Page:United States Statutes at Large Volume 49 Part 1.djvu/1783

 17 38 74TH CONGRESS. SESS. II. CII. 690. JUNE 22, 1936. Administrative p ro- ( 1) The taxes im posed b y subse ction (a ) shall be impo sed on the vision. net income from the sources specified therein, regardless of any loss arising from the other transactions of the taxpayer, and regard- less of whether the taxpayer had a taxable net income (under the income-tax provisions of the applicable Revenue Act) for the taxable year as a whole ; except that if such application of the tax imposed by subsection (a) is held invalid, the tax under subsection (a) shall ap ply to that por tion of the tax payer's entire net inc ome for the taxable year which is attributable to the net income from the sources speci fied in such subsection. Credit for other taxes SEC. 502. CREDIT FOR OTHER TAXES ON INCOME. on in come. There shall be credited against the total amount of the taxes im- posed by this title an amount equivalent to the excess of- (a) The amount of the other Federal income and excess-profits taxes payable by the taxpayer for the taxable year, over (b) The amount of the other Federal income and excess-profits taxes which would have been payable by the taxpayer for the tax- able year if his net income were decreased by the amount of net income taxable under this title. Admini strativ e pro- SEC. 503. ADMINISTRATIVE PROVISIONS. visions. Provisions made ap- (a) Al l provis ions of law (in cluding penalti es) app licable with plicable to this title. respect to taxes imposed by Title I of this Act, shall, insofar as not inconsistent with this title, be applicable with respect to the taxes 17 18,1719. p' 1673, 1~ss, imposed by this title, except that the provisions of sections 101, 131, 251, and 252 shall not be applicable. Excise taxes imposed (b) Every pe rson (1) upon whom a F ederal excise tax was im- but not paid; reim- bursements ; refunds, posed but not paid, or (2) who received any reimbursement speci- et Returns, filing of . fled in s ubsec tion (a) (2), or (3) who received a refund or credit of Federal excise tax, shall make a return under this title, which return shall contain such information and be made in such manner as the Commissioner, with the approval of the Secretary, shall pre- scribe. For any taxable year ended prior to the date of the enact- Time prescribed for went of this Act the return shall be filed, and the total amount of pay ment. the taxes shall be paid, not later than the fteenth day of the third month after the date of the enactment of this Act, in lieu of the time otherwise prescribed by law. Discretionary time (c) If the Commissioner finds that the payment, on the date pre- ex tensi ons. scribed for the payment thereof, of any part of the amount deter- mined by the taxpayer as the tax under this title, or of any deficiency with respect thereto, would impose undue hardship upon the tax- payer, the Commissioner may grant an extension for the payment of payment. Time prescribed for any such part for a period not in excess of three years . In such case the amount with respect to which the extension is granted shall be paid on or before the date of the expiration of the period of the extension, and the running of the statute of limitations for assess- ment and co llection shall be suspe nded fo r the pe riod of any suc h extension . If an extension is granted, the Commissioner may require Bond. the taxpayer to furnish a bond in such amount, not exceeding double the amount with respect to which the extension is granted, and with such sureties as the Commissioner deems necessary, conditioned upon the payment of the amount with respect to which the extension is interest on extension . granted in accordance with the terms of the extension. There shall be collected, as a part of any amount with respect to which an exten- sion is granted, interest thereon at the rate of 6 per centum per an num from the ex piration of six months after t he due d ate the reof to the expiration of the period of the extension.