Page:United States Statutes at Large Volume 48 Part 1.djvu/777

 73d C ONGRESS. SESS. II. CH. 277. MAY 10, 1934 . made and no suit by t he ta xpayer for the r ecover y of any part of such tax shall be instituted in any court except- (1) As to overpayments determined by a decision of the Board which has become final ; and (2) As to any amount collected in excess of an amount com- puted in accordance with the decision of the Board which has become final ; and (3) As to any amount collected after the period of limitation upon the beginning of distraint or a proceeding in court for col. lection has expired ; but in any such claim for credit or refund or in any such suit for refun d the decis ion o f the Board whic h has become final, as to whether such period has expired before the notice of deficiency was mailed, shall be conclusive. f(d) OVERPAYMENT FOUND BY BOARD .- If the B oard fin ds t hat 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 which the Commissioner determined the deficiency, the Board shall have jurisdiction to determine the amount of such overpayment, and such amount shall, when the decision of the Board has become final, be credited or refunded to the taxpayer. No such credit or ref und shall be made of any portion of the tax unless the Board determines as part of its decision that it was paid within three years before the ilini of the claim or the filing of the petition, whichever is earlier. (e TAx WITHHELD AT SOURCE .-For refund or credit in case of excessive withholding at the source, see section 143(f) . TITLE IA-ADDITIONAL INCOME TAXES SEC. 351 . SURTAX ON PERSONAL HOLDING COMPANIES . (a) IMPOSITION OF TAx.-There shall be le vied, colle cted, and paid, for e ach t axable year, upon the undis tribu ted ad juste d net income of every personal holding company a surtax equal to the sum of the following (1) 30 per centum of the amount thereof not in excess of $100 ,000 ; plu s (2) 40 per centum of the amount thereof in excess of $100,000 . (b) D EFINITIONs . -A s us ed in this title- (1) The term "p ersonal ho lding compa n " means any cor- poration (other than a corporation exempt from taxation under section 101, and other than a bank or trust company incorporated under the laws of the United States or of any State or Territory, a substantial part of whose business is the receipt of deposits, and other th an a life-insurance company or surety company) if-(A) at least 80 per centum of its gross income for the taxable year is derived from royalties, dividends, interest, annuities, and (except in the case of regular dealers in stock or securities) gains from the sale of stock or securities, and (B) at any time during the last hal f of the taxable year mo re than 5 0 per ce ntum in value of its outstanding stock is owned, directly or indirectly, by or for not more than five individuals . For the purpose of determining the owne rship of stock in a personal holding company-(C) stock owned, directly or indirectly, by a corporation, partnership, estate, or trust shall be considered as being owned proportionately by its shareholders, partners, or beneficiaries ; (D) an individual shall be c onsidere d as own ing, to the excl usion of any othe r indivi dual, the stock owned, directly or indirectly, by his family, and this rule shall be applied in such manner as to produce the smallest pos sible numbe r of indiv iduals owni ng, d irectl y or indir ectly, Collectio ns after pe- riod of limita tions. Overpayment found by Board. Credit or refund. Tax withheld at source . ADDITIONAL IN- COME TAXES. Surtax on personal holding companies. Rates imposed. Definitions. "P ersonal hold ing company". I ndivid ual . 751 INCOME TAX. OVERPAY MENTS-Contd. Except ions. Overpayments. Excess collections. De termining st ock ownership.