the basis of such returns made by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control. (b) Consolidated returns.-For provision as to consolidated returns of affiliated corporations, see sections 141 and 142. ART. 391. Corporation returns.-Every corporation not expressly exempt from tax must make a return of income, regardless of the amount of its net income. In the case of ordinary corporations, the return shall be on Form 1120. For returns of insurance companies, see article 1015; of foreign corporations, see section 235; and of affiliated corporations, see sections 141 and 142 and articles 711 and 731. A corporation having an existence during any portion of a taxable year is required to make a return. A corporation which has received a charter, but has never perfected its organization, which has transacted no business and had no income from any source, may upon presentation of the facts to the collector be relieved from the necessity of making a return so long as it remains in an unorganized condition. In the absence of a proper showing to the collector such a corporation will be required to make a return. A corporation which was dissolved in 1928 prior to the enactment of the Revenue Act of 1928 is not relieved from the necessity of rendering returns thereunder for any period or periods of its existence for which the Act is effective. For information returns by corporations relating to profits of the taxable year declared as dividends, see section 149 (b). For verification of returns and use of prescribed forms, see articles 384 and 385. Upon liquidation or dissolution of a corporation there shall be attached to the final return a statement showing: (1) The date and manner of dissolution, (2) the name and address of each shareholder at dissolution and the number and par value of the shares of stock held by each of them, (3) a description and the value of the liquidating assets received by each shareholder, (4) the name and address of each individual or corporation other than shareholders and creditors, if any, that received assets at dissolution, (5) a description and the value of the assets received by each such individual or corporation, and (6) the consideration, if any, paid by each of them for the assets received. ART. 392. Returns by receivers.-Receivers, trustees in dissolution, trustees in bankruptcy, and assignees, operating the property or business of corporations, must make returns of income for such corporations on Form 1120, covering each year or part of a year during which they are in control. Notwithstanding that the powers and functions of a corporation are suspended and that the property and business are for the time being in the custody of the receiver, trustee, or assignee, subject to the order of the court, such receiver, trustee, or assignee stands in the place of the corporate officers and is required to perform all the duties and assume all the liabilities which would devolve upon the officers of the corporation were they in control. (See sections 274 and 298 and articles 1191 and 1192.) A receiver in charge of only part of the property of a corporation, however, as a receiver in mortgage foreclosure proceedings involving merely a small portion of its property, need not make a return of income. SEC. 53. TIME AND PLACE FOR FILING RETURNS. (a) Time for filing. (1) GENERAL RULE.-Returns made on the basis of the calendar year shall be made on or before the 15th day of March following the close of the calendar year. Returns made on the basis of a fiscal year shall be made on or before the 15th day of the third month following the close of the fiscal year. (2) EXTENSION OF TIME.-The Commissioner may grant a reasonable extension of time for filing returns, under such rules and regulations as he shall prescribe with the approval of the Secretary. Except in the case of taxpayers who are abroad, no such extension shall be for more than six months. (b) To whom return made. (1) INDIVIDUALS.-Returns (other than corporation returns) shall be made to the collector for the district in which is located the legal residence or principal place of business of the person making the return, or, if he has no legal residence or principal place of business in the United States, then to the collector at Baltimore, Maryland. (2) CORPORATIONS.-Returns of corporations shall be made to the collector of the district in which is located the principal place of business or principal office or agency of the corporation, or, if it has no principal place of business or principal office or agency in the United States, then to the collector at Baltimore, Maryland. ART. 401. Time for filing returns.-Returns of income (except in the case of nonresident alien individuals, as to which see section 217, and foreign corporations, as to which see section 235) must be made on or before the 15th day of the third month following the close of the fiscal or calendar year. A corporation going into liquidation during any taxable year may, upon the completion of such liquidation, prepare a return for that year covering its income for the part of the year during which it was engaged in business and may immediately file such return with the collector. ART. 402. Extensions of time for filing returns. It is important that the taxpayer render on or before the due date a return as complete and final as it is possible for him to prepare. However, the Commissioner is authorized to grant a reasonable extension of time for filing returns under such rules and regulations as he shall prescribe with the approval of the Secretary. Accordingly, authority for granting extensions of time for filing income tax returns is hereby delegated to the various collectors of internal revenue. Application for extensions of time for filing income tax returns should be addressed to the collector of internal revenue for the district in which the taxpayer files his returns and must contain a full recital of the causes for the delay. Except in the case of taxpayers who are abroad, no extension for filing income tax returns may be granted for more than six months. For extensions of time for payment of tax, see sections 56 (c) and 272 (j) and articles 403, 432, and 1173. ART. 403. Extensions of time in the case of foreign organizations, certain domestic corporations, and citizens of United States residing or traveling abroad.