98 CODIFICATION OF INTERNAL REVENUE LAWS (1) In complete detail the gross income, deductions and credits, net income, Supplement P net income, and undistributed Supple- ment P net income of such foreign personal holding company for such taxable year; and (2) The same information with respect to such taxable year as is required in subsection (a); except that if all the required returns with respect to such year have been filed under subsection (a) no information under this paragraph need be set forth in the return filed under this subsection. 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 preceding the taxable year (whether beginning on, before, or after January 1, 1939) in which such month occurs was a foreign per- sonal 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 stockholdings during such period, the name and address of any holder of securities convertible into stock of such corporation, and such other information with re- spect to the stock and securities of the corporation as the Commis- sioner with the approval of the Secretary shall by regulations pre- scribe as necessary for carrying out the provisions of this title. The Commissioner, with the approval of the Secretary, may by regu- lations 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 persons who on such day are United States shareholders. (b) ANNUAL RETURNS.- On the sixtieth day after the close of the taxable year of a foreign personal holding company each United States shareholder by or for whom on such sixtieth day 50 per centum or more in value of the outstanding stock of such company is owned directly or indirectly (including in the case of an individual, stock owned by members of his family as defined in section 333 (a) (2)), shall file with the Commissioner a return setting forth the same information with respect to such taxable year as is required in sub- section (a); except that if all the required returns with respect to such year have been filed under subsection (a) no return shall be required under this subsection. SEC. 340. PENALTIES. Any person required under section 338 or 339 to file a return, or to supply any information, who willfully fails to file such return, or supply such information, at the time or times required by law or regulations, shall, in lieu of the penalties provided in section 145 (a) for such offense, be guilty of a misdemeanor and, upon conviction thereof, be fined not more than $2,000, or imprisoned for not more than one year, or both. Supplement Q-Mutual Investment Companies SEC. 361. DEFINITION. (a) IN GENERIL.- For the purposes of this chapter the term "mu- tual investment company" means any domestic corporation (whether chartered or created as an investment trust, or otherwise), other than a personal holding company as defined in section 501, if- (1) It is organized for the purpose of, and substanti ally all its business consists of, holding, investing, or reinvesting in stock or securities; and
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