Page:United States Statutes at Large Volume 76.djvu/1107

 76 STAT.]

PUBLIC LAW 87-834-OCT. 16, 1962

1059

SEC. 20. INFORMATION WITH RESPECT TO CERTAIN FOREIGN ENTITIES. (a) iNroRMATioN To B E FURNISHED BY INDIVIDUALS, DOMESTIC CORPORATIONS, ETC., W I T H RESPECT TO CERTAIN FOREIGN CORPORA-

TIONS.—Section 6038 is amended to read as follows: "SEC. 6038. INFORMATION WITH RESPECT TO CERTAIN FOREIGN CORPORATIONS. "(a)

26 USC 6038.

REQUIREMENT,—

"(1) IN GENERAL.—Every United States person shall furnish, with respect to any foreign corporation which such person controls (within the meaning of suDsection (d)(1)), such information as the Secretary or his delegate may prescribe by regulations relating to— " (A) the name, the principal place of business, and the nature of business of such foreign corporation, and the country under whose laws incorporated; " (B) the accumulated profits (as defined in section 902(c)) of such foreign corporation, including the items of income (whether or not included in gross income under chapter 1), deductions (whether or not allowed in computing taxable incotoe under chapter 1), and any other items taken into account in computing such accumulated profits; " (C) a balance sheet for such foreign corporation listing assets, liabilities, and capital; " (D) transactions between such foreign corporation and— " (i) such person, "(ii) any other corporation which such person controlsj and "(lii) any United States person owning, at the time the transaction takes place, 10 percent or more of the value of any class of stock outstanding of such foreign corporation; and " (E) a description of the various classes of stock outstanding, and a list showing the name and address of, and number of shares held by, each United States person who is a shareholder of record owning at any time during the annual accounting period 5 percent or more in value of any class of stock outstanding of such foreign corporation. The Secretary or his delegate may also require the furnishing of any other information which is similar or related in nature to that specified in the preceding sentence. " (2)

PERIOD FOR WHICH INFORMATION IS TO BE FURNISHED, ETC.—

The information required under paragraph (1) shall be furnished for the annual accounting period of the foreign corporation ending with or within the United States person's taxable year. The information so required shall be furnished at such time and in such manner as the Secretary or his delegate shall by regulations prescribe. "(3) LIMITATION.—No information shall be required to be furnished under this subsection with respect to any foreign corporation for any annual accounting period unless such information was required to be furnished under regulations in effect on the first day of such annual accounting period. "(b)

74 Stat. 1014.

EFFECT OF FAILURE TO F U R N I S H INFORMATION.—

"(1) IN GENERAL.—If a United States person fails to furnish, within the time prescribed under paragraph (2) of subsection (a), any information with respect to any foreign corporation required under paragraph (1) of subsection (a), then—

Ante, p.:iooo.

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