Page:United States Statutes at Large Volume 72 Part 1.djvu/1706

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PUBLIC LAW 8 6 - 8 6 6 - 8 E P T. 2, 1958

[72 S T A T

"Notwithstanding", and by adding at the end of such section the following new subsection: "(b)

INTEREST NOT IMPOSED ON CERTAIN UNDERPAYMENTS.—If

any

portion of any tax due from the taxpayer under any provision of this title is satisfied by credit of an overpayment, then no interest shall be imposed on the portion of the tax so satisfied for any period during which, if the credit had not been made, interest would have been allowable with respect to such overpayment." (b) 26 USC 6611.

26 USC 6611.

26 USC 172.

26 USC 6601. 26 USC 83.

26 USC 6504.

INTEREST ON OVERPAYMENTS CREDITED AGAINST UNDERPAY-

MENT.—Paragraph (1) of section 6611(b) of the Internal Revenue Code of 1954 (relating to period for computation of interest on overl)ayments credited against other taxes), and paragraph (1) of section 3771 (b) of the Internal Revenue Code of 1939, are each amended to read as follows: "(1) CREDITS.—In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken." (c) TECHNICAL AMENDMENT.—Subsection (c) of section 6611 (relating to interest on overpayments) is hereby repealed. (d) EFFECTIVE DATE.—The amendments made by subsections (a), (b), and (c) shall apply only in respect of overpayments credited after December 31, 1957. (e) INTEREST ATTRIBUTABLE TO N E T OPERATING Loss CARRYBACK FOR CERTAIN TAXABLE YEARS ENDING I N 1954.—If by reason of enactment of section 172(b)(1)(A) of the Internal Revenue Code of 1954— (1) a deficiency resulted for the first taxable year preceding a taxable year ending after December 31, 1953, and before August 17, 1954, and (2) an overpayment resulted for the second preceding taxable year, no interest shall be payable with respect to any portion of such deficiency for any period during which there existed a corresponding amount of such overpayment with respect to which interest is not payable. SEC. 84. INTEREST ON UNDERPAYMENTS. (a) LIMITATION ON ASSESSMENT AND COLLECTION.—Section 6601

(re-

lating to interest on underpayments of tax) is amended by inserting after subsection (g) (added by section 83) the following new subsection: " (h) LIMITATION ON ASSESSMENT AND COLLECTION.—Interest prescribed under this section on any tax may be assessed and collected at any time during the period within which the tax to which such interest relates may be collected." (b) CROSS REFERENCE.—Section 6504 (cross references) is amended by adding at the end thereof the following: "(15) Assessment and collection of interest, see section 6601(h)." SEC. 85. FAILURE TO FILE CERTAIN INFORMATION RETURNS.

Subsection (a) of section 6652 (relating to failure to file certain information returns) is amended to read as lollows: " (a) ADDITIONAL A M O U N T. — I n case of each failure to file a statement of a payment to another person, required under authority of 26 USC 6041, section 6041 (relating to information at source), section 6042(1) (re6042, 6044, 6051. Ir.ting to payments of corporate dividends), section 6044 (relating to patronage dividends), or section 6051(d) (relating to information returns with respect to income tax withheld), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not 26 USC 6652.

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