Page:United States Statutes at Large Volume 68A.djvu/381

 CH. 1—NORMAL TAXES AND SURTAXES

341

deficiency determined by the Secretary or his delegate with respect to the taxpayer as to whom the error was made or an overpayment claimed by such taxpayer, as the case may be, for the taxable year or years with respect to which an amount is ascertained under subsection (a), and as if on the date of the determination one year remained before the expiration of the periods of limitation upon assessment or filing claim for refund for such taxable year or years. If, as a result of a determination described in section 1313(a)(4), an adjustment has been made by the assessment and collection of a deficiency or the refund or credit of an overpayment, and subsequently such determination is altered or revoked, the amount of the adjustment ascertained under subsection (a) of this section shall be redetermined on the basis of such alteration or revocation and any overpayment or deficiency resulting from such redetermination shall be refunded or credited, or assessed and collected, as the case may be, as an adjustment under this part. I n the case of an adjustment resulting from an increase or decrease in a net operating loss which is carried back to the year of adjustment, interest shall not be collected or paid for any period prior to the close of the taxable year in which the net operating loss arises. (c) ADJUSTMENT UNAFFECTED BY OTHER ITEMS.—The amount to

be assessed and collected in the same manner as a deficiency, or to be refunded or credited in the same manner as an overpayment, under this part, shall not be diminished by any credit or set-off based upon any item other than the one which was the subject of the adjustment. Other than in the case of an adjustment resulting from a determination under section 1313(a)(4), the amount of the adjustment under this part, if paid, shall not be recovered by a claim or suit for refund or suit for erroneous refund based upon any item other than the one which was the subject of the adjustment. (d) PERIODS FOR W H I C H ADJUSTMENTS M A Y B E M A D E. — N o adjust-

ment shall be made under this part in respect of any taxable year beginning prior to January 1, 1932. (e) T A X E S IMPOSED BY SUBTITLE C.—This part shall not apply to any tax imposed by subtitle C (sec. 3101 and following relating to employment taxes). SEC. 1315. EFFECTIVE DATE.

(a) IN GENERAL.—This part shall apply only to determinations (as defined in section 1313(a)) made after the 90th day after the date of enactment of this title. (b) TRANSITIONAL PROVISION.—Notwithstanding any other provision of this title, section 3801 of the Internal Revenue Code of 1939 shall apply to determinations (as defined in subsection (a) of such section) made on or before such 90th day as if this title had not been enacted.

§ 1315(b)

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