(a) General rule. — Every special employee-owned corporation shall file a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by this part, the names, address, and account numbers of regular, special or corporate members who shall participate in the gain or loss of the special corporation for such taxable year, and the amounts of net gains or losses. Such returns must enclose financial statements prepared in accordance with generally accepted accounting principles, which shall be audited by a certified public accountant licensed to practice in Puerto Rico, pursuant to the provisions of § 30255 of this title. The Secretary may prescribe by regulations any such other information that must be included in such return.(b) Report to members. — Each special employee-owned corporation required to file a return under subsection (a) for any taxable year shall, not later than the last day of the third (3rd) month following the close of its taxable year, furnish to each person who is a regular, special or corporate member of such special corporation a report containing such information as required to be included in such member’s income

taxable year, furnish to each person who is a regular, special or corporate member of such special corporation a report containing such information as required to be included in such member’s income tax return, including the amount of the distributive share of the member in each of the items prescribed in § 30534 of this title, notices of credit for productivity, patronage or capital, as applicable, and any other additional information required by regulations.(c) Extension. — The Secretary may, under such rules and regulations as he/she prescribes, grant special employee-owned corporations an extension to file the information required under subsection (b) for a period which shall not exceed thirty (30) days counted as of the expiration of the period established in such subsection (b) to submit the report to members. History —Jan. 31, 2011, No. 1, § 1061.11, retroactive to Jan. 1, 2011.