Page:United States Statutes at Large Volume 68A.djvu/401

 CH. 4—PROFITS ON GOVERNMENT

CONTRACTS

361

CHAPTER 4—RULES APPLICABLE TO RECOVERY OF EXCESSIVE PROFITS ON GOVERNMENT CONTRACTS SUBCHAPTER A. Recovery of excessive profits on government contracts. SUBCHAPTER B. Mitigation of effect of renegotiation of government contracts.

Subchapter A—Recovery of Excessive Profits on Government Contracts Sec. 1471. Recovery of excessive profits on Government contracts. SEC. 1471. RECOVERY OF EXCESSIVE PROFITS ON GOVERNMENT CONTRACTS. (a) M E T H O D OF COLLECTION.—If the amount of profit required to

be paid into the Treasury under section 3 of the Act of March 27, 1934, as amended (34 U.S.C. 496), with respect to contracts completed within taxable years subject to this code is not voluntarily paid, the Secretary or his delegate shall collect the same under the methods employed to collect taxes under this subtitle. (b) LAWS APPLICABLE.—All provisions of law (including penalties)

applicable with respect to the taxes imposed by this subtitle and not inconsistent with section 3 of the Act of March 27, 1934, as amended, shall apply with respect to the assessment, collection, or payment of excess profits to the Treasury as provided by subsection (a), and to refunds by the Treasury of overpayments of excess profits into the Treasury.

§ 1471(b) 490120—54

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