Page:United States Statutes at Large Volume 47 Part 1.djvu/257

 72d C ONGRESS. SESS.I. CH. 209. JUNE 6, 1932. 233 person in whom the equitable right to the income from such shares rNOO ME TAX is in ood faith ve sted. (d f DEFI NITI ON of CmNA .As used in this section the term meaning of "china :' " China " shall have the same meaning as when used in the China Vol. 42, p .849. Trade Act, 1922. SEC . 262. CR EDIT S A GAIN ST THE TAX . Credits against tax . No allowance for, of A corporation organized under the China Trade Act, 1922, shall foreign countries . no t be allo wed the c redits ag ainst the tax for taxes of foreign coun- Ante, p. 211 . tries and possessi ons of th e United States al lowed by section 1 31 . SEC. 263. AFFI LIATION . Affiliation . A corporation organized under the China Trade Act, 1922, shall corpora tions lot applicable not be deemed to be affiliated with any other corporation within the Ante, p . 213. meaning of section 141 . SEC. 264. INCO ME OF SHAREH OLDER S . Income of sharehold- ers . For exclusion of dividends from gross income, see section 116 . Exclusion from gross income. Ante, p. 204. Supp lemen t L-A ssess ment and Colle ctio n of Defic ienc ies Assessment and col. lection of deficiencies. SEC. 271. DEFINITION OF DEFICIENCY. "D eficie ncy" de fined. As used in this title in respect of a tax imposed by this title " deficiency " means- (a) The amount by which the tax imposed by this title exceeds exAmounttax by°taa the amount shown as the tax by the taxpayer upon his return ; but payer. the amount so shown on the return shall first be increased by the amounts previously assessed (or collected without assessment) as a defici ency, and decrease d by the amounts p reviously abated, credited, refunded, or otherwise repaid in respect of such tax ; or (b) If no amount is shown as the tax by the taxpayer upon his pre o mount tax exc eeds return, or if no return is made by the taxpayer, then the amount by which the tax exceeds the amounts previously assessed (or collected without assessment) as a deficiency ; but such amounts previously assessed, or collected without assessment, shall first be decreased by the amounts previously abated, credited, refunded, or otherwise repaid in respe ct of suc h tax. SEC. 272. PROCEDURE IN GENERAL. Proce duroin genera l. a PETITION TO BOARD OF TAx APPEALS :If in the case of an Notic e of de ficien cy taxpayer, the Commissioner determines that there is a deficiency in to taxpayer. respe ct of the tax impo sed by th is title, the Com missioner is autho r- ized to send notice of such deficiency to the taxpayer by registered Petition to Board of mail. Within 60 days after such notice is mailed. (not counting Tax Appeals for re- Sunday as the sixtieth day), the taxpayer may file a petition with determination. the Board of Tax Appea ls for a red etermin ation of the defic iency. No assessment of a deficiency in respect of the tax imposed by this n°Noe amelea ntto un ti t'l title and no distraint or proceeding in court for its collection shall payer. b e made, begun, or prosecuted until such notice has been mailed to the t axpayer, nor until the expi ration o f such 60 -day peri od, nor, if a petition has been filed with the Board, until the decision of the Or p etition filed. Board has become final. Notwithstanding the provisions of section Inju nction tcrestr ain 3224 of the Revised Statutes the making of such assessment or the a R Ssec.3224,p .819, beginning of such proceeding or distraint during the time such pro hibition is in for ce may be enjoined by a pro ceeding i n the pro per court. Exce ptions to reetr io- For exce ptions to the rest rictions imposed by this s ubsection, see- L ie n s. (1) Subsection (d) of this section, relating to waivers by the Waivers. taxp ayer ; Errors. (2) Subsecti on (f) of this sec tion, rel ating to notifica tions of mathematical errors appearing upon the face of the return ; I