Public Law 78–346

section

Internal Revenue Code, amendments.

56 Stat. 916.

26 U. S. C., Supp. II, § 722 (d).

Ante, p. 56.

Relief under excess-profits tax.

722 (d) of the Internal Revenue Code (prescribing the time for filing applications for general relief under the excess-profits tax) is amended to read as follows:

“(d)“(d)

Application for Relief Under This Section.—

The taxpayer shall compute its tax, file its return, and pay the tax shown on its return under this subchapter without the application of this section,

56 Stat. 917.

26 U. S. C., Supp. II, § 710 (a) (5).

53 Stat. 91.

26 U. S. C. § 322; Supp. II, § 322.

Ante, pp. 139. 140.

except as provided in section 710 (a) (5). The benefits of this section shall not be allowed unless the taxpayer within the period of time prescribed by section 322 and subject to the limitation as to amount of credit or refund prescribed in such section makes application therefor in accordance with regulations prescribed by the Commissioner with the approval of the Secretary. If a constructive average base period net income has been determined under the provisions of this section for any taxable year, the Commissioner may, by regulations approved by the Secretary, prescribe the extent to which the limitations prescribed by this subsection may be waived for the purpose of determining the tax under this subchapter for a subsequent taxable year.”

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The amendments made by subsection (a) shall be applicable with respect to taxable years beginning after December 31, 1939.

Deficiencies.

Section 292 of the Internal Revenue Code is amended (1) by inserting immediately before the first paragraph the following: “(a) General Rule.—”and (2) by inserting at the end of such section the following:

“(b)“(b)

Deficiency Resulting From Relief Under Section 722.—

If any part of a deficiency for a taxable year beginning prior to January 1, 1942, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year, no interest shall be assessed or paid with respect to such part of the deficiency. If any part of a deficiency for a taxable year beginning after December 31, 1941, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year (excluding any portion of a deficiency of excess profits taxes constituting a deficiency by reason of deferment of tax

56 Stat. 917.

26 U. S. C., Supp. II, § 710 (a) (5).

53 Stat. 4.

26 U. S. C. §§ 1–396; Supp. II, §§ 3–476.

Ante, pp. 139–149, 584.

under section 710 (a) (5), and excluding, in case the taxpayer has availed itself of the benefits of section 710 (a) (5), such portion of a deficiency under Chapter 1 as may be determined by the Commissioner to exceed any refund or credit of excess profits tax arising from the operation of section 722). no interest shall be assessed or paid with respect to such part of the deficiency for any period prior to one year after the filing of such application, or September 16, 1945, whichever is the later.”

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Overpayments.—

Section 3771 of the Internal Revenue Code is amended by inserting at the end thereof the following:

“(g)“(g)

Claims Based Upon Relief Under Section 722.—

If any part of an overpayment for a taxable year beginning prior to January 1, 1942, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year, no interest shall be allowed or paid with respect to such part of the overpayment. If any part of an overpayment for a taxable year beginning after December 31, 1941, is determined by the Commissioner to be attributable to the final determination of an application for relief or benefit under section 722 for any taxable year, no interest shall be allowed or paid with respect to such part of the overpayment for any period prior to one year after the filing of such application, or September 16, 1945, whichever is the later.”

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Section 162 (d) (1) (B) of the Revenue Act of 1942 is amended to read as follows:

“(B)“(B)

such a plan shall be considered as satisfying the requirements of Section 165 (a), (3), (4), and (5) and (6)

56 Stat. 862, 863.

26 U. S. C., Supp. II, § 165 (a) (3)–(6).

for the period beginning with the beginning of the first taxable year following December 31, 1942, and ending December 31, 1944, if the provisions thereof satisfy such requirements by December 31, 1944, and if by that time such provisions are made effective for all purposes as of a date not later than January 1, 1944.”

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Section 162 (d) (2) of the Revenue Act of 1942 is amended

56 Stat. 867.

26 U. S. C., Supp. II, §§ 22, 23, 165 notes.

Plans put into effect after Sept. 1, 1942.

to read as follows:

“(2)“(2)

In the case of a stock bonus, pension, profit sharing or annuity plan put into effect after September 1, 1942, such a plan shall be considered as satisfying the requirements of section 165 (a) (3), (4), (5), and (6) for the period beginning with the date such plan is put into effect and ending December 31, 1944, if the provisions thereof satisfy such requirements by December 31,

56 Stat. 862, 863.

26 U. S. C., Supp. II, § 165 (a) (3)–(6)

1944, and if by that time such provisions are made effective for all purposes as of a date not later than the effective date of such plan or January 1, 1944, whichever is the later.”

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