Page:United States Statutes at Large Volume 45 Part 1.djvu/922

 SEVENTIETH CONGRESS. SESS. I. Ca. 852. 1928 . 871 executed after the expiration of the period of limitation extended by AMENDMENTS To 1926 INC OME TAX such agreement, shall be valid and effective according to its terms if entered into after the enactment of the Revenue Act of 1928 and before January 1, 1929 ." (c) The amendments ma de by th is section to the Revenue Act of Validit y of prior waivers not affected . 1926 shall not be construed as in any manner affecting the validity of waivers made prior to the enactment of this Act, which shall be determined according to the law in existence at the time such waiver was filed . SEC. 507. OVERPAYMENTS FOUND BY BOARD OF TAX APPEALS . Overpayments . Section 284(e) of the Revenue Act of 192 6 is amended to read ea'o1 .44, p . C7, amend- Section follows "(e) If the Board finds that there is no deficiency and further credit or refund to taxpayer of, found by finds that the taxpayer has made an overpayment of tax in respect Bo ard . of the taxable year in respect of which the Commissioner determined the deficiency, the Board shall have jurisdiction to determine the amount of such overpayment, and such amount shall, when the decision of the Board has become final, be credited or refunded to the taxpayer as provided in subdivision (a). Unless clai m for Time limitation. credit or refund, or the petition, was filed within the time pre- scribed in subdivision (g) for filing claims, no such credit or refund sh all be m ade of any p orti on of the tax pa id m ore than four years (or, in the case of a tax imposed by this title, more than three years) before the filing of the claim or the filing of the peti tion, w hich ever is ear lier ." TITLE IV-ADMINISTRATIVE PROVISIONS visidm inistrative pro. TITLE 601 . BOARD OF TAX APPEALS-PROCEDURE . Board of Tax Ap- peals. Sections 906 and 907(a) and (b) of the Revenue of 1924, as Amend ment s . amend ed, a re fur ther amend ed to read as fo llows "SEC. 906 . a The chairman may from time to time divide the Divisions to be as- sig ned. Board into divisions of one or mo re members, assign the members ea. Vol. 44p .106,amend- am end- of the Board thereto, and in case of a div ision of more than one member, designate the chief thereof. If a division, as a result Filli ng va canc ies. of a vac ancy or the abse nce or i nabi lity of a me mber ass igne d there to to serve ther eon, is com posed of less than the number of members designated for the division, the chairman may assign other members to the division or direct the division to proceed with the transaction of business without awaiting any additional assign- ment of members thereto. A division shall hear, and make a deter- mination Duties upon , any pro ceed ing inst itut ed before the B oard and any motio n in c onnec tion therew ith, assig ned to such divi sion b y Report of determine- the chairman, and shall make a report of any such determination tions . which constitutes its final disposition of the proceeding. "(b) The report of the division shall become the report of the Effect of report . Board within 30 days after such report by the division, unless within such period the chairman has directed that such report shall be reviewed by the Board . Any preliminary action by a division Preliminary action. which does not form the basis for the entry of the final decision shal l not be su bject to r eview by the Board except in accordance with such rules as the Board may prescribe . The report of a divi- sionshall not be a part of the record in any case in which the chair- man directs that such report shall be reviewed by the Board . c) If a pe tition f or a red etermina tion of a defici ency has been effect of d ismissing "( petition for redeter- filed by the taxpayer, a decision of the Board dismissing the pro- mination of deficienc y. ceeding shall be considered as its decision that the deficiency is the amount determined by the Commissioner. An or der spec ify-

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