Page:United States Statutes at Large Volume 49 Part 1.djvu/1771

 1 726 Corporations. Exceptions. Dissolution contem- pl ated. Dissolut ion begun be- fore expiration of 18 montbs' period. Dissolution com- pl eted. Omission of amount in excess of 25 percent of gross income. Assessment in five years, after return filed. Time prescribed for filing. Corpo ratio n and sharebolder. Exceptions. False return or no return. Assessment in case of. Waiver. Collection after as- sessment. By distraint, etc.; time limit. Extension. Statute of limita- tions. Suspension of run- ning of. Ante, p. 172.5. 74 TH C ONGRESS. SESS. II. CH. 690. JUNE 22, 1936. executor, administrator, or other fiduciary representing the estate of such decedent, or by the corporation, but not after the expiration of three years after the return was filed. This subs ection shall not apply in the case of a corporation unless- (1) Such written request notifies the Commissioner that the cor- poration contemplate s dissolution at or before the expiration of such 18 months' peri od; and (2) The dissolution is .in good faith begun before the expiration of such 18 months' period; an d (3) The dissolution is completed. (C) OMISSION FROM GROSS INCOME .-If the taxpayer omits from gross income an amount properly includible therein which is in excess of 25, per centum of the amount of gross income stated in the return, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time within 5 years after the return was filed. (d) For the purposes of subsections (a), (b ), and (c), a return filed before the last day prescribed by l aw for the filing thereo f shall be considered as filed on such last day. ( e) COR PORATI ON AND SHARE FIOLDE R .-If a corporation makes no return of the tax imposed by this title, but each of the shareholders includes in his return his distributive share of the net income of the corporation, then the tax of the corporation shall be assessed within four years after the last date on which any such shareholder's return was filed. SEC. 276. SAME-EXCEPTIONS. (a) FALSE RETURN OR No RETURN .-In the case of a false or fraud- ulent return with intent to evade tax or of a failure to file a return the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time. (b) WAIV ER .- Where before the e xpira tion of the time prescr ibed in section 275 for the assessment of the tax, both the Commissioner and the taxpayer hav e consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the pe riod previously agreed upon. (C) COLL ECTION AFTER ASSESSMENT.-Where the assessment of any i ncome tax im posed by this title has been made w ithin the period of limitation properly applicable thereto, such tax may be col- lected by distraint or by a proceeding in court, but only if begun (1) within six years after the assessment of the tax, or (2) prior to the expiration of any period for collection agreed upon in writing by the Commissioner and the taxpayer before the expiration of such six-year period. The period so agreed up on may be extended by subs equent agree ments in wr iting made b efore the e xpirat ion of the period previously agreed upon. SEC. 277. SUSPENSION OF RUNNING OF STATUTE. The running of the statute of limitations provided in section 275 or 2 76 on the ma king of ass essmen ts and the beginn ing of dist raint or a proceeding in court for collection, in respect of any deficiency, shall (after the mailing of a notice under section 272 (a) ) be sus- pended for the period during which the Commissioner is prohibited from making the assessment or beginning distraint or a proceeding in court (and in any event, if a proceeding in respect of the defici- ency is placed on the docket of the Board, until the decision of the Board becomes final), and for sixty days thereafter, 0