26 CFR 1.6012-5 Composite return in lieu of

cprice-sewell on DSKHWCL6B1PROD with CFR

§ 1.6012–5

26 CFR Ch. I (4–1–10 Edition)

of internal revenue for the district in which
the contracting party files its Federal income tax returns and must contain a full recital of the causes for the delay.
§ 17.16 Annual reports for income-taxable
years.
(a) General requirements. Every contracting
party completing a contract or subcontract
within the contracting party’s income-taxable year ending after April 3, 1939 shall file,
with the district director of internal revenue
for the internal revenue district in which the
contracting party’s Federal income tax return is required to be filed, annual reports on
the prescribed forms of the profit and excess
profit on all contracts and subcontracts coming within the scope of the act. If any contracts or subcontracts so completed by the
contracting party were entered into for the
construction or manufacture of any complete naval vessel or any portion thereof, the
profit and excess profit on all such contracts
and subcontracts completed within the income-taxable year ending after April 3, 1939
shall be computed in accordance with the
provisions of § 17.6. If any contracts or subcontracts so completed by the contracting
party were entered into for the construction
or manufacture of any complete naval aircraft or any portion thereof, the profit and
excess profit on all such contracts and subcontracts completed within the income-taxable year ending after April 3, 1939 shall be
computed in accordance with the provisions
of § 17.7. There shall be included as a part of
the annual report a statement, preferably in
columnar form, showing separately for each
contract or subcontract completed by the
contracting party within the income-taxable
year and covered by the report, the total
contract price, the cost of performing the
contract or subcontract and resulting profit
or loss on each contract or subcontract together with a summary statement showing
in detail the computation of the net profit or
net loss upon each group of contracts and
subcontracts covered by the report and the
amount of the excess profit, if any, with respect to each group of contracts and subcontracts covered by the report. A copy of
the report made to the Secretary of the Navy
(see § 17.15) with respect to each contract or
subcontract covered in the annual report,
shall be filed as a part of such annual report.
In case the income-taxable year of the contracting party is a period of less than twelve
months (see § 17.1), the reports required by
this section shall be made for such period
and not for a full year.
(b) Time for filing annual reports. Annual reports of contracts and subcontracts completed by a contracting party within an income-taxable year ending after April 3, 1939
shall be filed on or before the 15th day of the
ninth month following the close of the contracting party’s income-taxable year. It is

important that the contracting party render
on or before the due date annual reports as
nearly complete and final as it is possible for
the contracting party to prepare. An extension of time granted the contracting party
for filing its Federal income tax return does
not serve to extend the time for filing the
annual reports required by this section. Authority consistent with authorizations for
granting extensions of time for filing Federal income tax returns is hereby delegated
to the various district directors of internal
revenue for granting extensions of time for
filing the reports required by this section.
Application for extension of time for filing
such reports should be addressed to the district director of internal revenue for the district in which the contracting party files its
Federal income tax returns and must contain a full recital of the causes for the delay.

§ 1.6012–5 Composite return in lieu of
specified form.
The Commissioner may authorize the
use, at the option of a person required
to make a return, of a composite return in lieu of any form specified in
this part for use by such a person, subject to such conditions, limitations,
and special rules governing the preparation, execution, filing, and correction
thereof as the Commissioner may deem
appropriate. Such composite return
shall consist of a form prescribed by
the Commissioner and an attachment
or attachments of magnetic tape or
other
approved
media.
Notwithstanding any provisions in this part to
the contrary, a single form and attachment may comprise the returns of
more than one such person. To the extent that the use of a composite return
has been authorized by the Commissioner, references in this part to a specific form for use by such a person
shall be deemed to refer also to a composite return under this section.
[T.D. 7200, 37 FR 16544, Aug. 16, 1972]

§ 1.6012–6 Returns by political organizations.
(a) Requirement of return—(1) In general. For taxable years beginning after
December 31, 1974, every political organization described in section 527(e)(1),
and every fund described in section
527(f)(3) or section 527(g), and every organization described in section 501(c)

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