458.84 Inspection by person having 458.110 Publicity of overassessments in CROSS REFERENCES Consolidated returns of affiliated corporations under the Income and Excess Preparation of income tax returns under the Revenue Act of 1936, as amended, Returns and payments of tax; regulations of the Income Tax under the Revenue Returns and records under Social Security and Carrier Taxes: See §§ 400.300- Returns of manufacture and wholesale dealers of the regulations under the SUBPART A-INSPECTION UNDER REGULATIONS APPROVED BY THE PRESIDENT Section 458.0 Introductory. Regulations governing the inspec- (a) Section 55 (title I) of the Revenue Act of 1936 provides in (a) Returns made under this title shall be open to inspection in the same Page 1920 returns made under this Act shall constitute public records and shall be open to public examination and inspection to such extent as shall be authorized in rules and regulations promulgated by the President. (b) Section 351 (title IA) of the Revenue Act of 1936 (relating to surtax on personal holding companies) provides in part: (c) Administrative provisions. All provisions of law (including penalties) applicable in respect of the taxes imposed by Title I of this Act, shall insofar as not inconsistent with this section, be applicable in respect of the tax imposed by this section (c) Section 503 (title III) of the Revenue Act of 1936 (relating to tax on unjust enrichment) provides in part: (a) All provisions of law (including penalties) applicable with respect to taxes imposed by Title I of this Act, shall, in so far as not inconsistent with this title, be applicable with respect to the taxes imposed by this title * (d) Section 105 (title I) of the Revenue Act of 1935 (relating to capital stock tax) provides in part: (e) Returns required to be filed for the purpose of the tax imposed by this section 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. (e) Section 106 (title I) of the Revenue Act of 1935 (relating to excess-profits tax) provides in part: (c) All provisions of law (including penalties) applicable in respect of the taxes imposed by Title I of the Revenue Act of 1934, as amended, shall, in so far as not inconsistent with this section, be applicable in respect of the tax imposed by this section 串 * (f) Section 905 (title IX) of the Social Security Act (relating to tax on employers of eight or more) provides in part: (c) Returns filed 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 1936. (g) Section 55 (title I) of the Revenue Act of 1934, as amended by the Act approved April 19, 1935 (Public, No. 40, Seventy-fourth Congress, first session), provides in part: (a) 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; and all returns made under this Act shall constitute public records and shall be open to public examination and inspection to such extent as shall be authorized in rules and regulations promulgated by the President. (h) Section 351 (title IA) of the Revenue Act of 1934 (relating to surtax on personal holding companies) provides in part: (c) Administrative provisions. All provisions of law (including penalties) applicable in respect of the taxes imposed by Title I of this Act, shall in so far as not inconsistent with this section, be applicable in respect of the tax imposed by this section * * (i) Section 701 (title V) of the Revenue Act of 1934 (relating to capital stock tax) provides in part: (e) Returns required to be filed for the purpose of the tax imposed by this section 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. Page 1921 (j) Section 702 (Title V) of the Revenue Act of 1934 (relating to excess-profits tax) provides in part: (b) All provisions of law (including penalties) applicable in respect of the taxes imposed by Title I of this Act, shall, in so far as not inconsistent with this section, be applicable in respect of the tax imposed by this section (k) Section 55 (Title I) of the Revenue Act of 1932, as amended by section 218 (h), Title II, of the National Industrial Recovery Act, approved June 16, 1933, provides: 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; and all returns made under this Act after the date of enactment of the National Industrial Recovery Act shall constitute public records and shall be open to public examination and inspection to such extent as shall be authorized in rules and regulations promulgated by the President. (1) Section 215, Title II, of the National Industrial Recovery Act (relating to capital stock tax) provides in part: (e) Returns required to be filed for the purpose of the tax imposed by this section 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. (m) Section 216, Title II, of the National Industrial Recovery Act (relating to excess-profits tax) provides in part: (b) The tax imposed by this section shall be assessed, collected, and paid in the same manner, and shall be subject to the same provisions of law (including penalties), as the taxes imposed by title I of the Revenue Act of 1932. (n) Section 55, Title I, of the Revenue Act of 1932 provides: 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. (0) Section 55, Title I, of the Revenue Act of 1928 provides: 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. (p) Section 257, Title II, of the Revenue Act of 1926, provides in part: (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. (q) Pursuant to the above-quoted provisions of law, it is hereby ordered that the returns of individuals, partnerships, estates, trusts, corporations, associations, joint-stock companies, and insurance companies, made pursuant to the requirements of the Revenue Act of 1936, the Revenue Act of 1935; title IX of the Social Security Act, the Revenue Act of 1934; sections 215 and 216, title II, National Industrial Recovery Act; the Revenue Act of 1932, as amended by section 218, title II of the National Industrial Recovery Act; title I of the Revenue Act of 1932; title I of the Revenue Act of 1928; title II of the Revenue Act of 1926; and income, profits, and capital stock tax returns under the prior Revenue Acts, or under any such Page 1922 Act as amended, shall be open to inspection in accordance and upon compliance with the rules and regulations in this subpart.