Show I I CHANGE AFFECTS ALL CORPORATIONS Announcement of ot a change ill in Income tax regulations No 69 Is made by James H Anderson In- In Internal internal In Internal revenue re collector tor for Utah Affecting all corporations the new requirement Is numbered Article and reads Every corporation not express express- expressly expressly expressly ly exempt from tax must make a return of Income laconic regardless of the amount of ot Its net Income Ill inthe the case caIe of ot ordinary corporations the return shall bo be on Form 1120 For returns of ot Insurance com com- comp companies p see Article ot of for for- foreign foreign for foreign eign corporations see Article and for tor or affiliated corporations see Section and Article A corporation having an existence during any portion of ot a taxable year Is required to make a re- re return return re return turn A corporation which has ro- ro received re received a charter but has never ne perfected Its organization which has transacted no business and had no income from any source may upon presentation of ot the tho facts to the collector be relieved from the necessity of making a return so long as it remains in hl an unorganized condition In the absence of ot a proper showing to the tho collector collector r sucha such sucha a corporation will be requited required to make a return A corporation which was wu dissolved in 1925 or orIn orin orIn In 1926 prior to the enactment ot of the revenue act ot of 1926 is not relieved from the necessity ot of rendering returns for any perlo period 1 or periods ot of Its ita exist exist- existence existence existence ence for tor which tho the act Is effective effective tive Section C requires every corporation to Include In to Its return a statement of such facts as will enable tha the commissioner to determine the portion of the earn earn- earnIngs earnings ings lags Including gains profits and Income not taxed accumulated during the taxable year which has haa been distributed or ordered to be distributed respectively to Its shareholders during such euch year I See also Articles and Upon liquidation or dissolution ot of ofa ota oa a corporation there shall be at- at attached at attached Inched to the final return a state state- statement statement statement ment showing bowing 1 the tho date and manner of ot dissolution 2 the name and address ot of each share share- shareholder shareholder shareholder holder at dissolution and the num num- number number ber her and par value alue of ot the shares sheres of stock held b by each of them 3 a description and the value of the tho liquidating assets received by each shareholder 4 the name namo and address of ot each individual or corporation other than shareholders ers and creditors It If any that re- re received received re received assets at t dissolution 5 a description and the value of the tho assets received by each such per per- person person person son or corporation and 6 the consideration It if any paid by each ot of them for the ass assets ts received n |