Page:United States Statutes at Large Volume 59 Part 1.djvu/540

 [59 STAT. determined by applying the carry-back in the manner provided by law to the items on the basis of which such taxes were deter- port.p .a mined. If an application under section 124 (j) for tentative adjustment of tax with respect to amortization has been pre- viously filed but such adjustment has not been previously deter- mined, then for the purposes of this section the assessments, jW,p. Ma2. applications, credits, and refunds provided for in section 124 (k) shall be considered as having previously been made upon the basis of such application under section 124 (j); "(4) the amount by which the aggregate of such decreases exceeds the aggregate of such increases; "(5) the unpaid amount of each such tax, not including any amount required to be shown under paragraph (6); "(6) the amount, with respect to each tax for the taxable year immediately preceding the taxable year of such loss or unused credit, as to which an extension of time for payment under section Ante, p. 619. 3779 is in effect; and "(7) such other information for the purposes of carrying out the provisions of this section as may be required by such reg- ulations. An application under this subsection shall not constitute a claim for credit or refund. "(b) ALLowANCE OF ADJuSTMENTrs.- Within a period of ninety days from the date on which an application for a tentative carry-back adjustment is filed under subsection (a), or from the last day of the month in which falls the last date prescribed by law (including any extension of time granted the taxpayer) for filing the return for the taxable year of the net operating loss or unused excess profits credit from which such carry-back results, whichever is the later, the Commis- sioner shall make, to the extent he deems practicable in such period, a limited examination of the application, to discover omissions and errors of computation therein, and shall determine the amount of the increase or decrease in each tax attributable to such carry-back upon the basis of the application and the examination, except that the Com- missioner may disallow, without further action, any application which he finds contains errors of computation which he deems cannot be corrected by him within such ninety-day period or material omissions. Each such increase shall be deemed determined as a deficiency and shall be assessed, without regard to the restrictions on assessment in section Stata. 82. 272. Each such decrease shall be applied against any unpaid amount 26 U. S. C. 1272; Suppi.. of the tax decreased (including any amount of such tax as to which at, p.63. an extension of time under section 3779 is in effect) and any remainder Ant, p shall be credited- "(1) against the deficiencies (and additions to the tax) assessed under this subsection, "(2) against any unsatisfied amount of any tax for the taxable year immediately preceding the taxable year of the net operating loss or unused excess profits credit the time for payment of which tax is extended under section 3779, and any remainder shall, within such ninety-day period, be either credited against any income, war profits, or excess profits tax or instalment thereof then due from the taxpayer, or refunded to the taxpayer. The application, credit or refund of a decrease determined under this subsection shall be deemed a credit or refund of an overpayment within 75 6 stat.937; 58 tat. the meaning of sections 781 (b) and 3807 (b) (1). 5U.s.C, su. "(c) ASSESSMENT OF ERRONEOUS ALLOWANCES. - If the Commis- (1)^ 1 sioner determines that the amount applied, credited or refunded under At p. 518. subsection (b) is in excess of the overassessment attributable to the carry-back with respect to which such amount was applied, credited PUBLIC LAWS--CH. 340-JULY 31, 1945 522

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