Page:United States Statutes at Large Volume 59 Part 1.djvu/544

 [59 STAT. with respect to the taxes for taxable years prior to the taxable year in which such application is filed which are to be computed as required by paragraph (4) of subsection (d) as the result of such election. Such application shall be verified in the manner prescribed by section 63Stat. 52. 51 or section 52 in the case of a return of such taxpayer and shall be supprI, I 51,52. made in such manner and form as shall be required by regulations prescribed by the Commissioner with the approval of the Secretary, and shall set forth in such detail and with such supporting data and explanation as such regulations shall require, the recomputation of such taxes required by paragraph (4) of subsection (d) except that the tax for each taxable year to be recomputed shall be the tax for such year previously determined, ascertained in accordance with the 63 stat. 473. method prescribed in section 3801 (d). If an application under sec- iv26us.01 (d) tion 3780 (a) for tentative carry-back adjustment has been previously Ant, p. 521. filed, but such adjustment has not been previously determined, then for the purpose of subsection (j) and (k), the assessments, applica- Ante, p.52. tions, credits, and refunds provided in section 3780 (b) shall be con- sidered as having been previously made upon the basis of such applica- tion under section 3780 (a). Such recomputation of tax shall be made on the basis of the items on the basis of which the tax to be recomputed was determined. Such application shall also set forth the unpaid amount of each tax recomputed and such other informa- tion for the purpose of carrying out the provisions of subsections (j) and (k) as may be required by such regulations. An application under this subsection shall not constitute a claim for credit or refund. "(k) ALLOWANCE OF ADJrsrMENTr. -W ithin a period of ninety days Ante, p. 625. from the filing of an application under subsection (j), the Commis- sioner shall make, to the extent he deems practical in such period, a limited examination of the application for omissions and errors of computation, and shall determine the amount of the increase or decrease in each tax to which such application relates, on the basis of the application and the examination, except that the Commissioner may disallow, without further action, any application which he finds contains material omissions, or errors of computation which he deems cannot be corrected by him within such ninety-day period. Each increase shall be deemed determined as a deficiency and assessed, with- 5 Stat.S2 out regard to the restrictions on assessment in section 272. Each de- Supp. iv, 272. crease shall be applied against any unpaid amount of the tax decreased, Po, p. 67. and any remainder shall be credited against the deficiencies (and interest or additions to the tax) assessed under this subsection, and any remainder shall, within such ninety-day period, be either credited against any other income, war profits, or excess profits tax, or instal- ment thereof, 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 26 u.s. C., supp. the meaning of section 781 (b)." IV, 781 (b). Ante, p. 518 . Approved July 31, 1945. [CHAPTER 341] July 31,1945 AN ACT H.B. 37711 To provide for increasing the lending authority of the Export-Import Bank of [Publi Law ] Washington, and for other purposes. Be it enacted by the Senate and House of Representatives of the Short title. United States of America in Congress assembled, That this Act may be cited as the "Export-Import Bank Act of 1945". Bank of ahgton. SE. 2. (a) The Export-Import Bank of Washington, District of po. p.6o . Columbia, a banking corporation organized under the laws of the District of Columbia as an agency of the United States, is continued PUBLIC LAWS-CHS. 340, 341- -JULY 31,1945 526

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