Page:United States Statutes at Large Volume 53 Part 1.djvu/168

 156 CODIFICATION OF INTERNAL REVENUE LAWS graph (1),-then within one year after return of execution in such proceeding. (c) PERIOD FOR ASSESSMENT AGAINST DONOR. - For the purposes of this section, if the donor is deceased, the period of limitation for assessment against the donor shall be the period that would be in effect had the death not occurred. (d) SUSPENSION OF RUNNING OF STATUTE OF LIMITATIONS.- The running of the statute of limitations upon the assessment of the liability of a transferee or fiduciary shall, after the mailing of the notice under section 1012 (a) to the transferee or fiduciary, 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 60 days thereafter. (e) PROHIBITION OF SuTS TO RESTRAIN ENFORCEMENT OF LIABILITY OF TRANSFEREE OR FIDUCIARY. -NO suit shall be maintained in any court for the purpose of restraining the assessment or collection of (1) the amount of the liability, at law or in equity, of a transferee of property of a donor in respect of any gift tax, or (2) the amount of the liability of a fiduciary under section 3467 of the Revised Statutes (U. S. C., Title 31, § 192) in respect of any such tax. (f) DEFINITION OF "TRANSFEREE".- As used in this section the term "transferee' includes donee, heir, legatee, devisee, and dis- tributee. (g) ADDRESS FOR NOTICE OF LIABIITY. - In the absence of notice to the Commissioner under section 1026 (b) of the existence of a fiduciary relationship, notice of liability enforceable under this section in respect of a tax imposed by this chapter, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purposes of this chapter even if such person is deceased, or is under a legal disability, or, in the case of a corpora- tion, has terminated its existence. SEC. 1026. NOTICE OF FIDUCIARY RELATIONSHIP. (a) FIDUCIARY OF DONOR. -Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assume the powers, rights, duties, and privileges of the donor in respect of a tax imposed by this chapter (except as otherwise specifi- cally provided and except that the tax shall be collected from the estate of the donor), until notice is given that the fiduciary capacity has terminated. (b) FIDUCIARY OF TRANSFEREE.- Upon notice to the Commis- sioner that any person is acting in a fiduciary capacity for a person subject to the liability specified in section 1025, the fiduciary shall assume, on behalf of such person, the powers, rights, duties, and privileges of such person under such section (except that the lia- bility shall be collected from the estate of such person), until notice is given that the fiduciary capacity has terminated. (c) MANNER OF NOTICE.- Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Com- missioner with the approval of the Secretary. SEC. 1027. REFUNDS AND CREDITS. (a) ArrrHoRzATIoN.- Where there has been an overpayment of any tax imposed by this chapter, the amount of such overpayment shall be credited against any gift tax then due from the taxpayer, and any balance shall be refunded immediately to the taxpayer. (b) LIMITATION ON ALLOWANCE. - (1) PERIOD OF LIMITATION.-No such credit or refund shall be allowed or made after three years from the time the tax was paid, unless before the expiration of such period a claim therefor is filed by the taxpayer.

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