General rule
(a) Every trust claiming a charitable, etc., deduction under section 642(c) of the Virgin Islands income tax law for the taxable year shall furnish such information with respect to such taxable year as the Director may by forms or regulations prescribe, setting forth—
(1) the amount of the charitable, etc., deduction taken under section 642(c) of that law within such year (showing separately the amount of such deduction which was paid out and the amount which was permanently set aside for charitable, etc., purposes during such year);
(2) the amount paid out within such year which represents amounts for which charitable, etc., deductions under section 642(c) of that law have been taken in prior years;
(3) the amount for which charitable, etc., deductions have been taken in prior years but which has not been paid out at the beginning of such year;
(4) the amount paid out of principal in the current and prior years for charitable, etc., purposes;
(5) the total income of the trust within such year and the expenses attributable thereto; and
(6) a balance sheet showing the assets, liabilities, and net worth of the trust as of the beginning of such year.
Exception
(b) This section shall not apply in the case of a taxable year if all the net income for such year, determined under the applicable principles of the law of trusts, is required to be distributed currently to the beneficiaries.