Payments of $100 or more\n(a) Any corporation allocating amounts as patronage dividends, rebates, or refunds (whether in cash, merchandise, capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice, or in some other manner that discloses to each patron the amount of such dividend, refund, or rebate) shall make a return showing—\n(1) the name and address of each patron to whom it has made such allocations amounting to $100 or more during the calendar year; and\n(2) the amount of such allocations to each patron.\nPayments regardless of amount\n(b) If required by the Director, any such corporation shall make a return of all patronage dividends, rebates or refunds made during the calendar year to its patrons.\nExceptions\n(c) This section shall not apply in the case of any corporation (including any cooperative or nonprofit corporation engaged in rural electrification) described in section 501(c)(12) or (15) of the Virgin Islands income tax law which is exempt from tax under section 501(a) of the Virgin Islands income tax law, or in the case of any corporation subject to a tax imposed by subchapter L of chapter 1 of the Virgin

ncome tax law which is exempt from tax under section 501(a) of the Virgin Islands income tax law, or in the case of any corporation subject to a tax imposed by subchapter L of chapter 1 of the Virgin Islands income tax law.