Page:United States Statutes at Large Volume 49 Part 1.djvu/1775

 1730 74TH C ONGRESS. SESS. II. CH. 690 . JU NE 22, 1936 . begun against the taxpayer or last preceding transferee, respec- tively,-then the period of limitation for assessment of the liability of the transferee shall expire one year after the return of execution in the court proceeding. where fiduciary lia- (3) In the case of the liability of a fiduciary,-not later than ble. one year afte r the liab ility aris es or not later than the expi ratio n of the perio d for collection of the tax in respect of whic h such liability arises, whichever is the later. Provisions on death (C) PERIOD FOR ASSESSMEN T AGAINST TAXPAYER .- Fo r th e pu rpo se s of taxpayer or termi- nated corporation. of this section, if the taxpayer is deceased, or in the case of a corpo- ration, has terminated i ts existence, the perio d of limitation for assessment against the taxpayer shall be the period that would be in effect had death or termination of existence not occurred. Suspension of ru n- ning of sta tute of him - (d) SUSPENSION OF RUNNING OF STATUTE OF LIMIT ATIONS .-T he tations, after notice running of the statute of limitations upon the assessment of the mailed, etc' liability of a transferee or fiduciary shall, after the mailing to the Ante, p. 1721. transferee or fiduciary of the notice' provided for in section 272 (a), be suspended for the period during which the Commissioner is pro- hibited from making the assessment in respect of the liability of the transferee or fiduciary (and in any event, if a proceeding in respect of the liability is placed on the docket of the Board, until the decision of the Board becomes final), and for sixty days thereafter. Address for noti ce of li abi lity. (e) ADDRESS FOR NOT ICE OF LIABILITY .-In the absence of notice . to the Commissioner under section 312 (b) of the existence ofa fiduciary rel ationship, notic e of liability e nforceable under this sec- tion in r espect of a tax imposed by this title, if mailed to the person subject to th e liability at h is last known ad dress, shall be sufficient for the purposes of this title even if such person is deceased, or is under a legal disability, or, in the case of a corporation, has termi- nated its existence. r ansf ere e" de- fined. (f) DEFINITION OF " TRANSFEREE " .-AS used in this section, the term "tra nsfer ee" i nclud es he ir, l egate e, de visee, and dist ribut ee . Fiduciary relation- SEC. 312 . NOTICE OF FIDUCIARY RELATIONSHIP. ship. Liability of fiduciary (a) FIDUCI ARY O F TAXPAYER .- notice to the Commissioner unti l termination of . a that any person is acting in a fiduciary capacity such fiduciary shall ssume the power s, rig hts, duties , and p rivileges of the taxpayer in respec t of a tax impos ed by this title (except as othe rwise specifi- cally provid ed and except that the tax shall be collected from the estate of the taxpayer), until notice is given that the fiduciary capac- ity has terminated . Powers assumed by (b) FIDUCIARY OF TRANSFEREE.-Upon notice to the Commissioner fiduciary of transferee . 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 collected from the estate of such person), until notice is given that the fiduciary capacity has terminated. Manner of notice. (C) MANNER OF NoTICE.-Notice under subsection (a) or (b) shall be given in ac cordan ce wi th re gulati ons p rescri bed b y the Commi s- sioner with the approval of the Secretary. Overpayme nts. Sup plem ent O-O verp ayme nts Of in stallm ent. SEC. 321. OVERPAYMENT OF INSTALLMENT. Credit, if installment If the taxpayer has paid as an installment of the tax more than paym ent exc eed s c or- rect amount. the amount determined to be the correct amount of such installment. the overpayment shall be credited against the unpaid installments,