Page:United States Statutes at Large Volume 63 Part 1.djvu/706

 PUBLIC LAWS--CH. 517-AUG. 27, 1949 53 Stat. 27, 63; 57 Stat. 138. 26 .S. c. i§51(d), 145 (c), 1630. Applicability of amendments. 63 Stat. 65. 26U.S.C. §148(f). 57 Stat. 138. 26U. S. C. §§1626(c), 1631. 63 Stat. 399. 26 . .c .C. 3310. 53 Stat. 175, 189, 205, 264, 421, 426, 288, 409; 54 Stat. 522; 55 Stat. 718. 26 U. . c. §C1400- 1632, 1650-1659, 1700 - 1724, 1800 -1859, 2400- 2411, 2470-2483, 3460- 3475, 3490-3508 , 2700- 2713, 3400-3415; Supp. II, § 1400e( seq. Ante, p. 30; supra. 40 Stat. 291. 53 Slat. 442. 26U.S. . §§ 3640- 3646. (b) Sections 51 (d), 145 (c), and 1630 of such code are hereby repealed. (c) The amendments made by this section shall be applicable with respect to any return, statement, or document filed after the date of the enactment of this Act. SEC. 5 . REPORTS OF COMPENSATION. Section 148 (f) of the Internal Revenue Code (relating to reports of compensation of corporate officers and employees exceeding $75,000) is hereby repealed. SEC. 6 . FAILURE TO FILE RETURN OR PAY TAX. Section 1626 (c) of the Internal Revenue Code is hereby repealed, and section 1631 of such code is hereby amended to read as follows: "SEC. 1631. FAILURE OF EMPLOYER TO FILE RETURN OR PAY TAX. "In case of a failure to make and file any return, or a failure to pay any tax, required by this chapter, or both, within the time pre- scribed by law or prescribed by the Commissioner in pursuance of law, unless it is shown that such failure is due to reasonable cause and not due to willful neglect, the addition to the tax shall not be less than $5." SEC. 7. RETURNS AND PAYMENT OF EXCISE TAXES. (a) Section 3310 of the Internal Revenue Code (relating to returns and payment of tax) is hereby amended by adding at the end thereof the following new subsection: "(f) DISCRETION ALLOWED COMMISSIONER.- "(1) RETURNS AND PAYMENT OF TAX.- Notwithstanding any other provision of law relating to the filing of returns or payment of any tax imposed by chapter 9, 9A, 10, 12, 19, 21, 30, 32. sub- chapter A of chapter 25, or subchapter A of chapter 29, the Com- missioner may by regulations approved by the Secretary prescribe the period for which the return for such tax shall be filed, the time for the filing of such return, the time for the payment of such tax, and the number of copies of the return required to be filed. "(2) USE OF GOVERNMENT DEPOSITARIES.- The Secretary may authorize Federal Reserve banks, and incorporated banks or trust companies which are depositaries or financial agents of the United States, to receive any tax imposed by this title, in such manner, at such times, and under such conditions as he may prescribe; and he shall prescribe the manner, times, and conditions under which the receipt of such tax by such banks and trust companies is to be treated as payment of such tax to the collector." (b) Section 8 of the Second Liberty Bond Act, as amended (31 U. S . C ., sec. 771), is hereby amended by striking out "income and excess profits taxes" and inserting in lieu thereof "internal revenue taxes". SEC. 8 . DELEGATION OF ASSESSMENT AUTHORITY. Chapter 35 of the Internal Revenue Code is hereby amended by adding at the end thereof the following new section: "SEC. 3647. DELEGATION OF ASSESSMENT AUTHORITY. "The Commissioner, under regulations approved by the Secretary, is authorized to delegate to any officer or employee of the Bureau of 668 [63 STAT.

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