354 SIXTY·EIGH'l`H CONGRESS. Sess. I. C11. 234. 1924.
- "”"* M °' ""· payment of the last installment has not yet arrived, the amount of
the allowance provided in subdivision (a) shall be prorated to the four installments. The amount so prorated to any installment, the date for payment of which has not arrived, shall be applied in reduction of such installment. The amount so prorated to any installment, the date for payment of which has arrived, shall be credited against _ the installment next fallin due after the enactment of this Act.
p¤yiii¤¤°n:l (d) If the taxpayer has been granted an extension of time for pay-
ment of the tax or any installment thereof to a date subsequent to the enactment of this Act, the amount of the allowance provided in subdivision (a) shall be applied in reduction of the amount of tax shown upon the return, or, if the tax is to be paid in installments, shall be prorated to the four installments. The amount so prorated to any installment, the date for payment of which has not arrived., shall be applied in reduction thereof. The amount so prorated to any ent, the date for payment of which has arrived, shall be the installment next falling due after the enact- Cnditonelund mz ment 0 . - ¤¤¤¤¤v¤¤¤¤· (e) Where the taxpayer at the time of the enactment of this Act has not paid in full that pgrt of the amount shown as the tax upon the return which should ve been paid on or before the time of the enactment of this Act, then 25 per centum of any amount already paid shall be applied in reduction of the amount unpaid (such unpaid amount being first reduced by 25 per centum thereof) and any teilcsesg shall be credited or refun ed as provided in section 281 of ' ct.
- “°"'“"°’·? ‘*°"°°°°" f) If the correct amount of the tax is determined to be in excess
hom vnousi as- ¤¤¤¤¤<%~=*¤¤<=¤¤{· of(the amount shown as the tax upon the return, and a deficiency has been assessed before the enactment of this Act, then 25 per centum of any amount of such deficiency which has been paid shall be applied in reduction of the amount unpaid (such unpaid amount _ being first reduced by 25 per centum thereof) and an excess shall q,,;’°{*,';°,%_,_’“'°°°‘ be credited or refunded as provided in section 281 of this Act. Any deficiency assessed after the enactment of this Act shall be reduced bydgg per centpln <;ft§heiu:;.(1r;1ou;nti)év;h1ch wtcznéld have been assessed as 0 w_a ciencyi sie no_ nenac_. ..£.Y°a“3°.l.°°t..‘5$“'Iie (g) The allowance provided m subd1v1sion (a) shall be deducted °‘°°”· from the tax or deficiency for the purpose of determining the amount opsevghich any interest, penalties or additions to the tax shall be b . y¤‘3l$'e°ii°»¢°°?¤fl•2;l`°"‘ Src. 1201. (a) Any taxpayer making return, for a period begin. ning in 1922 and ending in 1923, of the taxes imposed by Parts I and II of Title II of the evenue Act of 1921, shall be entitled to an allowance by credit or refund of 25 per centum of the same proportion of his tax for such pernod (determined under the law applicable to the calendar year_ 1923 and at the rates for such year) which the p§;·t;o?_ of sucigdperiod falling within the calendar year 1923 is of t e en ire peri . isgiii iii: gimisfligi (b) Any taxpayer making return, for a period beginnin in 1923 mt und ending in 1924, of the taxes imposed by Parts I and Igof Title II of this Act, shall be entitled to an allowance by credit or refund of 25 per centum of the same proportion of a tax for such period (determined under the law aplp 163 le to the calendar year 1923 and at_ the rates for such year) w ich the portion of such period falling momma for dm- within the calendar year 1923 is of the entire period. ,,,,;,,,,,, ending ,,, ,,2, (c) In the case of a delicienc assessed upon a taxpayer entitled
- 1**2**- to the benefits of subdivision (al, or (b) in respect of the tax for a
period beginning in 1922 and ending in 1923 or beginning in 1923 and ending in 1924, the allowance provided for in subdivisions (a) and (b) shall made in respect of such deficiency in a similar manner to that provided in subdivision (f) of section 1200.
