Page:United States Statutes at Large Volume 96 Part 1.djvu/676

 96 STAT. 634

PUBLIC LAW 97-248—SEPT. 3, 1982 For purposes of paragraph s (1), (3), and (4), the term ' s h a r e ' includes any security convertible into a s h a r e in the corporation and any option g r a n t e d by the corporation with respect to any s h a r e in the corporation. "(c) INCOME INFORMATION. — The income information r e q u i r e d by

this subsection for any taxable year shall be the gross income, deductions, credits, taxable income, and undistributed foreign personal holding company income of the corporation for the taxable year. "(d) T I M E

AND M A N N E R

FOR F U R N I S H I N G

INFORMATION.—The

information required under subsection (a) shall be furnished a t such time and in such m a n n e r as the Secretary shall by forms and regulations prescribe. "(e) DEFINITION AND SPECIAL RULES. — "(1) 10-PERCENT SHAREHOLDER.—For purposes of t h i s section,

the term '10-percent shareholder' means any individual who owns directly or indirectly (within the m e a n i n g of section 554) 10 percent or more in value of the outstanding stock of a foreign corporation. "(2) T I M E FOR MAKING DETERMINATIONS.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), the determination of w h e the r any person is a n officer, director, or 10-percent shareholder with respect to any foreign corporation shall be made as of the date on which the r e t u r n is required to be filed. "(B) SPECIAL RULE.—If after the application of s u b p a r a -

g r a p h (A) no person is required to file a r e t u r n under subsection (a) with respect to any foreign corporation for any taxable year, the determination of w h e the r any person is a n officer, director, or 10-percent shareholder with respect to such foreign corporation shall be made on the last day of such taxable year on which the r e was such a person who was a United States citizen or resident. "(3) 2 OR MORE P E R S O N S REQUIRED TO FURNISH INFORMATION WITH RESPECT TO SAME FOREIGN CORPORATION.—If, b u t for t h i s

paragraph, 2 or more persons would be required to furnish information under subsection (a) with respect to the same ibreign corporation for the same taxable year, the Secretary may by regulations provide that such information shall be required only from 1 person." (b) APPLICATION OF P E N A L T Y. —

26 USC 6679.

(1) Subsection (a) of section 6679 is amended by striking out "section 6046" and inserting in lieu thereof "section 6035 or 6046". (2) The section heading for section 6679 is amended to read as follows: "SEC. 6679. FAILURE TO FILE RETURNS OR SUPPLY INFORMATION UNDER SECTION 6035 OR 6046."

(3) The item relating to section 6679 in the table of sections for subchapter B of chapter 68 is amended to read as follows: "Sec. 6679. Failure to file returns or supply information under section (JO;}") or 6046."

26 USC 6035 ^°^^-

(c) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years of foreign corporations beginning after the date of the e n a c t m e n t of this Act.

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