Taxable Years
Beginning in 1943

(a) shall apply to that portion of the taxpayer's entire net income for the taxable year which is attributable to the net income from the sources specified in such subsection.

(a) shall apply to that portion of (a) shall apply to that portion of
the taxpayer's entire net income the taxpayer's entire net income
for the taxable year which is at- for the taxable year which is at-
tributable to the net income from tributable to the net income from
the sources specified in such subsec- the sources specified in such subsec-
tion.
tion.

Sec. 701. Credit for other taxes on income.

Sec. 701. Credit for other taxes on income.

Sec. 701. Credit for other taxes on income. There shall be credited against There shall be credited against There shall be credited against the total amount of the taxes im- the total amount of the taxes im- the total amount of the taxes imposed by this subchapter an posed by this subchapter an posed by this subchapter an amount equivalent to the excess amount equivalent to the excess amount equivalent to the excess ofofof

Sec. 701. (a) The amount of the Sec. 701. (a) The amount of the Sec. 701. (a) The amount of the other Federal income and excess- other Federal income and excess- other Federal income and excessprofits taxes payable by the tax-profits taxes payable by the tax-profits taxes payable by the taxpayer for the taxable year, over payer for the taxable year, over payer for the taxable year, over Sec. 701. (b) The amount of the Sec. 701. (b) The amount of the Sec. 701. (b) The amount of the other Federal income and excess- other Federal income and excess- other Federal income and excessprofits taxes which would have profits taxes which would have profits taxes which would have been payable by the taxpayer for been payable by the taxpayer for been payable by the taxpayer for the taxable year if his net income the taxable year if his net income the taxable year if his net income were decreased by the amount of were decreased by the amount of were decreased by the amount of net income taxable under this sub- net income taxable under this sub- net income taxable under this subchapter. chapter. chapter.

Sec. 702. Administrative provisions.

Sec. 702. Administrative provisions.

Sec. 702. (a) All provisions of

Sec. 702. Administrative provisions.

Sec. 702. (a) All provisions of Sec. 702. (a) All provisions of law (including penalties) appli- law (including penalties) appli- law (including penalties) applicable with respect to taxes imposed cable with respect to taxes imposed cable with respect to taxes imposed by chapter 1, shall, insofar as not by chapter 1, shall, insofar as not by chapter 1, shall, insofar as not inconsistent with this subchapter, inconsistent with this subchapter, inconsistent with this subchapter, be applicable with respect to the be applicable with respect to the taxes imposed by this subchapter, except that the provisions of sections 101, 131, 251, and 252 shall not be applicable.

be applicable with respect to the taxes imposed by this subchapter, except that the provisions of sections 101, 131, 251, and 252 shall not be applicable.

taxes imposed by this subchapter, except that the provisions of sections 101, 131, 251, and 252 shall not be applicable.

Sec. 702. (b) Every person (1) upon whom a Federal excise tax was imposed but not paid, or (2) who received any reimbursement specified in section 700 (a) (2), or (3) who received a refund or credit of Federal excise tax, shall make which return shall contain such information and be made in such manner as the Commissioner, with the approval of the Secretary, shall prescribe.

Sec. 702. (b) Every person (1) Sec. 702. (b) Every person (1) upon whom a Federal excise tax upon whom a Federal excise tax was imposed but not paid, or (2) was imposed but not paid, or (2) who received any reimbursement who received any reimbursement specified in section 700 (a) (2), or specified in section 700 (a) (2), or (3) who received a refund or credit (3) who received a refund or credit of Federal excise tax, shall make of Federal excise tax, shall make a return under this subchapter, a return under this subchapter, a return under this subchapter, which return shall contain such information and be made in such manner as the Commissioner, with the approval of the Secretary, shall prescribe.

which return shall contain such in-
formation and be made in such
manner as the Commissioner, with
the approval of the Secretary, shall
prescribe.

Sec. 702. (c) If the Commis- Sec. 702. (c) If the Commis- Sec. 702. (c) If the Commissioner finds that the payment, on sioner finds that the payment, on sioner finds that the payment, on the date prescribed for the pay- the date prescribed for the pay- the date prescribed for the payment thereof, of any part of the ment thereof, of any part of the ment thereof, of any part of the amount determined by the tax- amount determined by the tax- amount determined by the taxpayer as the tax under this sub- payer as the tax under this sub- payer as the tax under this subchapter, or of any deficiency with chapter, or of any deficiency with chapter, or of any deficiency with respect thereto, would impose un-respect thereto, would impose un- respect thereto, would impose undue hardship upon the taxpayer, due hardship upon the taxpayer, due hardship upon the taxpayer,

Taxable Years
Beginning in 1940

(a) shall apply to that portion of the taxpayer's entire net income for the taxable year which is attributable to the net income from the sources specified in such subsection.

Sec. 701. Credit for other taxes on income.

Taxable Years
Beginning in 1939

(a) shall apply to that portion of
the taxpayer's entire net income
for the taxable year which is at-
tributable to the net income from
the sources specified in such subsec-
tion.

Sec. 701. Credit for other taxes on income.

There shall be credited against There shall be credited against the total amount of the taxes im- the total amount of the taxes imposed by this subchapter an posed by this subchapter an amount equivalent to the excess amount equivalent to the excess of

Sec. 701. (a) The amount of the other Federal income and excessprofits taxes payable by the taxpayer for the taxable year, over

of

Sec. 701. (a) The amount of the other Federal income and excessprofits taxes payable by the taxpayer for the taxable year, over

Sec. 701. (b) The amount of the other Federal income and excess

Sec. 701. (b) The amount of the other Federal income and excessprofits taxes which would have profits taxes which would have been payable by the taxpayer for the taxable year if his net income were decreased by the amount of net income taxable under this subchapter.

