Page:United States Statutes at Large Volume 58 Part 1.djvu/79

 "(f) RIGHTS AND LIABILITIES OF SUCCESSORS OF TAXPAYER. -Subject to, and to the extent provided in, regulations prescribed by the Secre- tary, a successor of the taxpayer sniall succeed to all the rights and liabilities of the taxpayer under this part. "(g) DEFINITION OF 'SUCCESSOR'. - For the purposes of this part the term 'successor' means such person or persons who succeed, either directly or through one or more other persons, to ownership of prop- erty of the taxpayer, as the Secretary may by regulations prescribe." (e) EFFECT OF REFUNDS. -Section 781 (b) (relating to effect of stat- . u7p. refunds) is amended to read as follows: m, §781 (b). "(b) 'EFFECT OF REFUNDS.- In the case of an overpayment of the tax imposed by this subchapter for any taxable year for which a credit is provided in section 780 (a), the credit, if any, provided in 6 stat. 936. such section for such taxable year existing in favor of the taxpayer mi, §7s (a). shall be reduced by an amount equal to 10 per centum of the excess Ane, p.58 of the tax imposed by this subchapter on the basis of which such tax (in respect of which the internal revenue refund or credit is made) was previously computed and paid, over the tax imposed by this subchapter as determined in connection with the determination of the amount of the overpayment. In such a case, if such credit pro- vided in section 780 (a) for such taxable year is less than the amount by which it is required to be reduced, or if there is no such credit then existing in favor of the taxpayer, the excess of such amount over the amount of such credit, if any, shall constitute a charge against the taxpayer to be applied in reduction of the amount of the bonds previously issued to the taxpayer'under section 780 (b) with s6Stat. p. respect to such taxable year. If the bonds issued with respect to in, 70o(b). such taxable year are not made available for the purpose of such reduction or the amount of such bonds so made available is less than the amount of such charge, such charge or the excess of such charge over the amount of such bonds so made available, as the case may be, shall be applied at the time of the credit or refund (or as of the time of the maturity of bonds issued with respect to such taxable year, if that time is earlier) in reduction of the amount of the credit or refund of the overpayment of the tax." (f) LIMITATION ON POST-WAR CRETrr. - Section 781 (d) (relating 5 6 sUat. 8spp. to the limitation on the post-war credit or refund of excess profits I, §78 (dD. tax) is amended to read as follows: "(d) LIMITATION. - "(1) GENERAL RULE.-T he credit under section 780 (a) for any 6 stat. 6 . taxable year shall not be greater than the excess of the amount III, 780 (a). of the tax paid under this subchapter to the United States (and A nt, P.6 not credited or refunded under the internal revenue laws) in respect of such year over the amount of tax which would be pay- able to the United States if the excess profits tax rate were 851/2 M a M. per centum, or, if the limitation of section 710 (a) (1) (B) is 26 U. S. C, Sup applicable, if the amount determined under such section were iA 71. 8a) reduced by 10 per centum. " (2) SPECIAL RULE IN CASE OF FISCAL YEARS BEGINNING IN 1941 AND ENDING AFTER JUNE 30, 1942. -In the case of a taxable year beginning in 1941 and ending after June 30, 1942, the credit under section 780 (a) for such taxable year shall not be greater than 26 U.s. o:, uBpp. the excess of the tax paid under this subchapter to the United m, 80 (^). States for such taxable year (and not credited or refunded under 5 the internal revenue laws) over the amount of tax which would be payable to the United States under this subchapter if the portion of the tentative tax determined under section 710 (a) (3) (B) Ate*. P were reduced by 10 per centum. 59 58 STAT.] 78TH CONG. , 2D SESS.-CH. 63 -FEB. 25, 1944

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