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 return under this subchapter without the application of this section. 56Stat.' 9 S except as provided in section 710 (a) (5). The benefits of this sec- 26 U. S. C., Supp. io 2, §710 (a) 6 . tion shall not be allowed unless the taxpayer within the period of 53Stat.91. time prescribed by section 322 and subject to the limitation as to Supp. 1 ,§ 322 amount of credit or refund prescribed in such section makes applica- Ante pp. 139, 140. tion therefor in accordance with regulations prescribed by the Com- missioner with the approval of the Secretary. If a constructive average base period net income has been determined under the provi- sions of this section for any taxable year, the Commissioner may, by regulations approved by the Secretary, prescribe the extent to which the limitations prescribed by this subsection may be waived for the purpose of determining the tax under this subchapter for a subsequent taxable year." Applicability. (b) The amendments made by subsection (a) shall be applicable with respect to taxable years beginning after December 31, 1939. INTEREST 26 U.St. . 22. SEC. 2. (a) DEFICIENCIES. Section 292 of the Internal Revenue Code is amended (1) by inserting immediately before the first para- graph the following: '(a) GENERAL RULE.- " and (2) by inserting at the end of such section the following: 26U.S. ., Supp. "(b) DEFICIENCY RESULTING FROM RELIEF UNDER SECTION 722. -If II, §7M. any part of a deficiency for a taxable year beginning prior to Janu- ary 1, 1942, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year, no interest shall be assessed or paid with respect to such part of the deficiency. If any part of a defi- ciency for a taxable year beginning after December 31, 1941, is determined by the Commissioner to be attributable to the final deter- mination of an application for relief or benefit under section 722 for any taxable year (excluding any portion of a deficiency of excess profits taxes constituting a deficiency by reason of deferment of tax 2^uts. c.,spp. under section 710 (a) (5), and excluding, in case the taxpayer has 1, 710(a) (5). availed itself of the benefits of section 710 (a) (5), such portion of 8tt 4. 26J; s.c. §i:l; a deficiency lnder Chapter 1 as may be determined by the Commis- Sulpp. 1i §3-l46.l sioller to exceed any refu ll d or credit of excess prlfits tax arising .a. flroml the operation of section 722). no interest slhll be assessed or paid with respect to such part of the deficiency for any period prior to one year after the filing of such application, or September 16, 1945. whichever is the later." Ante, 1p. 141 . (b) OVEIPAYMrENTS. - Section 3771 of the Internal Revenue Code is amended by inserting at the end thereof the following: 6 Stt. . sp (g) CLAIMS BASED UPON RELTEF UNDER SECTION 722.-If any I 2 ,§22. part of an overpayment for a taxable year beginning prior to January Ane, p.601 . 1, 1942, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year. no interest shall be allowed or paid with respect to such part of the overpayment. If any part of an overpayment for a taxable year beginning after December 31, 1941, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year, no interest shall be allowed or paid with respect to such part of the overpayment for any period prior to one year after the filing of such application, or September 16, 1945, whichever is the later." W Stat. 866. 26 .S. C., upp.. SEC. 3. (a) Section 162 (d) (1) (B) of the Revenue Act of 1942 1, St22,23, 165 notes. is amended to read as follows: 602 PUBLIC LAWS-CH. 346 -DEC. 17, 1943 [57 STAT.

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