Page:United States Statutes at Large Volume 59 Part 1.djvu/537

 59 STAT.] 79rH CONG. , 1ST SESS.-CH. 340 -JULY 31, 1945 (g) Section 783 of the Internal Revenue Code is amended by insert- ing at the end thereof the following new subsection: "(e) TAXABLE YEARS BEGINNING ArFTE DECEMBER 31, 1943. - The provisions of this section shall not apply to taxable years beginning after December 31, 1943." (h) Subchapter E of Chapter 2 of the Internal Revenue Code is amended by adding at the end thereof the following new section: "SEC. 784. TEN PER CENTUM CREDIT AGAINST EXCESS PROFITS TAX. "(a) ALLOWANCE.-A gainst the tax imposed by this subchapter for any taxable year beginning after December 31, 1943, there shall be allowed as a credit an amount equal to 10 per centum of such tax. "(b) SPECIAL INTEREST PROVISION. -No interest shall be allowed or paid upon any overpayment of tax resulting from the application of subsection (a) to a taxable year ending before December 31, 1945, unless, in the return made for such taxable year, the taxpayer claims a credit under such subsection." SEC. 4. EXTENSIONS OF TIME FOR PAYMENT OF TAXES BY CORPO- RATIONS EXPECTING CARRY-BACKS, AND TENTATIVE CARRY-BACK ADJUSTMENTS. (a) Chapter 37 of the Internal Revenue Code is amended by adding at the end thereof the following new sections: "SEC. 3779. EXTENSIONS OF TIME FOR PAYMENT OF TAXES BY COR- PORATIONS EXPECTING CARRY-BACKS. "(a) IN GENERAL.-If a corporation, in any taxable year ending on or after September 30, 1945, files with the collector a statement, as provided in subsection (b), with respect to an expected net operating loss carry-back or unused excess profits credit carry-back from such taxable year, the time for payment of all or part of any tax imposed by chapter 1 or 2 for the taxable year immediately preceding such taxable year shall be extended, to the extent and subject to the con- ditions and limitations hereinafter provided in this section. "(b) CONTENTS OF STATEMENT.-The statement with respect to an expected carry-back referred to in subsection (a) of this section shall be sworn to in the manner prescribed by section 52 in the case of a return and shall be filed at such time and in such manner and form as the Commissioner, with the approval of the Secretary, may by regu- lations prescribe. Such statement shall set forth that the corporation expects to have a net operating loss carry-back, as provided in section 122 (b), or an unused excess profits credit carry-back, as provided in section 710 (c) (3), from the taxable year in which such statement is made, and shall set forth, in such detail and with such supporting data and explanation as such regulations shall require- "(1) the estimated amount of the expected net operating loss or unused excess profits credit; "(2) the reasons, facts, and circumstances which cause the cor- poration to expect such net operating loss or unused excess profits credit; "(3) the amount of the reduction, attributable to the expected carry-back, in the aggregate of the taxes previously determined for all taxable years affected by the carry-back prior to the taxable year of the expected loss or unused credit; such taxes previously determined being ascertained in accordance with the method pre- scribed in section 3801 (d); and such reduction being determined by applying the expected carry-back in the manner provided by law to the items on the basis of which sueh taxes were determined 519 56 Stat. 938. 26 U. S. C., Supp. IV. § 783. 54 Stat. 975. 26U. S.C. 5§710- 752; Supp. IV, §5 718- 783. Post, p. 568. 53 Stat. 464. 26U.S.C.If3770- 3778; Supp. IV, §S 3770-3772 . Pos, pp. 523, 525, 574. 53 Stat. 27. 26U. . C. 152. 53 Stat. 867 . 26U. S.C. 122 (b); Supp. IV, § 122 (b). 66 Stat. 900. 26 U. S. C., Supp. IV, i 710 (c) (3). 53 Stat. 473. 26 U. S. C., Supp. IV, i 3801 (d).

