Page:United States Statutes at Large Volume 68A.djvu/831

 CH. 65—ABATEMENTS, CREDITS AND REFUNDS

791

CHAPTER 65—ABATEMENTS, CREDITS, AND REFUNDS SUBCHAPTER A. Procedure in general. SUBCHAPTER B. Rules of special application.

Subchapter A—Procedure in General '- ' '

Sec. Sec. Sec. Sec. Sec. Sec. Sec.

6401. 6402. 6403. 6404. 6405. 6406. 6407.

Amounts treated as overpayments. Authority to make credits or refunds. Overpayment of installment. Abatements. Reports of refunds and credits. Prohibition of administrative review of decisions. Date of allowance of refund or credit.

SEC. 6401. AMOUNTS TREATED AS OVERPAYMENTS. (a) ASSESSMENT AND COLLECTION AFTER LIMITATION P E R I O D. —

The term "overpayment" includes that part of the amount of the payment of any internal revenue tax which is assessed or collected after the expiration of the period of limitation properly applicable thereto. (b) EXCESSIVE WITHHOLDING.—If the amount allowable as a credit under section 31 (relating to credit for tax withheld at the source under chapter 24) exceeds the taxes imposed by chapter 1 against which such credit is allowable, the amount of such excess shall be considered an overpayment. (c) RULE W H E R E N O T A X LIABILITY.—An amount paid as tax shall not be considered not to constitute an overpayment solely by reason of the fact that there was no tax liability in respect of which such amount was paid. SEC. 6402. AUTHORITY TO MAKE CREDITS OR REFUNDS. (a) GENERAL RULE. — I n the case of any overpayment, the Secre-

tary or his delegate, within the applicable period oi limitations, may credit the amount of such overpayment, including any interest allowed thereon, against any liability in respect of an internal revenue tax on the part of the person who made the overpayment and shall refund any balance to such person. (b) CREDITS AGAINST ESTIMATED T A X. — The Secretary or his delegate is authorized to prescribe regulations providing for the crediting against the estimated income tax for any taxable year of the amount determined by the taxpayer or the Secretary (or his delegate) to be an overpayment of the income tax for a preceding taxable year. SEC. 6403. OVERPAYMENT OF INSTALLMENT.

In the case of a tax payable in installments, if the taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any. If the amount already paid, whether or not on the basis of installments, exceeds §6403

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