Page:United States Statutes at Large Volume 47 Part 1.djvu/282

 258 72d CONGRESS. SESS. I. CH. 209. JUNE 6, 1932 . GI FT TAXES • (b) FIDUCIARY O F T RA N SF ER E E .-Upon notice to the Commissioner Fiduciary of trans- that any person is acting in a fiduciary capacity for a person subject feree. Effect of notice to to the liability specified in section 526, the fiduciary shall assume, Commissioner, on behalf of su ch pe rso n, the pow er s, ri ght s, du ti es, and pr ivi le ges of su ch pe rson under such sect ion ( excep t tha t the liab ility shal l be colle cted from the e state of s uch p erson ), un til n otice is g iven that the fiduciary capacity has terminated. Manner of notice. (C) MANNER OF NOTICE .-Notice under subsection (a) or (b) shall be gi ven in accordance wi th regulations pre sc rib ed by the Co mmi s- sioner with the approval of the Secretary. Refunds and credits. SEC. 528. RE FUN DS AND CREDITS. Gift tax. (a) AU THORI ZATIO N .- Where ther e has been an o verpa yment of Overpayments, Bre d- any tax imposed by thi s title, the amount of su ch overpayment sh all Ited to. be credited against any gift tax then due from the taxpayer, and Refund of an y bai- any b alanc e sha ll be refu nded immed iatel y to the taxpayer. ante. Limitation on allow- (b) LIMITATION ON AL LOW AN CE- an (1) PERIOD OF LIMITATION.-No su ch credit or refund shall be Period, allowed or made after three years from the time the tax was paid, unless before the expiration of suc h period a claim the re for is fil ed by the taxpayer. Credit or refund. (2) LIMIT ON AMOUNT OF CREDIT OR R EF UND .--The amount of the credit or refund shall not exceed the portion of the tax paid during the three years immediately preceding the filing of the claim, or if no cl aim was filed, the n during the three years im me- diatel ' preceding the allowance of the credit or refund. Effect of taxpayer's (C) L' FFECT OF t'ETITION TO BOARD.-If the Commissioner has pe An te, tition p . to 250. Board. mailed to the taxpayer a notice of deficiency under section 513(a) y and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in such subsection, no credit or refund No credit, etc ., al- in respect of the tax for the calendar year in respect of which the lowed. Commi ssion er has det ermin ed the def icien cy sh all be all owed or ma de and no suit by the taxpayer for the recovery of any part of Ex cep ti on, such tax sh all be ins titut ed in any court exce pt- Overpayments. (1) As to overpayments determined by a decision of the Board which has become final ; and Excess collections. (2) As to any amount collected in excess of an amount com- pu ted in acc ordan ce wi th the dec ision of the Bo ard w hich has become final ; and After collection (3) As to any amou nt co llect ed af ter the pe riod of li mitat ion period expired. upon the beginning of distraint or a proceeding in court for col- lection has expired ; but in any su ch claim for credit or refund or in any such suit for refund the decision - o f the Board which has become final, as to .whether such period has expired before the notice of deficiency was mailed, shall be conclusive. Findings by Board. (d) O VERPA YMENT FOUN D BY BOARD .-If the _Board finds that there is no deficiency and further finds that the taxpayer has made an overpayment of tax in respect of the taxable year in respect of k whi ch the Commissioner de ter mi ned the deficiency, the Board sha ll ave-jurisdiction to determine the amount of such overpayment, and such amount shall, when the decision of the Board has become final Credit or r efund. b e credited or refunded to the taxpayer. No such credit or refun shall be made of any portion of the tax paid more than three years before the filing of the claim or the filing of the petition, whichever is ea rlier. Laws made appli. SEC. 529. LAWS M ADE APPLICABLE. cable. Assessment, pa y. All administrative special, or stamp provisions of law including Acts,, etc ., under prior the law re lat ing tot ie assessment of taxes, so far as applicable, are ' her eby extended to and mad e a part of thi s title.