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VOLUME 2

1934

y
W anted

NUMBER 218

Washington, Wednesday, November 10, 1937
P ar. C. Section 62 of the Revenue Act of 1936 provides:

TREASURY DEPARTMENT.

S ec. 62. Rules and R egulations.
The Commissioner, w ith th e approval of th e Secretary, shall prescribe and publish all needful rules and regulations for th e enforcem ent of th is title.

Bureau of Internal Revenue.
IT . D. N o. 4773

I ncome T ax REGULATIONS UNDER TITLE H, REVENUE ACT OF 1937, RELATING TO
RETURNS OF INFORMATION WITH RESPECT TO FOREIGN
CORPORATIONS

To Collectors of Internal Revenue and Others Concerned:
P aragraph A. Title n of the Revenue Act of 1937, approved August 26, 1937 Public No. 377, Seventy-fifth Congress, Chapter 815, first session provides in part:
T itle n F oreign P ersonal H olding C om panies Sec. 201. In clusion in Incom e o f U n ited S tates Shareholders of Incom e o f Foreign Personal H olding C om panies.
The Revenue Act of 1936 is amended by adding after Supplem ent O of Title I a new Supplem ent to read as follows:
"Supplement PForeign Personal Holding Companies.

"S ec . 340. R etu rn s as to Form ation, etc., of Foreign Corpora tio n s.
a R equ irem en t.Under regulations prescribed by th e Com missioner w ith th e approval of th e Secretary, any attorney, ac countant, fiduciary, bank, tru st company, financial institution , or other person 1 Who, on or after th e date of th e enactm ent of th e Revenue Act of 1937, aids, assists, counsels, or advises in, or w ith respect to, the formation, organization, or reorganization of any foreign corporation, shall, w ith in 30 days thereafter, file w ith th e Commissioner a return; or 2 Who, since December 31, 1933, and prior to 90 days after th e date o f th e enactm ent of the Revenue Act of 1937, has aided, assisted, counseled, or advised in th e formation, or ganization, or reorganization of any foreign corporation shall, w ithin 90 days after th e date of the enactm ent of su ch Act, file w ith th e Commissioner a return.
b Form and C on ten ts of R e tu rn .Such return shall be in such form, and shall set forth, under oath, in respect of each such corporation, to the fu ll exten t of th e inform ation w ithin the possession or knowledge or under th e control of th e person required to file th e return, su ch inform ation as the Commissioner w ith th e approval of th e Secretary prescribes by regulations as necessary for carrying ou t the provisions of th is Act. Nothing In th is section shall be construed to require th e divulging of privileged com m unications between attorney and client.
S ec . 341. P en alties.
Any person required under section 338, 339, or 340 to file a return, or to supply any inform ation, who w illfu lly fails to file such return, or supply su ch inform ation, at the tim e or tim es required by law or regulations, shall, in lieu of the penalties pro vided in section 145 a for su ch offense, be guilty of a m is demeanor and, upon conviction thereof, be fined n o t more than $2,000, or imprisoned for not more th an one year, or both. _

P ar. B. Section 1001 of the Revenue Act of 1936 provides in part:
S ec . 1001. Definitions.
a When used in th is Act 1 The term "person m eans an individual, a tru st or estate, a partnership, or a corporation.

Pursuant to the above-quoted provisions and other provi sions of the internal revenue laws, the following regulations are hereby prescribed with respect to returns of information to be filed by attorneys, accountants, fiduciaries, banks, trust companies, financial institutions, or other persons as to the formation, organization, or reorganization of foreign corpora tions:
Article 1. Information returns a Return under section 340 a 1.Any attorney, accountant, fiduciary, bank, trust company, financial institution, or other person, who, on or after August 26, 1937, aids, assists, counsels, or advises in, or with respect to, the formation, organization, or reorganiza tion of any foreign corporation shall file w ith the Commis sioner, within 30 days after giving such aid, assistance, coun sel, or advice, an inform ation return as provided in section 340 a 1 and these regulations. The return must be filed in every such case 1 regardless of the nature of the counsel or advice given, whether for or against the form ation, or ganization, or reorganization of the foreign corporation, or the nature of the aid or assistance rendered and 2 re gardless of the action taken upon the advice or counsel, that is, whether the foreign corporation is actually formed, or ganized, or reorganized.
If, in a particular case, the aid, assistance, counsel or ad vice given by any person extends over a period of more than one day and not for more than 30 days, such person, to avoid the m ultiple filing of returns, may file a single return for the entire period. In such case, the return shall be filed within 30 days from the first day of such period. If, in a particular case, the aid, assistance, counsel or advice given by any per son extends over a period of more than 30 days, such per son may file a return at the end of each 30 days included within such period and at the end of the fractional part of a 30-day period, if any, extending beyond the last full 30 days.
In each such case, the return must disclose all the required inform ation which was not reported on a prior return.
b Return under section 340 a 2.Any attorney, accountant, fiduciary, bank, trust company, financial in stitution, or other person, who, since December 31, 1933, and prior to November 24, 1937, the ninetieth day after the enactment of the Revenue Act of 1937, has aided, assisted, counseled, or advised in the form ation, organiza tion, or reorganization of any foreign corporation, shall file with the Commissioner, on or before November 24, 1937, an inform ation return as provided in section 340 a 2
and these regulations. The return must be filed in every such case regardless of the nature of the counsel or advice given, whether for or against the form ation, organization, or reorganization of the foreign corporation, or of the nature of the aid or assistance rendered, if such formation, 2827