of returns filed or prepared pursuant to this subsection shall remain on file for a period of not less than two years from the date they are required to be filed, and may be destroyed at any time thereafter under the direction of the Commissioner. (e) FOREIGN PERSONAL HOLDING COMPANIES. - For information returns by officers, directors, and large shareholders, with respect to foreign personal holding companies, see sections 338, 339, and 340. For information returns by attorneys, accountants, and so forth, as to formation, and so forth, of foreign corporations, see section 3604. SEC. 55 . PUBLICITY OF RETURNS. (a) PUBLIC RECORD AND INSPECTION.- (1) Returns made under this chapter upon which the tax has been determined by the Commissioner shall constitute public records; but, except as hereinafter provided in this section, they shall be open to inspection only upon order of the President and under rules and regulations prescribed by the Secretary and ap- proved by the President. (2) And all returns made under this chapter, subchapters A, B, and D of chapter 2, subchapter B of chapter 3, chapters 4, 7, 12, and 21, subchapter A of chapter 29, and subchapters A and B of chapter 30, shall constitute public records and shall be open to public exam- ination and inspection to such extent as shall be authorized in rules and regulations promulgated by the President. (3) Whenever a return is open to the inspection of any person a certified copy thereof shall, upon request, be furnished to such person under rules and regulations prescribed by the Commissioner with the approval of the Secretary. The Commissioner may pre- scribe a reasonable fee for furnishing such copy. (b) INSPECTION BY STATES.- (1) STATE OFFICERs.- The proper officers of any State may, upon the request of the governor thereof, have access to the returns of any corporation, or to an abstract thereof showing the name and income of the corporation, at such times and in such manner as the Secretary may prescribe. (2) STATE BODIES OR COMMISSIONS. - All income returns filed un- der this chapter (or copies thereof, if so prescribed by regulations made under this subsection), shall be open to inspection by any official, body, or commission, lawfully charged with the adminis- tration of any State tax law, if the inspection is for the purpose of such administration or for the purpose of obtaining information to be furnished to local taxing authorities as provided in this paragraph. The inspection shall be permitted only upon written request of the governor of such State, designating the representa- tive of such official, body, or commission to make the inspection on behalf of such official, body, or commission. The inspection shall be made in such manner, and at such times and places, as shall be prescribed by regulations made by the Commissioner with the approval the he Secretary. Any information thus secured by any offcial, body, or commission of any State may be used only for the administration of the tax laws of such State, except that upon written request of the Governor of such State any such information may be furnished to any official, body, or commission of any political subdivision of such State, lawfully charged with the administration of the tax laws of such political subdivision, but may be furnished only for the purpose of, and may be used only for, the administration of such tax laws. (c) INSPECTION BY SHAREHOLDERS. - Al l bona fide shareholders of record owning 1 per centum or more of the outstanding stock of any corporation shall, upon making request of the Commissioner, be al- lowed to examine the annual income returns of such corporation and of its subsidiaries. INCOME TAX 29
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