§6035. Returns of officers, directors, and shareholders of foreign personal holding companies

(a) General rule

Each United States citizen or resident who is an officer, director, or 10-percent shareholder of a corporation which was a foreign personal holding company (as defined in section 552) for any taxable year shall file a return with respect to such taxable year setting forth-

(1) the shareholder information required by subsection (b),

(2) the income information required by subsection (c), and

(3) such other information with respect to such corporation as the Secretary shall by forms or regulations prescribe as necessary for carrying out the purposes of this title.

(b) Shareholder information

The shareholder information required by this subsection with respect to any taxable year shall be-

(1) the name and address of each person who at any time during such taxable year held any share in the corporation,

(2) a description of each class of shares and the total number of shares of such class outstanding at the close of the taxable year,

(3) the number of shares of each class held by each person, and

(4) any changes in the holdings of shares during the taxable year.

For purposes of paragraphs (1), (3), and (4), the term "share" includes any security convertible into a share in the corporation and any option granted by the corporation with respect to any share in the corporation.

(c) Income information

The income information required by this subsection for any taxable year shall be the gross income, deductions, credits, taxable income, and undistributed foreign personal holding company income of the corporation for the taxable year.

(d) Time and manner for furnishing information

The information required under subsection (a) shall be furnished at such time and in such manner as the Secretary shall by forms and regulations prescribe.

(e) Definition and special rules

(1) 10-percent shareholder

For purposes of this section, the term "10-percent shareholder" means any individual who owns directly or indirectly (within the meaning of section 554) 10 percent or more in value of the outstanding stock of a foreign corporation.

(2) Time for making determinations

(A) In general

Except as provided in subparagraph (B), the determination of whether any person is an officer, director, or 10-percent shareholder with respect to any foreign corporation shall be made as of the date on which the return is required to be filed.

(B) Special rule

If after the application of subparagraph (A) no person is required to file a return under subsection (a) with respect to any foreign corporation for any taxable year, the determination of whether any person is an officer, director, or 10-percent shareholder with respect to such foreign corporation shall be made on the last day of such taxable year on which there was such a person who was a United States citizen or resident.

(3) 2 or more persons required to furnish information with respect to same foreign corporation

If, but for this paragraph, 2 or more persons would be required to furnish information under subsection (a) with respect to the same foreign corporation for the same taxable year, the Secretary may by regulations provide that such information shall be required only from 1 person.

(Aug. 16, 1954, ch. 736, 68A Stat. 743 ; Oct. 4, 1976, Pub. L. 94–455, title XIX, §1906(b)(13)(A), 90 Stat. 1834 ; Sept. 3, 1982, Pub. L. 97–248, title III, §340(a), 96 Stat. 633 .)

Amendments

1982-Subsec. (a). Pub. L. 97–248 substituted provisions requiring that each United States citizen or resident who is an officer, director, or 10-percent shareholder of a foreign personal holding company file an annual return on such company for provisions which required that, on the 15th day of each month each officer or director of a foreign corporation which, with respect to its taxable year preceding the taxable year in which such month occurred, was a foreign personal holding company make a return setting forth with respect to the preceding calendar month the name and address of each shareholder, etc., and such other information with respect to the stock and securities of the corporation as the Secretary prescribed as necessary for carrying out the provisions of this title, and that, on the 60th day after the close of the taxable year of a foreign personal holding company, each officer or director of the corporation make a return setting forth (A) in complete detail the gross income, deductions and credits, taxable income, and undistributed foreign personal holding company income of such foreign personal holding company for such taxable year; and (B) the same information with respect to such taxable year as was required in paragraph (1), except that if all the required returns with respect to such year had been filed under paragraph (1), no information under this subparagraph had to be set forth in the return filed under this paragraph.

Subsec. (b). Pub. L. 97–248 substituted provisions governing the contents of annual shareholder information required of foreign personal holding companies for provisions which required that, on the 15th day of each month each United States shareholder, by or for whom 50 percent or more in value of the outstanding stock of a foreign corporation was owned directly or indirectly (including, in the case of an individual, stock owned by the members of his family as defined in section 544(a)(2)), if such foreign corporation with respect to its taxable year preceding the taxable year in which such month occurred was a foreign personal holding company, make a return setting forth with respect to the preceding calendar month the name and address of each shareholder, etc., and other information with respect to the stock and securities of the corporation as the Secretary prescribed as necessary for carrying out the provisions of this title, and that, on the 60th day after the close of the taxable year of a foreign personal holding company each United States shareholder by or for whom on such 60th day 50 percent or more in value of the outstanding stock of such company was owned directly or indirectly (including, in the case of an individual, stock owned by members of his family as defined in section 544(a)(2)) make a return setting forth the same information with respect to such taxable year as was required in paragraph (1), except that, if all the required returns with respect to such year had been made under paragraph (1), no return was required under this paragraph.

Subsecs. (c) to (e). Pub. L. 97–248 added subsecs. (c) to (e).

1976-Pub. L. 94–455 struck out "or his delegate" after "Secretary" wherever appearing.

Effective Date of 1982 Amendment

Section 340(c) of Pub. L. 97–248 provided that: "The amendment made by this section [amending this section and section 6679 of this title] shall apply to taxable years of foreign corporations beginning after the date of the enactment of this Act [Sept. 3, 1982]."

Cross References

Publicity of information, see section 6104 of this title.

Section Referred to in Other Sections

This section is referred to in sections 558, 6679 of this title.