Page:United States Statutes at Large Volume 49 Part 1.djvu/1776

 74T H C ONGRESS. SESS. II. CH. 690 . JUNE 22, 1936 . 1731 if any. If the amount already paid, whether or not on the basis Credit or refund for of installments, exceeds the amount determined to be the correct amount already paid. amount of the tax, the overpayment shall be credited or refunded as provided in section 322. SEC. 322. R EFUN DS AND CR EDITS. Refunds and credits . (a) AUTHORIZATION :-Where there has be en an overpayment of t hemet agai nst tax any tax imposed by this title, the amount of such overpayment shall be credited against any income, war-profits, or excess-profits tax or installment thereof then due from the taxpayer, and any balance Refund of balance . sha ll be ref unded imm ediately to the ta xpayer. (b) LIMITATION ON ALLOWANCE .- Limitation on allow- (1) PERIOD OF LIMLIMITATION .-Unless a Claim for credit or refund an Yeriodofd is filed by the taxpayer within three years from the time the return was filed by the taxpayer or within two years from the time the tax was paid, no credit or refund shall be allowed or made after the expiration of whichever of such periods expires the later. If no return is filed by the taxpayer, then no credit or refund shall be allowed or made a fter two years from the time the tax was paid, unles s before the expi ration o f such p eriod a claim th erefor is filed by the taxpayer. (2) LIMIT ON AMOUNT OF CRE DIT OR REFUND. -Th e amount Of Creditor refund lim- it ed. 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 claim was filed, then during the three years imme- diately preceding the allowance of the credit or refund. (c) EFFECT OF PETITION To BOARD .-If the Commissioner has Petition to Board of mailed to the taxpayer a notice of deficiency under section 272 (a) TAnt ,p. 17il effect cf ' and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in such subsection, no credit or refund in respect of the tax for the taxable year in respect of which the Com- missioner has determined the deficiency shall be allowed or made and no suit by the taxpayer for the recovery of any part of such tax shall be instituted in any court except- Exceptions. (1) As to overpayments determined by a decision of the Board overpayments. which has become final ; and (2) As to any amount collected in excess of an amount com- Excess collections. puted in accordance with the decision of the Board which has become final ; and (3) As to any am ount coll ected aft er the pe riod of l imitation Collecti ons after pe- upon the beginning of distraint or a proceeding in court for Col _ nod of limitations. lection has expired ; but in any such claim for credit or refund or in any such suit for refund the decision of the Board which has become final, as to whether such period has expired before the notice of deficiency was mailed, shall be conclusive. (d) OVERPAYMENT FOUND BY B OAR D .-If the B oard finds that b OBoarayment found 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 wh ich the Comm issi oner det ermi ned the defi cien cy, the Boar d sh all 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 refund Cred it or refu nd. 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 filing of the claim or the filing of the petition, whichever is earlier. (e) TAX WW~ITIIHELD AT So uRCE .-For re fund or c redit in case of s ourc e, w ithh eld at excessive withholding at the source, see section 143 (f). Ante, p. 1702.