*+ [Introductory] *88 458.0 to 458.50, inclusive, issued under the authority contained in: Sec. 257 (a), 44 Stat. 51, sec. 55, 45 Stat. 809, sec. 55, 47 Stat. 189, secs. 218 (h), 55, 48 Stat. 209, 698, sec. 55, 49 Stat. 1671; 26 U.S.C. 55 and Sup. Sec. 351 (c), 48 Stat. 751, sec. 351 (c), 49 Stat. 1732; 26 U.S.C. 331 (c), 337a, and Sup. Sec. 701, 48 Stat. 769, sec. 105, 401, 49 Stat. 1017, 1733; 26 U.S.C. 1358, 26 U.S.C., Sup., 1358a. Sec. 905 (c), 49 Stat. 642; 42 U.S.C., Sup., 1105 (c). Secs. 106 (c), 503, 49 Stat. 1019, 1738; 26 U.S.C., Sup., 342 (c), 345b. Secs. 215 (e), 216 (b), 48 Stat. 208. †The source of §§ 458.0 to 458.39, inclusive, is T.D. 4797, Bureau of Internal Revenue, Mar. 25, 1938, 3 F.R. 641. 458.1 Scope of regulations. The regulations in this subpart deal only with inspection of returns in so far as such inspection is permissible only upon order of the President and under rules and regulations approved by the President. Other uses to which returns may be lawfully put, without action by the President, are not covered by the regulations in this subpart.*† [Art. 1] INCOME, PROFITS, AND CAPITAL STOCK TAX RETURNS AND RETURNS UNDER TITLE IX OF THE SOCIAL SECURITY ACT 458.2 Return. The word "return" when used in §§ 458.2-458.11 shall include only income and profits tax returns; special excise tax returns of corporations made pursuant to section 1000 of title X of each of the Revenue Acts of 1918 and 1921 and section 700 of title VII of the Revenue Act of 1924; capital stock tax returns made pursuant to section 215 of title II of the National Industrial Recovery Act, section 701 of title V of the Revenue Act of 1934, and section 105 of the Revenue Act of 1935; and returns under title IX of the Social Security Act. Any other word or term used in the regulations in this subpart which is defined by the Revenue Acts, the National Industrial Recovery Act, or the Social Security Act, shall be given the respective definition contained in the Act under which the particular return is made.** [Part I, art. 1] 458.3 Corporation. The word "corporation" when used in the regulations in this subpart includes associations, joint-stock companies, and insurance companies.*+ [Part I, art. 2] 458.4 Partnership. The word "partnership" when used in the regulations in this subpart includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of the income tax laws, a trust or estate or a corporation.*t [Part I, art. 3] 458.5 Stock. The word "stock" includes the shares in an association, joint-stock company, or insurance company; and the word "shareholder" includes a member in an association, joint-stock company or insurance company.*t [Part I, art. 4] 458.6 Return of individual. The return of an individual shall be open to inspection (a) by the person who made the return, or by his duly constituted attorney in fact; (b) if the maker of the return has died, or become legally incompetent, by the administrator, ex **For statutory and source citations, see note to § 458.0. Page 1923 ecutor, trustee, or guardian of his estate, or by the duly constituted attorney in fact of such administrator, executor, trustee, or guardian; (c) in the discretion of the Commissioner of Internal Revenue, by any heir at law, next of kin, or beneficiary under the will, of such deceased person, or by the duly constituted attorney in fact of such heir at law, next of kin, or beneficiary, upon a showing that such heir at law, next of kin, or beneficiary, has a material interest which will be affected by information contained in the return; (d) as to returns under title IX of the Social Security Act in the discretion of the Commissioner and at such time and in such manner as the Commissioner may prescribe for the inspection, by an officer of any State having a law certifed to the Secretary of the Treasury by the Social Security Board as having been approved in accordance with section 903 of the Social Security Act, upon written application signed by the governor of such State under the seal of the State, designating the officer to make the inspection and showing that such inspection is solely for purposes of administering such State law; and (e) as to returns for any taxable year begun prior to January 1, 1935, in the discretion of the Commissioner of Internal Revenue, and at such time and in such manner as the Commissioner may prescribe for the inspection, by an officer or employee of any State having a law imposing an income tax upon the individual, or a tax upon intangible property owned by the individual, measured by the income derived therefrom, upon written application signed by the governor of such State under the seal of the State, designating the person to make the inspection and showing that the inspection is solely for such State income or intangible property tax purposes. With respect to inspection on behalf of States, or political subdivisions thereof, of income returns for taxable years beginning on or after January 1, 1935, see articles 55 (b)-1 to 55 (b) 4 of Regulations 86, as substituted by Treasury Decision 4626, Feb. 18, 1936 (C. B. XV-1, 61, 71), and §§ 3.55 (b)-1 to 3.55 (b)-4. [Part I, art. 5] 458.7 Joint return of husband and wife. A joint return of a husband and wife shall be open to inspection (a) by either spouse for whom the return was made, upon satisfactory evidence of such relationship being furnished, or by his or her duly constituted attorney in fact; (b) if either spouse has died, or become legally incompetent, by the administrator, executor, trustee, or guardian of his or her estate, or by the duly constituted attorney in fact of such administrator, executor, trustee, or guardian; (c) in the discretion of the Commissioner of Internal Revenue by any heir at law, next of kin, or beneficiary under the will, of such deceased spouse, or by the duly constituted attorney in fact of such heir at law, next of kin, or beneficiary, upon a showing that such heir at law, next of kin, or beneficiary has a material interest which will be affected by information contained in the return; and (d) for any taxable year begun prior to January 1, 1935, in the discretion of the Commissioner of Internal Revenue, and at such time and in such manner as the Commissioner may prescribe for the inspection, by an officer or employee of any State having a law imposing an income tax upon either spouse or a tax upon intangible property owned by either spouse, measured by the Page 1924 *For statutory and source citations, see note to § 458.0. |