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385.0000 Newspapers and Periodicals—Regulation 1590

Annotation 385.1151

(d) Business Reports, House Organs, Newsletters

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385.1151 Quarterly and Annual Reports. A corporation publishes three quarterly reports, each of whose format is one page folded in thirds, and one annual report whose format is a 24-page bound booklet.

The reports do not qualify for the periodical exemption because the quarterly reports are substantially different in format from the annual report. The quarterly reports are similar to each other but are not published with the required frequency (at least four times a year) to qualify for the exemption. 6/11/91.

(Note.—Section 6362.7, operative November 1, 1992, which requires that to qualify for the periodical exemption, publication must be distributed free of charge or sold by subscription.) (Am. 2003).