Page:United States Statutes at Large Volume 72 Part 1.djvu/1691

 72 S T A T. ]

PUBLIC LAW 85-866-SEPT. 2, 1958

1649

SEC. 63. REVOCATION OF ELECTION PERMITTING CERTAIN PROPRIETORSHIPS AND PARTNERSHIPS TO BE TAXED AS CORPORATIONS. (a) REVOCATION OF ELECTION. — I f —

(1) a statement of an election to be taxed as a domestic corporation is heretofore or hereafter filed with respect to any unincorporated business enterprise under section 1361 of the In26 USC 1361. ternal Revenue Code of 1954, and (2) such filing is in accordance with regulations prescribed by the Secretary of the Treasury or his delegate, then such statement of election shall be treated as a valid election; but such election may be revoked (in accordance with regulations prescribed by the Secretary of the Treasury or his delegate) after the date of the enactment of this section and on or before the last day of the third month following the month in which regulations prescribed under such section 1361 are published in the Federal Register. (b) TOLLING OF STATUTE or LIMITATIONS.—In the case of any election referred to in subsection (a) with respect to any unincorporated business enterprise— (1) The statutory period for the assessment of any deficiency against any taxpayer for any taxable year, to the extent such deficiency is attributable to such enterprise and to the period to which such election applies (or would apply but for a revocation under subsection (a)), shall not expire before the expiration date specified in subsection (c); and such deficiency may be assessed at any time on or before such expiration date, notwithstanding any law or rule of law which would otherwise prevent such assessment. (2) If credit or refund of the amount of any overpayment is prevented, at any time on or before the expiration date specified in subsection (c), by the operation of any law or rule of law (other than chapter 74 of the Internal Revenue Code of 1954, 26 U S C 7121relating to closing agreements and compromises), credit or re- 7123. fund of such overpayment may, nevertheless, be allowed or made, to the extent such overpayment is attributable to such enterprise and to the period referred to in paragraph (1), if claim therefor is filed on or before the expiration date specified in subsection (c). (c) EXPIRATION DATE DEFINED.—For purposes of subsection (b), the term "expiration date" means that day which is one year after whichever of the following days is the earlier: (1) The last day of the third month following the month in P u b l i c atloo in which regulations prescribed under section 1361 of the Internal FR. Revenue Code of 1954 are published in the Federal Register; or (2) if the election is revoked under subsection (a), the day on which such revocation is filed with the Secretary of the Treasury or his delegate. (d) EXCEPTION.—This section shall not apply to any statement of election filed with respect to any unincorporated business enterprise under section 1361 of the Internal Revenue Code of 1954, if, before the date of the enactment of this Act, such statement of election has been withdrawn with the permission of the Secretary of the Treasury or his delegate.

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