Page:United States Statutes at Large Volume 45 Part 1.djvu/927

 876 REV ENUE ACT OF 1928 Under State or Ter- ritor ial l aws. In office of clerk of distr ict c ourt. In office of District of Columbia Sup rem e Court. Issue of c ertif icat e of release by collector. Lien satis fied or u n- enforceable. On acceptance of bond. P artia l di schar ge. Effect of certificate. Accep tance of a s in- gle bond. Ante, p. 854. Application of certifi- cate and bond. Release under former Act repealed. Vol .44, p. 80, amend- ed. Inter est on overp ay- ments. Rate allowed. In case of a credit . SEVENTIETH CONGRESS. SEss. I. CH. 852. 1928. "( 1) in accordance with the law of the State or Territory in which the property subject to the lien is situated, whenever the State or Territory has by law provided for the filing of such notice ; or "(2) in the office of the clerk of the United States District Court for the judicial district in which the property subject to the lien is situated, whenever the State or Territory has not by law provided for the filing of such notice ; or "(3) in the office of the clerk of the Supreme Court of the District of Columbia, if the property subject to the lien is situated in the District of Columbia. "(c) Subject to such regulations as the Commissioner of Internal Reve nue, with the a ppro val o f the Sec retar y of the Treas ury, may prescr ibe, t he col lector of in ternal revenu e char ged wi th an assess - ment in r espec t of any tax- "(1) May issue a certificate of release of the lien if the collector finds that the liability for the amount assessed, together with all interest in respect thereof, has been satisfied or has become unenforceable ; "(2) May issue a certificate of release of the lien if there is furnished to the collector and accepted by him a bond that is con- ditioned upon the payment of the amount assessed, together with all interest in respect thereof, within the time prescribed by law (including any extension of such time), and that is in accordance with such requirements relating to terms, conditions, and form of the bond and sureties thereon, as may be specified in the regulations ; "(3) May issue a certificate of partial discharge of any part of the property subject to the lien if the collector finds that the fair market value of that part of such property remaining subject to the lien is at least double the amount of the liability remaining unsatis- fied in respect of such tax and the amount of all prior liens upon such property . "(d) A certificate of release or of partial discharge issued under this section shall be held conclusive that the lien upon the property covered b y the cer tificate is exting uished. "(e) The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulation provide for the acceptance of a single bond complying both with the requirements of section 272(j) of the Revenue Act of 1928 (relating to the extension of time for the payment of a deficiency), or of any similar provisions of any prior law, and the requirements of subsection (c) of this section . "(f) Su bsecti ons (c), (d), and (e) of this section shall apply to a lien in respect of any internal-revenue tax, whether or not the lien is imposed by this section ." (b) The second sentence of section 315 (a) of the Revenue Act of 1926 is r epealed . SEC . 614 . INTEREST ON OVERPAYMENTS . (a) Interest shall be allowed and paid upon any overpayment in re spect of any inter nal-re venue tax, a t the r ate of 6 per centu m per annum, as follows (1) In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken, but if the amount against which the credit is taken is an addi- tional assessment of a tax imposed by the Revenue Act of 1921 or any subsequent revenue Act, then to the date of the assessment of that amount.

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