Page:United States Statutes at Large Volume 40 Part 1.djvu/1101

 SIXTY—FIFTH oousnnss. sm. III. os. 18. 1919. 1083 ninth month, after the time Bxed by law for Bling the return. Where ¤‘·'°°“ TAX- an extension of time for Bling a return is granted the time for ay- p,};;°gg§°¤ °* mt ment of the first installment shall be postponed until the date of) the ' expiration of the alpxelriod of the extension, but the time for payment of the other inst ents shall not be postponed unless the Commissioner so Eirovides in granting the extension. In any case in which p,§',}‘$,T,‘j§f,“_;’,j§d“"”‘ the time or the payment of any installment is at the request of the i taxpayer thus postponed, there shall be added as part of such installment interest thereon at the rate of Q of 1 per centum per month from the time it would have been due if no extension had been granted, until paid. If any installment is not paid when due, the d,,E‘{{° °m°““‘ °“ whole amount of the tax unpaid shall become due and payable upon notice and demand b the collector. O tim, S. le a The tax may at the option of the taxpayer be aid in a single menli on uuuuigmiiiqii payment instead of in installments, in which case tllie total amount °‘°‘ shall be paid on or before the time Bxed by law for  the return, or, where an extension of time for Bling the return has been granted, on or before the expiration of the period of such extension. E. ,.0 et (b) As soon as practicable after the return is Bled, the Commis- by Commissloiibr. °" sioner shall examine it. If it then, appears that the correct amount of the tax is eater or less than that shown in the return, the installments shall ire recomputed. If the amount already paid exceeds C¤>di*»¢¤¤-·<>f¤¤¢¤¤¤~ that which should have been paid on the basis of the installments as recomputed, the excess so lfpaid shall be credited against the subsequent installments; and the amount already paid exceeds the correct amount of the tax, the excess shall be credited or refunded to the taxpayer in accordance with the provisions of section 252. If the amoimt already]-paid is less than that which should have been ,,i§,°,§”°“° °’ d°°' paid, the difference sh, to the extent not covered by any credits then due to the taxpayer under section 252, be paid upon notice and demand by the collector. In such ease if the return is made in good faith and the understatement of the amount in the return is not due to any fault of the ta.x ayer, there shall be no penalty because of __ such understatement. fi the understatement is due to negligence on m,Q§gdg,§§,,,°‘}‘“ ‘°‘ ‘°" the part of the taxpayer, but without intent to defraud, there shall be added as part of the tax 5 per centum of the total amount of the deficiency, plus interest at the rate of 1 per centum per month on the amount of the deBciency of each installment from the time the instaument was dug' Penalt tax for false If the understatement is false or fraudulent with intent to evade mums. Y ,i_ v` the tax, then, in lieu of the (penaltiy provided by section 3176 of the }i,;§j;‘,$‘},§‘,‘_°·"·""‘· Revised Statutes, as amende, for alse or fraudulent returns willfully made, but in addition to other penalties provided by law for false or fraudulent returns, there shall be added as part of the tax 50 per centum of the amount of the deficiency. (c) If the return is made pursuant to section 3176 of the Revised ,,,,§.‘§i‘}"’S by '°"““" Statutes as amended, the amount of tax determined to be due under Poet P- ***7- such return shall be paid u on notice and demand by the collector. (d) Except in the case oi) false or fraudulent returns with intent fofjggvig gg Sum to evade the tax, the amount of tax due under any return shall be ’ ` determined and assessed by the Commissioner within Bve years after the return was due or was made, and no suit or proceedinv for the collection of any tax shall be begun after the expiration of five years after the date when the return was due or was made. In the case of &f“’s°‘°°“‘”’°‘°°Pt' such false or fraudulent returns, the amount of tax due may be determined at any time after the return is Bled, and the tax may be collected at any time after it becomes due. Addmmalmuun. (e) If any tax remains un aid after the date when it is due, and 1>¤i<1W¤€¤d¤°- for ten days after notice and) demand b the collector, then, except in the case of estates of insane, deceased? or insolvent persons, there