Page:United States Statutes at Large Volume 50 Part 1.djvu/848

This page needs to be proofread.

75TH CONGRESS, 1sT SESSION-CH . 815-AUGUST 26, 1937 in his gross income in his return , incre ased or decrea sed by any adjustment of such amount in the last determination of the share- holder's tax liability, made before the expiration of seven years after the date prescribed by law for filing the return . "(g) BASIS OF STOCK IN CASE OF DEATH.-For basis of stock or securities in a foreign personal holding company acquired from a decedent, see section 113 (a) (5) . "(h) LIQUIDATION .-For amount of gain taken into account on liquidation of foreign personal holding company, see section 115 (c) . "( i) PERIOD OF LIMITATION ON ASSESSMENT AND COLLECTION .-For period of limitation on assessment and collection without assessment, in case of failure to include in gross income the amount properly in cludible t herein und er subsect ion (b), see section 275 (d) . "SEC. 338 . INFORMATION RETURNS BY O FFI CERS AND DIRECTORS . "(a) MONTHLY RETURNS.-On the fifteenth day of each month each individual who on such day is an officer or a director of a foreign corporation which, with respect to its taxable year (if not beginning more than twelve months before the date of the enactment of the Revenue Act of 1937) preceding the taxable year in which such month occurs, was a foreign personal holding company, shall file with the Commissioner a return setting forth with respect to the preceding calendar month the name and address of each shareholder, the class and number of shares held by each, together with any changes in stoc kholdings during suc h period, the name a nd address of any ho lder of sec urities convertible into stock of such corporation, and su ch other information with respect to the stock and securities of the corporation as the Commissioner with the approval of the Secretary shall by regulations prescribe as necessary for carrying out the provisions of this Act . The Commissioner, with the approval 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 succeeding period, and shall be filed by the individuals who on such day are officers and directors of the corporation . "(b) ANNUAL RETURNS .-On the sixtieth day after the close of the taxable year of a foreign personal holding company each individual who on such sixtieth day is an officer or director of the corporation shal l file wit h the Comm issioner a return se tting fort h- "(1) In complete detail the gross income, deductions and credits, net income, Supplement P net income, and undistributed Supplement P net income of such foreign personal holding coin- pany for such taxable year ; and "(2) The same information with respect to such preceding taxable year as is required in subsection (a) ; except that if all the required reports with respect to such year have been filed under subsection (a) no information under this paragraph need be set forth in the annual report . "SEC. 339. INFORMATION RETURNS BY SHAREHOLDERS . "(a) - MONTHLY RETURNS .-On the fifteenth day of each month each United States shareholder, by or for whom 50 per centum or more in value of the outstanding stock of a foreign corporation is owned directly or indirectly (including in the case of an individual, stock owned by the members of his family as defined in section 333 (a) (2)), if such foreign corporation with respect to its taxable year (if not beginning more than tw elve mo nths be fore th e date of the enactment of the Revenue Act of 1937) preceding the taxable year in which such month occurs was a foreign personal holding company, shall file with the Commissioner a return setting forth with 823 Basis, in case of death . Liquidat ion . 49 Stat. 1682 . Period of limitati on on assess ment and col- lection . 49 Stat. 1726 . Information returns by officers and direc- tors . Monthly returns . Annual returns. Information returns by shareholders . Monthly returns . Ante, p.819.