96 STAT. 632 26 USC 6038A.
PUBLIC LAW 97-248—SEPT. 3, 1982 "SEC. 6038A. INFORMATION WITH RESPECT TO CERTAIN FOREIGN-OWNED CORPORATIONS.
"(a) REQUIREMENT.—If, at any time during a taxable year, a corporation (hereinafter in this section referred to as the 'reporting corporation')— "(1) is a domestic corporation or is a foreign corporation engaged in trade or business within the United States, and "(2) is controlled by a foreign person, such corporation shall furnish, at such time and in such manner as the Secretary shall by regulations prescribe, the information described in subsection (b). "(b) REQUIRED INFORMATION.—For purposes of subsection (a), the information described in this subsection is such information as the Secretary may prescribe by regulations relating to— "(1) the name, principal place of business, nature of business, and country or countries in which organized or resident, of each corporation which— "(A) is a member of the same controlled group as the reporting corporation, and "(B) had any transaction with the reporting corporation during its taxable year, "(2) the manner in which the reporting corporation is related to each corporation referred to in paragraph (1), and "(3) transactions between the reporting corporation and each foreign corporation which is a member of the same controlled group as the reporting corporation. "(c) DEFINITIONS.—For purposes of this section— "(1) CONTROL.—The term 'control' has the meaning given to such term by section 6038(d)(1); except that 'at least 50 percent' shall be substituted for 'more than 50 percent' each place it appears in such section. "(2) CONTROLLED GROUP.—The term 'controlled group' means any controlled group of corporations within the meaning of section 1563(a); except that— "(A) 'at least 50 percent' shall be substituted— "(i) for 'at least 80 percent' each place it appears in section 1563(a)(1), and "(ii) for 'more than 50 percent' each place it appears in section 1563(a)(2)(B), and "(B) the determination shall be made without regard to subsections (a)(4) and (e)(3)(C) of section 1563. "(3) FOREIGN PERSON.—The term 'foreign person' means any person who is not a United States person. For purposes of the preceding sentence, the term 'United States person' has the meaning given to such term by section 7701(a)(30); except that any individual who is a citizen of any possession of the United States (but not otherwise a citizen of the United States) and who is not a resident of the United States shall not be treated as a United States person. "(d) PENALTY FOR FAILURE TO FURNISH INFORMATION.—
"(1) IN GENERAL.—If a reporting corporation fails to furnish (within the time prescribed by regulations) any information described in subsection (b), such corporation shall pay a penalty of $1,000 for each taxable year with respect to which such failure occurs.
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