SIXTY-EIGHTH CONGRESS. Sess. I. GH. 234. 1924. 301 and demand from the collector under subdivision (d) of section 274 ¤*¤°¤¤ MX- to the date of the notice and demand under subdivision (b) of this __ _ section. If the amount included in the notice and demand from the p,§dd`,l{f‘3L‘§,‘,{;,,,,,{l “°‘ collector under subdivision (b) of this section is not paid in full within 10 days after such notice and demand, then there shall be collected, as part of the tax, interest upon the unpaid amount at the rate of 1 per centum a month (or, in the case of estates of incompetent, deceased, or insolvent persons, at the rate of 6 per centum per agnum) from the date of such notice and demand until it is pai . _ (d) Except as provided in this section, no claim in abatement ,bI,§i‘§,u§’§{,‘€',0°1{‘,‘,§",,{§,§ shall be Bled in respect of any assessment made after the enactment hereafterof this Act in respect of any income, war-proBts, or excess—pr0Bts tax. zrnxzms uimnn muon acre. _,Q§"°“ “"°°' ""°* - Sec. 280. If after the enactment of this Act the Commissioner de- m$¤lil°¤iii51$i1i¤i$`$1a‘i3ii§ termines that any assessment should be made in respect of any in- “‘${§{f§,,m,_ ,5,,_m_ come, war-profits, or excess-proBts tax imposed b the Revenue Act wgilgtéb 1>v· 300-308: of 1916, the Revenue Act of 1917, the Revenue get of 1918, or the Vol.42;PD.221-271. Revenue Act of 1921, or by any such Act as amended, the amount which should be assessed (whether as deficiency or as interest, penalty, or other addition to the tax) shall be computed as if this Act had not been enacted, but the amount so comdputed shall be assessed, collected, and paid in the same manner an subject to the same provisions and limitations (including the provisions in case of delinquency in payment after notice and demand) as in the case of Empum the taxes imposed by this title, except as otherwise provided in sec- ramp. zéa. non 277‘ AND NDS- Credits and refunds. Sec. 281. (ag Where there has been an overpayment of any in- p¤`imi°e.$ uiiiiauig come, war-pro ts, or excess-proBts tax imposed by this Act, the Act ““$,[{{'§'Qf§,{"f§§ entitled “An Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," ap- VOL ,8 p_ M proved August 5, 1909, the Act entitled "An Act to reduce tariff v\;¤l-3¤I¤%0;wbgw4: duties and to provide revenue for the Government, and for other °‘*°"’°‘ '1 l' purposes,” approved October 3, 1913, the Revenue Act of 1916, the vol ‘ m Revenue Act of 1917, the Revenue Act of 1918, or the Revenue Act ° z' °' ' of 1921, or any such Act as amended, the amount of such overpay- ment shall be credited against any income, war-profits, or excessproiits tax or installment thereof then due from the taxpayer, and any balance of such excess shall be refunded immediately to the taxpayer. (b) Except as provided in subdivisions (c) and (e) of this sec- re¤ii·h;$»li°b°m°d in tion, (1) no such credit or refund shall be allowed or made after E‘°°*"‘°"‘· four years from the time the tax was paid, unlew before the expiration of such four years a claim therefor is Bled by the taxpayer, nor (2) shall the amount of the credit or refund exceed the portion of the tax paid during the four years immediately preceding the Bling of the claim or, if no claim was Bled, then during the four years immediately preceding the allowance of the credit or refund. Auomm www, (c) If the invested capital of a taxpayer is decreased by the Com- um as mmm capimissioner, and such decrease is due to the fact that the taxpayer by C°m` failed to take adequate deductions in previous years, with the result that there has been an overpayment of income, war—proBts, or excess-proBts taxes in any previous year or years, then the amount of such overpayment shall be credited or refunded, without the Bling of a claim therefor, notwithstanding the period of limitation provided for in subdivision (b) has expired.
