Page:United States Statutes at Large Volume 45 Part 1.djvu/920

 SEVENTIETH CONGRESS. SESS. I. CH. 852 . 1928 . 869 TITLE III-AMENDMENTS TO 1926 INCOME AMESINN CO SESTAX 1928 TAX SEC. 501 . AFFILIATED CORPORATIONS-STATUTE OF LIMITA- tions. corpora- SEC. (a) Section 240 of the Revenue Act of 1926 is amended by adding ea vol .44, p .46, amend- at the end thereof a new subdivision to read as follows : If notic e of defi cienc y "(h) (1) If a notice under subdivision (a) of section 274 in for fo rmer years h as respect of a deficiency for the taxable year 1922, 1923, 1924, 1925 been mailed to corpora . 3 5 7 7, lion,suspension olrun- 1926, or 1927, has been mailed to a corporation, the suspension of the ning of statute of limi- running of the statute of limitations, provided in subdivision (b) of tations, applies. section 277 and in subdivision (1) of section 283, shall apply in the Vol. 44, pp.55,58,6 ca se of cor porat ions with whic h suc h cor pora tion made a con soli - dated return for such taxable year . For 1921 and prior "(2) If a notice under subdivision (a) of section 274 in respect years. of a deficiency for the taxable year 1921 or any previous taxable year has been mailed to a corporation, the suspension of the running of the st atute of lim itatio ns pro vided in subd ivisio n (b) of sec tion 277 and in subdivision (1) of section 283, shall apply in the case of the corporations with which such corporation was affiliated, deter- mined in accordance with the law applicable to the year in respect of which the deficiency is asserted." Application if limi- (b) Subsec tion ( a) of this s ection shall apply in all cases where tation period not ex- the period of limitation has not expired prior to the enactment of A ired' this Act . SEC. 502. EXTENSION OF TIME FOR PAYMENT OF DEFICIENCIES . p Ex tension of de time for ficen . ti es . Se ction 274 (k) of the Revenue Act of 1926 is amended by striking Vol.44,p . 57, amend . out may grant an extension for the payment of such deficiency ed. or any part thereof for a period not in excess of 18 months " and inserting in lieu thereof "may grant an extension for the payment ceFur ther time in ex- of such deficiency or any part thereof for a period not in excess of 18 months, and, in exceptional cases, for a further period not in excess of 12 months ." SEC. 503. REQUEST FOR PROMPT ASSESSMENT. Requ est for prom pt ass essm ent. Section 277 (a) (4) of the Revenue Act of 1926 is amended to e Vol .44,p .58, amen d. rea d as f ollows Assessment, etc ., "(4) In the case of income received during the lifetime of a dece- within one year after dent, or by his estate during the period of administration, or by a written request by executors, etc . corporation, the tax shall be assessed, and any proceeding in court without assessment for the collection of such tax shall be begun, within one year after written request therefor (filed after the return is made), by the executor, administrator, or other fiduciary repre- senting the estate of such decedent, or by the corporation, but not after the expiration of the period prescribed for the assessment of the tax in paragraph (1), (2), or (3) of this subdivision . This Application to a cor- poration intending dis . paragraph shall not apply in the case of a corporation unless (A) solution. such written request notifies the Commissioner that the corporation contemplates dissolution at or before the expiration of such year ; and (Bp) the dissolution is in good faith begun before the expiration Not applicable im. of such year ; and (C) the dissolution is completed ; nor shall it less request filed. apply in the case of income of a corporation or of an estate during the period of administration unless the written request is filed after the enactment of the Revenue Act of 1928 ."

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