Page:United States Statutes at Large Volume 47 Part 1.djvu/266

 242 INCOME TAX "Transferee", de- fined. Fiduciary relation- ship. Liability of fiduciary until ter mination of. Fiduciary of trans- feree. Liability of. Ante, p . 240. Manner of notice. Ove rpaym ents. Of instal lment. Credit, if installment payment exceeds cor- rect amount. Credit or refund for amount al ready paid. Refunds and credits. Credit against tax then due. Limi tati on on all ow- ance. Period of. Amount of c redit or refund limit ed. Petition to Board of Tax Appeals. Effect of. Ante, p. 233. Exceptions. Overpayments. 72d CONGRESS. SESS. I. CH. 209. JU NE 6,1932. (f) DEFINITION OF " TRANsFERRE " .-As used in this s ection, the term "transferee" includes heir,' legatee, devisee, and distributee. SEC. 312. NOTICE OF FIDUCIARY RELATIONSHIP. (a) FI DUCIA RY OF TAXPAYER .-Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assume the powers, rights, duties, and privileges of the taxpayer in respect of a tax imposed by this title (except as otherwise specifi- cally provided and except that the tax shall be collected from the estate of the taxpayer), until notice is given that the fiduciary capacity has terminated. ( b) FID UCIAR Y OFT ,RANBF EREE .- Upon n otice to t he Com missi oner that any person is acting in a fiduciary capacity for a person subject to the liability specified in section 311, the fiduciary shall assume, on behalf of such person, the powers, rights, duties, and privileges of such person under such section (except that the liability shall be col- lected from the estate of such person), until notice is given that the fiduciary capacity has terminated. (c) MAN NER OF NoTicE .-Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commissioner with the approval of the Secretary. Su ppl emen t O--Overpayments SEC. 321. OVERPAYMENT OF INSTALLMENT. If the, taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any. If the amount already paid, whether or not on the basis of installments, exceeds the amount determined to be the correct amount of the tax, the overpayment shal l be credited or refunded as prov ided in section 322. SEC. 322. REFUNDS AND CREDITS. (a) AUTHORIZATION.-Where there has been an o verpayment of any tax imposed by this title, the amount of such overpayment shall be credited agai nst any income, war-profits, or excess-profits ta x or installment thereof then due from the taxpayer, and any balance shall be refunded immediately to the taxpayer. (b) L IMIT ATIO N ON ALL OWAN CE : (1) PERIOD OF LIMITATION .-No such credit or refund shall be allowed or made after two years from the time the tax was paid, unless before the expiration of such period a claim therefor is filed by the taxpayer. (2) LIMIT ON AMOUNT OF CREDIT OR REFUND:The amount of the credit or refund shall not exceed the portion of the tax paid during the two years immediately preceding the filing of the claim, or if no claim was filed, then during the two years immediately preced- in the allowance of the credit or refund. (C EFFEC T OF PETITION TO BOARD .-If the Commissioner has mailed to the taxpayer a notice of deficiency under section 272 (a) and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in su ch subsection, n o credit or refun d in respect of the tax for the taxable year in respect of which the Com- missioner has determined the deficiency shall be allowed or made and no suit, by the taxpayer for the recovery of any part of such tax shall be instituted in any court exet-1, i- (1) As to overpayments determined by a decision of the Board which has become final ; and