Page:United States Statutes at Large Volume 47 Part 1.djvu/307

 72d CONGRESS. SESS. I. CH. 209. JUNE 6, 1932 . 283 extension for the payment of such deficiency or any part thereof " "'I' ll AM END- for a period not in excess of four years. If an extension is granted, ME IiTS the Commissioner may require the executor to furnish a bond in such Bond r equired. amount, not exceeding double the amount of the deficiency, and with such sureties as the Commissioner deems necessary, conditioned upon the payment of the deficiency in accordance with the terms of the extension. In such case the running of the statute of limitations for Running of statute assessment and collection, as provided in sections 310 (a) and 311(b), „al vrt 4,p.77. shall be suspended for the period of any such extension, and there shall be collected, as a part of the tax, interest on the part of the Interest. deficiency the time for payment of which is so extended, at the rate of 6 per centum per annum for the period of the extension, and no other interest shall be collected on such part of the deficiency for such period. If the part of the deficiency the time for payment of which is so extended is not paid in accordance with the terms of the extension, there shall be collected, as a part of the tax, interest on Additional tax. such unp aid amou nt at the rate of1 per cen tum a month for the period from the time fix ed by th e terms of the e xtension for its pay- ment until it is paid, and no other interest shall be collected on such unpaid amount for such period ." SEC. 809. LIEN FOR TAXES . Lien for taxes. (a) Section 315(a) of the Revenue Act of 1926, as amended, is Vol .44,p. 80, amend- ame nded by adding at the end thereof a new sen tenc e to read as ed. fo llo ws " If the Commissioner is satisfied that the tax liability of an estate Release. has been fully discharged or provided for, he may, under regulations prescribed by him with the approval of the Secretary, issue his certificate, releasing any or all property of such estate from the lien herein imposed ." (b) Section 613 (b) of the Revenue Act of 1928 (relating to liens Fo rmer pr ovis ions re. for es tate tax es is re pealed . pealed . Vol . 45, p. 875, re SEC . 810. REFU NDS . pealed . Refunds . (a) Section 319(b) of the Revenue Act of 1926 is amended to edVol. 44,p.84,amend. read as follows "(b) All claims for the - refunding of the tax imp osed by thi s o Period of limitation title alleged to have been erroneously or illegally assessed or col- lected must be presented to the Commissioner within three years next after the payment of such tax . The amount of the refund shall Restriction . not exceed the portion of the tax paid during the three years imme- diately preceding the filing of the claim, or if no claim was filed, then during the three years immediately preceding the allowance of the refund . " (b) The last sentence of section 319 (c) of the Revenue Act of 1926 Vol.44,p.85,amend. i s amended to read as follows : ed . "No such refund shall be made of any portion of the tax paid more Time restriction . than four ye ars (or, in the c ase of a tax imp osed by this tit le, more than three years) before the filing of the claim or the filing of the petition, whichever is earlier ." (c) Title III of the Revenue Act of 1924 is amended by inserting Vol.43,p. 313, ame nd- after section 318 a new section to read as follows : ed. "SEC . 3181/2 . The amount of any refund of the tax imposed by Limitatio n on ref und. Part I of this title shall not exceed the portion of the tax paid during the four years immediately preceding the filing of the claim, or if no cl aim w as fil ed, t hen d uring the f our y ears immedi ately prec eding the allowance of the refund ."