Page:United States Statutes at Large Volume 68A.djvu/786

 746

INTERNAL REVENUE CODE OF 1954

SEC. 6042. RETURNS REGARDING CORPORATE INGS, AND PROFITS.

DIVIDENDS,

EARN-'

Every corporation shall, when required by the Secretary or his delegate— (1) Make a return of its payments of dividends, stating the name and address of, the number of shares owned by, and the amount of dividends paid to, each shareholder; (2) Furnish to the Secretary or his delegate a statement of such facts as will enable him to determine the portion of the earnings or profits of the corporation (including gains, profits, and income not taxed) accumulated during such periods as the Secretary or his delegate may specify, which have been distributed or ordered to be distributed, respectively, to its shareholders during such taxable years as the Secretary or his delegate may specify; and (3) Furnish to the Secretary or his delegate a statement of its accumulated earnings and profits and the names and addresses of the individuals or shareholders who would be entitled to such accumulated earnings and profits if divided or distributed, and of the amounts that would be payable to each. SEC. 6043. RETURN REGARDING LIQUIDATION.

CORPORATE

DISSOLUTION

OR

Every corporation shall— -^ • (1) Within 30 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, make a return setting forth the terms of such resolution or plan and such other information as the Secretary or his delegate shall by forms or regulations prescribe; and (2) When required by the Secretary or his delegate, make a return regarding its distributions in liquidation, stating the name and address of, the number and class of shares owned by, and the amount paid to, each shareholder, or, if the distribution is in property other than money, the fair market value (as of the date the distribution is made) of the property distributed to each shareholder. SEC. 6044. RETURNS REGARDING PATRONAGE DIVIDENDS. (a) PAYMENTS OF $100 OR M O R E. — Any corporation allocating

amounts as patroaage dividends, rebates, or refunds (whether in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the amount of such dividend, refund, or rebate) shall make a return showing— (1) The name and address of each patron to whom it has made such allocations amounting to $100 or more during the calendar year; and (2) The amount of such allocations to each patron. (b) PAYMENTS

KEGARDLESS

OP AMOUNT.—If

required

by

the

Secretary or his delegate, any such corporation shall make a return of all patronage dividends, rebates, or refunds made during the calendar year to its patrons. (c) EXCEPTIONS.—This section shall not apply in the case of any corporation (including any cooperative or nonprofit corporation engaged in rural electrification) described in section 501(c) (12) or (15) §6042

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