52 STAT.] 75TH CONG. , 3D SESS.-CH. 289-MAY 28, 1938 nominee for the same purpose for which they would be held if retained by such custodian; or from such nominee to such custodian. No exemption shall be granted under this paragraph unless the deliveries or transfers are accompanied by a certificate setting forth such facts as the Commissioner, with the approval of the Secretary, may by regulation prescribe as necessary for the evidencing of the right to such exemption. No delivery or transfer to a nominee shall be exempt under this paragraph unless such nominee, in accordance with regulations prescribed by the Commissioner, with the approval of the Secretary, is registered with the Commissioner. "Any person who, with intent to evade the tax provided in this subdivision, falsely makes a certificate accompanying any delivery or transfer shall be deemed guilty of a misdemeanor, and upon con- viction thereof shall be fined not more than $1,000, or imprisoned not more than six months, or both." (c) The amendments made by this section shall be effective with respect to transfers or deliveries made after June 30, 1938. SEC. 712. TAX ON ADMISSIONS TO THEATERS. (a) Section 500 (a) (1) of the Revenue Act of 1926, as amended, is amended by inserting before the period at the end of the second sentence the following: ", and except that in the case of tickets or cards of admission to any such spoken play sold at the ticket office of theaters at reduced rates the tax shall be based upon the price for which sold". (b) The amendment made by subsection (a) shall apply with respect to sales made after June 30, 1938. SEC. 713. EXEMPTION OF CERTAIN COOPERATIVE OR NONPROFIT CORPORATIONS OR ASSOCIATIONS FROM ELECTRICAL ENERGY TAX. (a) Section 616 (c) of the Revenue Act of 1932, as amended, is further amended by inserting after the word "plants" in the second sentence thereof a comma and the following words: "or to electric and power plants or systems owned and operated by cooperative or nonprofit corporations engaged in rural electrification". (b) The amendment made by subsection (a) shall apply only to electric energy sold on or after July 1, 1938. TITLE V-MISCELLANEOUS PROVISIONS SEC. 801. CLOSING AGREEMENTS AS TO FUTURE TAX LIABILITY. Section 606 (a) of the Revenue Act of 1928 is amended by striking out the words "ending prior to the date of the agreement". SEC. 802. APPROVAL OF CLOSING AGREEMENTS. Section 606 (b) of the Revenue Act of 1928 is amended by striking out "is approved by the Secretary, or the Under Secretary", and inserting in lieu thereof the following: "is approved by the Secretary, the Under Secretary, or an Assistant Secretary". SEC. 803. RETURNS AS TO FORMATION, ETC, OF FOREIGN CORPORA- TIONS. (a) REQUIREMENT. -Under regulations prescribed by the Com- missioner with the approval of the Secretary, any attorney, account- ant, fiduciary, bank, trust company, financial institution, or other person, who, after the date of the enactment of this Act, aids, assists, counsels, or advises in, or with respect to, the formation, organiza- 573 Condition. Penalty provision. Effective date. Tax on admissions to theaters. 44 Stat. 91. 26U.S. c. §940(a) (1). Tax based on price for which ticket is sold. Effective date. Exemption of cer- tain cooperative or nonprofit corpora- tions, etc., from elec- trical energy tax. 47 Stat. 266. Effective date. Title V-Miscella- neous Provisions. Future tax liability. Authority to exe- cute closing agreement as to. 45 Stat. 874. Approval of closing agreements. 45 Stat. 874. Returns as to forma- tion, etc., of foreign corporations. Requirement.
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