stock of such company is owned directly or indirectly (including in the case of an individual, Ante,p .547. 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 taxable year as is required in subsection (a); except that if all the required returns with respect to such year have been filed under subsection (a) no return shall be required under this subsection. Penalties. SEC. 340. PENALTIES. coillul itfure to Any person required under section 338 or 339 to file a return, or sections. to supply any information, who willfully fails to file such return, or supply such information, at the time or times required by law or Ante, p. 513. 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. comalninvestment Supplement Q-Mutual Investment Companies SEC. 361. DEFINITION. Ten nn c defed. (a) IN GENERAL. -For the purposes of this title the term "mutual investment company" means any domestic corporation (whether chartered or created as an investment trust, or otherwise), other than Post, p a7. a personal holding company as defined in Title IA, if- (1) It is organized for the purpose of, and substantially all its business consists of, holding, investing, or reinvesting in stock or securities; and (2) At least 95 per centum of its gross income is derived from dividends, interest, and gains from sales or other disposition of stock or securities; and (3) Less than 30 per centum of its gross income is derived from the sale or other disposition of stock or securities held for less than six months; and (4) An amount not less than 90 per centum of its net income is distributed to its shareholders as taxable dividends during the taxable year; and (5) Its shareholders are, upon reasonable notice, entitled to redemption of their stock for their proportionate interests in the corporation's properties, or the cash equivalent thereof less a discount not in excess of 3 per centum thereof. 552 [52 STAT.

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