Page:United States Statutes at Large Volume 53 Part 1.djvu/77

 INCOME TAX 65 SEC. 148. INFORMATION BY CORPORATIONS. (a) DIVIDEND PAYMENTS.- Every corporation shall, when required by the Commissioner, render a correct return, duly verified under oath, of its payments of dividends, stating the name and address of each shareholder, the number of shares owned by him, and the amount of dividends paid to him. (b) PROFITS DECLARED AS DIVIDENDS. - Every corporation shall when required by the Commissioner, furnish him a statement of 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) ACCUMULATED EARNINGS AND PROFITS. -When requested by the Commissioner, or any collector, every corporation shall forward to 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) CONTEMPLATED DISSOLUTION OR LIQUIDATION. -Every corpora- tion shall, within thirty days after the adoption by the corporation of a resolution or plan for the dissolution of the corporation or for the liquidation of the whole or any part of its capital stock, render a correct return to the Commissioner, verified under oath, setting forth the terms of such resolution or plan and such other information as the Commissioner shall, with the approval of the Secretary, by regu- lations prescribe. (e) DISTRIBUTIONS IN LIQUDATION. -Every corporation shall, when required by the Commissioner, render a correct return, duly verified under oath, of its distributions in liquidation, stating the name and address of each shareholder, the number and class of shares owned by him, and the amount paid to him or, if the distribution is in prop- erty other than money, the fair market value (as of the date the dis- tribution is made) of the property distributed to him. (f) COMPENSATION OF OFFICERS AND EMPLOYEES. -Under regula- tions prescribed by the Commissioner with the approval of the Sec- retary, every corporation subject to taxation under this chapter shall, in its return, submit a list of the names of all officers and employees of such corporation and the respective amounts paid to them during the taxable year of the corporation by the corporation as salary, commission, bonus, or other compensation for personal serv- ices rendered, if the aggregate amount so paid to the individual is in excess of $75,000. The Secretary shall compile from the returns made a list containing the names of, and the amounts paid to, each such officer and employee and the name of the paying corporation, and shall make such list available to the public. 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 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. All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of

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