PUBLIC LAWS-CH. 289-MAY 28, 1938 Contemplated dis- solution or liquida- tion. Distributions in liq- uidation. Compensation of officers and employ- ees. Compilation of re- turns to be made. to him a correct statement of accumulated earnings and profits and the names and addresses of the individuals or shareholders who would be entitled to the same if divided or distributed, and of the amounts that would be payable to each. (d) CONTEMPLATED DISSOLUTION OR LIQUIDATION.- Every corpora- tion shall, within thirty days after the adoption by the corporation of a resolution or plan for the dissolution of the corporation or for the liquidation of the whole or any part of its capital stock, render a correct return to the Commissioner, verified under oath, setting forth the terms of such resolution or plan and such other information as the Commissioner shall, with the approval of the Secretary, by regulations prescribe. (e) DISTRIBUTIONs IN LIQmDATION. -Every corporation shall, when required by the Commissioner, render a correct return, duly verified under oath, of its distributions in liquidation, stating the name and address of each shareholder, the number and class of shares owned by him, and the amount paid to him or, if the distribution is in prop- erty other than money, the fair market value (as of the date the dis- tribution is made) of the property distributed to him. (f) COMPENSATION OF OFFICERS AND EMPLOYEES.- Under regula- tions prescribed by the Commissioner with the approval of the Secre- tary, every corporation subject to taxation under this title shall, in its return, submit a list of the names of all officers and employees of such corporation and the respective amounts paid to them during the tax- able year of the corporation by the corporation as salary, commission, bonus, or other compensation for personal services rendered, if the aggregate amount so paid to the individual is in excess of $75,000. The Secretary of the Treasury shall compile from the returns made a list containing the names of, and the amounts paid to, each such officer and employee and the name of the paying corporation, and shall make such list available to the public. Returns of brokers. SEC. 149. RETURNS OF BROKERS. Sworn returns of all business transactions. Collection of foreign items. License for collect- ing foreign payments of interest, etc. Penalty for viola- tion. Foreign personal holding companies. Information re- turns, etc. Post, pp. 551-552 . Every person doing business as a broker shall, when required by the Commissioner, render a correct return duly verified under oath, under such rules and regulations as the Commissioner, with the approval of the Secretary, may prescribe, showing the names of customers for whom such person has transacted any business, with such details as to the profits, losses, or other information which the Commissioner may require, as to each of such customers, as will enable the Commissioner to determine whether all income tax due on profits or gains of such customers has been paid. SEC. 150. COLLECTION OF FOREIGN ITEMS. All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks, or bills of exchange shall obtain a license from the Commissioner and shall be subject to such regulations enabling the Government to obtain the information required under this title as the Commissioner, with the approval of the Secretary, shall prescribe; and whoever knowingly undertakes to collect such payments without having obtained a license therefore or without complying with such regulations, shall be guilty of a misdemeanor and shall be fined not more than $5,000 or imprisoned for not more than one year, or both. SEC. 151. FOREIGN PERSONAL HOLDING COMPANIES. For information returns by officers, directors, and large share- holders, with respect to foreign personal holding companies, see sec- tions 338, 339, and 340. 516 [52 STAT.
�
