in writing under the provisions of ment was executed within three in writing under the provisions of Taxable Years Beginning in 1941 which Taxable Years the Commissioner might which Taxable Years the Commissioner might make an assessment), during the make an assessment), during the six months immediately preceding six months immediately preceding the allowance of the credit or re- the allowance of the credit or refund. fund. Sec. 322. (b) (4) Return considered filed on due date.-For the purposes of this subsection, a return filed before the last day prescribed by law for the filing thereof shall be considered as filed on such last day. For the purposes of paragraphs (2) and (3) of this subsection, and for the purposes of subsection (d) of this section, an advance payment of any portion of the tax made at the time such return was filed shall be considered as made on the last day prescribed by law for the payment of the tax or, if the taxpayer elected to pay the tax in installments, on the last day prescribed for the payment of the first installment. For the purposes of this paragraph, the last day prescribed by law for filing the return or paying the tax shall be determined without regard to any extension of time granted the taxpayer. Sec. 322. (b) (5) Special period of limitation with respect to bad debts and worthless securities.-If the claim for credit or refund relates to an overpayment on account of (A) the deductibility by the taxpayer, under section 23 (k) (1), section 23 (k) (4), or section 204 (c), of a debt as a debt which became worthless, or, under section 23 (g) (2) or (k) (2), of a loss from worthlessness of a security, or Sec. 322. (b) (4) Return considered filed on due date.-For the purposes of this subsection, a return filed before the last day prescribed by law for the filing thereof shall be considered as filed on such last day. For the purposes of paragraphs (2) and (3) of this subsection, and for the purposes of subsection (d) of this section, an advance payment of any portion of the tax made at the time such return was filed shall be considered as made on the last day prescribed by law for the payment of the tax or, if the taxpayer elected to pay the tax in installments, on the last day prescribed for the payment of the first installment. For the purposes of this paragraph, the last day prescribed by law for filing the return or paying the tax shall be determined without regard to any extension of time granted the taxpayer. Sec. 322 (b) (2), I. R. C. supra, amended, and Sec. 322 (b) (3) and (4), I. R. C.. supra, added to I. R. C. by Sec. 169 (a), R. A. of 1942. Sec. 101 of said Act makes amendments applicable to taxable years beginning after Dec. 31, 1941. For Sec. 322 (b) (2), I. R. C., before amendment, see 1941 column. Sec. 322. (b) (5) Special period of limitation with respect to bad debts and worthless securities.-If the claim for credit or refund relates to an overpayment on account of (A) the deductibility by the taxpayer, under section 23 (k) (1), section 23 (k) (4), or section 204 (c), of a debt as a debt which became worthless, or, under section 23 (g) (2) or (k) (2), of a loss from worthlessness of a security, or (B) the effect that the deductibil- (B) the effect that the deductibility of a debt or loss described in ity of a debt or loss described in subparagraph (A) has on the ap- subparagraph (A) has on the application to the taxpayer of a plication to the taxpayer of a carry-over, or of a carry-back, carry-over, or of a carry-back, in lieu of the three-year period of in lieu of the three-year period of limitation prescribed in paragraph limitation prescribed in paragraph (1), the period shall be 7 years (1), the period shall be 7 years from the date prescribed by law for from the date prescribed by law for filing the return for the year with filing the return for the year with respect to which the claim is made. respect to which the claim is made. Taxable Years Sec. 322. (b) (5) Special period of limitation with respect to bad debts and worthless securities.—If the claim for credit or refund relates to an overpayment on account of (A) the deductibility by the taxpayer, under section 23 (k) (1), section 23 (k) (4), or section 204 (c), of a debt as a debt which became worthless, or, under section 23 (g) (2) or (k) (2), of a loss from worthlessness of a security, or (B) the effect that the deductibility of a debt or loss described in subparagraph (A) has on the application to the taxpayer of a carry-over, or of a carry-back, in lieu of the three-year period of limitation prescribed in paragraph (1), the period shall be 7 years from the date prescribed by law for filing the return for the year respect to which the claim is made. with Taxable Years Taxable Years Taxable Years Beginning before 1939 Sec. 322. (b) (5) Special period of limitation with respect to bad debts and worthless securities.-If the claim for credit or refund relates to an overpayment on account of (A) the deductibility by the taxpayer, under section 23 (k) (1), section 23 (k) (4), or section 204 (c), of a debt as a debt which became worthless, or, under section 23 (g) (2) or (k) (2), of a loss from worthlessness of a security, or Sec. 322. (b) (5) Special period of limitation with respect to bad (A) the deductibility by the taxpayer, under section 23 (k) (1), section 23 (k) (4), or section 204 (c), of a debt as a debt which became worthless, or, under section 23 (g) (2) or (k) (2), of a loss from worthlessness of a security, or (B) the effect that the deductibil(B) the effect that the deductibility of a debt or loss described in ity of a debt or loss described in subparagraph (A) has on the ap- subparagraph (A) has on the application to the taxpayer of aplication to the taxpayer of a carry-over, or of a carry-back, carry-over, or of a carry-back, in lieu of the three-year period of in lieu of the three-year period of limitation prescribed in paragraph limitation prescribed in paragraph (1), the period shall be 7 years from (1), the period shall be 7 years the date prescribed by law for filing from the date prescribed by the return for the year with respect law for filing the return for to which the claim is made. In the the year with respect to which Taxable Years In the case of such a claim, the amount of the credit or refund may exceed the portion of the tax paid within the period provided in paragraph (2) or paragraph (3), whichever is applicable, to the extent of the amount of the overpayment attributable to the deductibility of items described in this paragraph. Sec. 322 (b), I. R. C., supra, amended by Sec. 169 (a), R. A. of 1942, by adding par. (5), supra. Sec. 169 (c) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1938. Sec. 322. (c) Effect of petition In the case of such a claim, the In the case of such a claim, the amount of the credit or refund may amount of the credit or refund may exceed the portion of the tax paid exceed the portion of the tax paid within the period provided in para- within the period provided in paragraph (2) or paragraph (3), which- graph (2) or paragraph (3), whickever is applicable, to the extent of ever is applicable, to the extent of the amount of the overpayment at- the amount of the overpayment attributable to the deductibility of tributable to the deductibility of items described in this paragraph. items described in this paragraph. Sec. 322. (c) Effect of petition to Board. If the Commissioner to Board.-If the Commissioner to Board.-If the Commissioner has mailed to the taxpayer a notice of deficiency under section 272 (a) and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in such subsection, no credit or refund in respect of the tax for the taxable year in respect of which the Commissioner has determined the deficiency shall be allowed or made and no suit by the taxpayer for the recovery of any part of such tax shall be instituted in any court except Sec. 322. (c) (1) As to overpayments determined by a decision of the Board which has become final; and has mailed to the taxpayer a no- Sec. 322. (c) (1) As to overpayments determined by a decision of the Board which has become final; and Sec. 322. (c) (2) As to any Sec. 322. (c) (2) As to any amount collected in excess of an amount collected in excess of an amount computed in accordance amount computed in accordance with the decision of the Board with the decision of the Board which has become final; and which has become final; and Sec. 322. (c) (3) As to any amount collected after the period of limitation upon the beginning of distraint or a proceeding in court for collection has expired; but in any such claim for credit or refund or in any such suit for refund the decision of the Board which has become final, as to whether such period has expired before the notice of deficiency was mailed, shall be Sec. 322. (c) (3) As to any amount collected after the period of limitation upon the beginning of distraint or a proceeding in court for collection has expired; but in any such claim for credit or refund or in any such suit for refund the decision of the Board which has become final, as to whether such period has expired before the notice of deficiency was mailed, shall be conclusive. has mailed to the taxpayer a notice of deficiency under section 272 (a) and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in such subsection, no credit or refund in respect of the tax for the taxable year in respect of which the Commissioner has determined the deficiency shall be allowed or made and no suit by the taxpayer for the recovery of any part of such tax shall be instituted in any court except— Sec. 322. (c) (1) As to overpayments determined by a decision of the Board which has become final; and Sec. 322. (c) (2) As to any amount collected in excess of an amount computed in accordance with the decision of the Board which has become final; and Sec. 322. (c) (3) As to any amount collected after the period of limitation upon the beginning of distraint or a proceeding in court for collection has expired; but in any such claim for credit or refund or in any such suit for refund the decision of the Board which has become final, as to whether such period has expired before the notice of deficiency was mailed, shall be conclusive. conclusive. Sec. 322. (d) Overpayment Sec. 322. (d) Overpayment found by Board. If the Board found by Board. If the Board finds that there is no deficiency and finds that there is no deficiency and further finds that the taxpayer has further finds that the taxpayer has made an overpayment of tax in re- made an overpayment of tax in respect of the taxable year in respect spect of the taxable year in respect of which the Commissioner deter- of which the Commissioner determined the deficiency, the Board mined the deficiency, the Board mined the deficiency, the Board Sec. 322. (d) Overpayment found by Board. If the Board finds that there is no deficiency and further finds that the taxpayer has made an overpayment of tax in respect of the taxable year in respect of which the Commissioner deter |