PUBLIC LAWS-CH. 289 -MAY 28 , 1938 Foreign personal holding companies. Post, pp . 551-662 . Publicity ofreturns. Provisions govern- ing. 44 Stat. 10 . Inspection by offi- cials, etc., in adminis- tration of State tax laws. Request by Gover- nor. Manner, time, and place of inspection. Use of information secured. Unlawful diclosure. Penalty. excess of that shown by the taxpayer upon a return in the case of a mathematical error appearing on the face of the return. Copies of returns filed or prepared pursuant to this subsection shall remain on file for a period of not less than two years from the date they are required to be filed, and may be destroyed at any time thereafter under the direction of the Commissioner. (e) FOREIGN PERSONAL HOLDING COMPANIES.- For information re- turns by officers, directors, and large shareholders, with respect to foreign personal holding companies, see sections 338, 339, and 340. SEC. 55 . PUBLICITY OF RETURNS. (a) Returns made under this title shall be open to inspection in the same manner, to the same extent, and subject to the same provi- sions of law, including penalties, as returns made under Title II of the Revenue Act of 1926; and all returns made under this Act shall constitute public records and shall be open to public examination and inspection to such extent as shall be authorized in rules and regula- tions promulgated by the President. (b) (1) All income returns filed under this title (or copies thereof, if so prescribed by regulations made under this subsection), shall be open to inspection by any official, body, or commission, lawfully charged with the administration of any State tax law, if the inspec- tion is for the purpose of such administration or for the purpose of obtaining information to be furnished to local taxing authorities as provided in paragraph (2). The inspection shall be permitted only upon written request of the Governor of such State, designating the representative of such official, body, or commission to make the inspection on behalf of such official, body, or commission. The inspection shall be made in such manner, and at such times and places, as shall be prescribed by regulations made by the Commissioner with the approval of the Secretary. (2) Any information thus secured by any official, body, or com- mission of any State may be used only for the administration of the tax laws of such State, except that upon written request of the Gov- ernor of such State any such information may be furnished to any official, body, or commission of any political subdivision of such State, lawfully charged with the administration of the tax laws of such political subdivision, but may be furnished only for the purpose of, and may be used only for, the administration of such tax laws. Any officer, employee, or agent of any State or political subdivision, who divulges (except as authorized in this subsection, or when called upon to testify in any judicial or administrative proceeding to which the State or political subdivision, or such State or local official, body, or commission, as such, is a party) any information acquired by him through an inspection permitted him or another under this sub- section shall be guilty of a misdemeanor and shall upon conviction be punished by a fine of not more than $1,000, or by imprisonment for not more than one year, or both. Payment of tax. SEC. 56. PAYMENT OF TAX. Time of payment. (a) TInE OF PAYMrNT. - The total amount of tax imposed by this title shall be paid on the fifteenth day of March following the close of the calendar year, or, if the return should be made on the basis of a fiscal year, then on the fifteenth day of the third month following the close of the fiscal year. Instalment pay- (b) INsTALMENTr PAYMENTS.- The taxpayer may elect to pay the tax n four equal installments, in which case the first installment shall be paid on the date prescribed for the payment of the tax by the taxpayer, the second installment shall be paid on the fifteenth day of the third month, the third installment on the fifteenth day 478 [52 STAT.
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