—An extension of time for filing returns of income for 1928 and subsequent taxable years is hereby granted up to and including the fifteenth day of the sixth month following the close of the taxable year in the case of: (a) Foreign partnerships regardless of whether or not they maintain an office or place of business within the United States; (b) Foreign corporations which maintain an office or place of business within the United States; (c) Domestic corporations which transact their business and keep their records and books of account abroad; (d) Domestic corporations whose principal income is from sources within the possessions of the United States; and (e) American citizens residing or traveling abroad, including persons in military or naval service on duty outside the United States. In all such cases an affidavit must be attached to the return, stating the cause of the delay in filing. An extension of time for paying the tax for such years is also granted up to and including the fifteenth day of the sixth month following the close of the taxable year in the case of the taxpayers specified in (c), (d), and (e). The installments of tax which are actually due must be paid at the time of filing the return and the other installments shall be paid as they fall due. Taxpayers who take advantage of this extension of time for paying the tax will be charged with interest at the rate of 6 per cent per annum on the first installment of tax from the original due date until paid. As to the date on which tax shall be paid by foreign corporations, see section 236 and article 1121. ART. 404. Due date of return.-The due date is the date on or before which a return is required to be filed in accordance with the provisions of the Act or the last day of the period covered by an Art. 404 § 53 extension of time granted by the Commissioner or a collector. When the due date falls on Sunday or a legal holiday, the due date for filing returns will be the day following such Sunday or legal holiday. If placed in the mails, the returns should be posted in ample time to reach the collector's office, under ordinary handling of the mails, on or before the date on which the return is required to be filed. If a return is made and placed in the mails in due course, properly addressed and postage paid, in ample time to reach the office of the collector on or before the due date, no penalty will attach should the return not actually be received by such officer until subsequent to that date. Where a question may be raised as to whether the return was posted in ample time to reach the collector's office on or before the due date, the envelope in which the return was transmitted will be preserved by the collector and forwarded to the Commissioner with the return. As to additions to the tax in the case of failure to file return within the prescribed time, see section 291 and article 1211. SEC. 54. RECORDS AND SPECIAL RETURNS. (a) By taxpayer.-Every person liable to any tax imposed by this title or for the collection thereof, shall keep such records, render under oath such statements, make such returns, and comply with such rules and regulations, as the Commissioner, with the approval of the Secre tary, may from time to time prescribe. (b) To determine liability to tax.-Whenever in the judgment of the Commissioner necessary he may require any person, by notice served upon him, to make a return, render under oath such statements, or keep such records, as the Commissioner deems sufficient to show whether or not such person is liable to tax under this title. (c) Information at the source. For requirement of statements and returns by one person to assist in determining the tax liability of another person, see sections 148 to 151. ART. 411. Aids to collection of tax. In assessing and collecting income taxes the Commissioner has the benefit of all existing internal revenue laws in so far as such laws are applicable. The Commissioner may require any person to keep specific records, render under oath such statements and returns, and comply with such rules and regulations as the Commissioner, with the approval of the Secretary, may prescribe in order that he may determine whether such person is liable for the tax or for the collection thereof. In accordance with this provision, every person subject to tax carrying on the business of producing, manufacturing, purchasing, or selling any commodities or merchandise, except the business of growing and selling products of the soil, shall for the purpose of determining the amount of income which may be subject to the tax keep such permanent books of account or records, including inventories, as are necessary to establish the amount of his gross income and the deductions, credits, and other information required to be shown in an income tax return. SEC. 55. PUBLICITY OF RETURNS. Returns made under this title shall be open to inspection in the same manner, to the same extent, and subject to the same provisions of law, including penalties, as returns made under Title II of the Revenue Act of 1926. ART. 421. Inspection of returns.-Section 55 provides that returns made under Title I shall be open to inspection in the same manner, to the same extent, and subject to the same provisions of law, including penalties, as returns made under Title II of the Revenue Act of 1926. Accordingly, the inspection of returns made under Title I is governed by the provisions of sections 257 and 1203 (d) of the Revenue Act of 1926, which are as follows: RETURNS TO BE PUBLIC RECORDS. SEC. 257. (a) Returns upon which the tax has been determined by the Commissioner shall constitute public records; but, except as hereinafter provided in this section and section 1203, they shall be open to inspection only upon order of the President and under rules and regulations prescribed by the Secretary and approved by the President. 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 prescribe a reasonable fee for furnishing such copy. (b) (1) The Secretary and any officer or employee of the Treasury Department, upon request from the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, or a select committee of the Senate or House specially authorized to investigate returns by a resolution of the Senate or House, or a joint committee so authorized by concurrent resolution, shall furnish such committee sitting in executive session with any data of any character contained in or shown by any return. (2) Any such committee shall have the right, acting directly as a committee, or by or through such examiners or agents as it may designate or appoint, to inspect any or all of the returns at such times and in such manner as it may determine. (3) Any relevant or useful information thus obtained may be submitted by the committee obtaining it to the Senate or the House, or to both the Senate and the House, as the case may be. (c) 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. (d) All bona fide shareholders of record owning 1 per centum or more of the outstanding stock of any corporation shall, upon making |