Rev. Rul. 65-148

The time for filing the written statement required of controlling United States shareholders of a controlled foreign corporation has been extended from before May 1, 1965, to September 15, 1965.

This statement relates to certain elections with respect to tax adjustments made in determining earnings and profits of the foreign corporation and must be filed with the Director of International Operations in accordance with section 1.964-1(c)(3) of the Income Tax Regulations.

Controlling shareholders, prior to the filing of the written statement, are required to give notice of the nature of the action taken to all other persons known by them to be United States shareholders of the foreign corporation. If the controlling shareholders fail to so notify any of the other United States shareholders, the Director of International Operations may, under certain conditions, notify such United States shareholders.

¹ Based on Technical Information Release 721, dated Apr. 21, 1965.