Page:United States Statutes at Large Volume 52.djvu/619

 578 PUBLIC LAWS-CH. 289-MAY 28, 1938 [52 STAT. Waivers in trans- SEC. 814. WAIVERS IN TRANSFEREE CASES UNDER PRIOR REVENUE feree cases under prior ACTS. Acts. 44 Stat. 61. Claims against transferred assets; as- sessment. 45 Stat. 860; 47 Stat. 241; 48 Stat. 749; 49 Stat. 1729. 26 U. S. C., Supp. III, § 311 (b). Period of limitation, assessment ofliability. Application of sec- tion. (a) Section 280 (b) of the Revenue Act of 1926 is amended by inserting at the end thereof the following new paragraph: "(4) Where before the expiration of the time prescribed in paragraph (1) or (3) for the assessment of the liability, both the Commissioner and the transferee or fiduciary have consented in writing to its assessment after such time, the liability may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subse- quent agreements in writing made before the expiration of the period previously agreed upon." (b) Section 311 (b) of the Revenue Act of 1928, and of the Reve- nue Act of 1932, and of the Revenue Act of 1934, and of the Revenue Act of 1936, are each amended by inserting at the end thereof the following new paragraph: "(4) Where before the expiration of the time prescribed in paragraph (1), (2), or (3) for the assessment of the liability, both the Commissioner and the transferee or fiduciary have consented in writing to its assessment after such time, the lia- bility 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 period previously agreed upon." (c) The amendments made by this section to the respective Acts amended shall be effective as to each of such Acts as of the date of enactment of such Act. Compromise before SEC. 815. COMPROMISE BEFORE SUIT. suit. Section 3229 of the Revised Statutes is amended by striking out "with the advice and consent of the Secretary of the Treasury" and inserting in lieu thereof "with the approval of the Secretary of the Treasury, or of the Under Secretary of the Treasury, or of an Assistant Secretary of the Treasury". Extension of time SEC. 816. EXTENSION OF TIME FOR PAYMENT OF DEFICIENCIES deficienies. APPROVED BY COMMISSIONER. 49 Stat. 1723; 48 Stat. 742; 47 Stat. 235; 45 Stat. 854; 44 Stat. 57; 42 Stat. 266; 47 Stat. 251; 44 Stat. 76. 26U.. C. § 272(j), 471 (i), 512 (i); SIupp. 11, § 272. Income from obliga- tions and mortgages issued by joint-stock land banks. 39 Stat. 380 . 12U. .C. §931. The requirement of section 272 (j) of the Revenue Act of 1936, 1934, 1932, and 1928, section 274 (k) of the Revenue Act of 1926, as amended, section 274 (g) of the Revenue Act of 1924, section 250 (f) of the Revenue Act of 1921, section 513 (i) of the Revenue Act of 1932, and section 308 (i) of the Revenue Act of 1926, of approval by the Secretary of extension of time for payment of deficiency in income, estate, or gift tax shall not apply after thirty days after the date of the enactment of this Act, but the approval shall be by the Commissioner under regulations prescribed by the Commissioner with the approval of the Secretary. SEC. 817. INCOME FROM OBLIGATIONS AND MORTGAGES ISSUED BY JOINT-STOCK LAND BANKS. Notwithstanding the provisions of section 26 of the Federal Farm Loan Act, as amended, in the case of mortgages made or obligations issued by any joint-stock land bank after the date of the enactment of this Act, all income, except interest, derived therefrom shall be included in gross income and shall not be exempt from Federal income taxation. R. S. §3229. 26U. S. C.§ 1661.

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