Sec. 702. Administrative provisions.

been payable by the taxpayer for
the taxable year if his net income
were decreased by the amount of
net income taxable under this sub-
chapter.

Sec. 702. Administrative provisions.

Sec. 702. (a) All provisions of Sec. 702. (a) All provisions of law (including penalties) appli- law (including penalties) applicable with respect to taxes imposed cable with respect to taxes imposed by chapter 1, shall, insofar as not by chapter 1, shall, insofar as not inconsistent with this subchapter, inconsistent with this subchapter, be be applicable with respect to the taxes imposed by this subchapter, except that the provisions of sections 101, 131, 251, and 252 shall not be applicable.

applicable with respect to the taxes
imposed by this subchapter, except
that the provisions of sections 101,
131, 251, and 252 shall not be ap-
plicable.

Sec. 702. (b) Every person (1) Sec. 702. (b) Every person (1) upon whom a Federal excise tax upon whom a Federal excise tax was was imposed but not paid, or (2) imposed but not paid, or (2) who who received any reimbursement received any reimbursement specispecified in section 700 (a) (2), or fied in section 700 (a) (2), or (3) (3) who received a refund or credit who received a refund or credit of of Federal excise tax, shall make Federal excise tax, shall make a rea return under this subchapter, turn under this subchapter, which which return shall contain such in- return shall contain such informaformation and be made in such tion and be made in such manner manner as the Commissioner, with as the Commissioner, with the the approval of the Secretary, shall approval of the Secretary, shall prescribe. prescribe.

Sec. 702. (c) If the Commis- Sec. 702. (c) If the Commissioner finds that the payment, on sioner finds that the payment, on the date prescribed for the pay- the date prescribed for the payment thereof, of any part of the ment thereof, of any part of the amount determined by the tax- amount determined by the taxpayer as the tax under this sub- payer as the tax under this subchapter, or of any deficiency with chapter, or of any deficiency with respect thereto, would impose un- respect thereto, would impose undue hardship upon the taxpayer, due hardship upon the taxpayer,

Taxable Years

Beginning before 1939

the Commissioner may grant an extension for the payment of any such part for a period not in excess of three years. In such case the amount with respect to which the extension is granted shall be paid on or before the date of the expiration of the period of the extension, and the running of the statute of limitations for assessment and collection shall be suspended for the period of any such extension. If an extension is granted, the Commissioner may require the taxpayer to furnish a bond in such amount, not exceed ing double the amount with respect to which the extension is granted, and with such sureties as the Commissioner deems necessary, conditioned upon the payment of the amount with respect to which the extension is granted in accordance with the terms of the extension. There shall be collected, as a part of any amount with respect to which an extension is granted, interest thereon at the rate of 6 per centum per annum from the expiration of six months after the due date thereof to the expiration of the period of the extension.

the Commissioner may grant an the Commissioner may grant an
extension for the payment of any extension for the payment of any
such part for a period not in ex- such part for a period not in ex-
cess of three years. In such case cess of three years. In such case
the amount with respect to which the amount with respect to which
the extension is granted shall be the extension is granted shall be
paid on or before the date of the paid on or before the date of the
expiration of the period of the expiration of the period of the
extension, and the running of the extension, and the running of the
statute of limitations for assess- statute of limitations for assess-
ment and collection shall be sus- ment and collection shall be sus-
pended for the period of any such pended for the period of any such
extension. If an extension is extension. If an extension is
granted, the Commissioner may re- granted, the Commissioner may re-
quire the taxpayer to furnish a quire the taxpayer to furnish a
bond in such amount, not exceed- bond in such amount, not exceed-
ing double the amount with re- ing double the amount with re-
spect to which the extension is spect to which the extension is
granted, and with such sureties as granted, and with such sureties as
the Commissioner deems necessary, the Commissioner deems neces-
conditioned upon the payment of sary, conditioned upon the pay-
the amount with respect to which ment of the amount with respect
the extension is granted in accord- to which the extension is granted
ance with the terms of the exten- in accordance with the terms of
sion. There shall be collected, as the extension. There shall be col-
a part of any amount with respect lected, as a part of any amount
to which an extension is granted,
interest thereon at the rate of 6 per
centum per annum from the expira-
tion of six months after the due
date thereof to the expiration of
the period of the extension.

Sec. 703. Taxable years to which subchapter is applicable.

The taxes imposed by this subchapter shall apply only with respect to taxable years ending during the calendar year 1939 and to subsequent taxable years.

Sec. 704. Application of subchapter to possessions.

with respect to which an extension
is granted, interest thereon at the
rate of 6 per centum per annum
from the expiration of six months
after the due date thereof to the
expiration of the period of the
extension.

Sec. 703. Taxable years to which
subchapter is applicable.

The taxes imposed by this subchapter shall apply only with respect to taxable years ending during the calendar year 1939 and to subsequent taxable years.

Sec. 704. Application of subchapter to possessions.

With respect to the following With respect to the following income, the tax under this sub- income, the tax under this subchapter shall be in force in any chapter shall be in force in any possession of the United States possession of the United States (including the Philippine Islands); (including the Philippine Islands); such tax shall (without regard to such tax shall (without regard to the residence or citizenship or place the residence or citizenship or place of organization of the taxpayer) of organization of the taxpayer) be collected by the appropriate be collected by the appropriate internal-revenue officers of such internal-revenue officers of such

possession; and the proceeds there- possession; and the proceeds of shall accrue to the general gov- thereof shall accrue to the general ernment of such possession: (a) government of such possession: Any income specified in subsection (a) Any income specified in sub(a) (1) or (3) of section 700 if section (a) (1) or (3) of section the Federal excise tax with respect 700 if the Federal excise tax with to the articles in question accrued respect to the articles in question in such possession; and (b) any in- accrued in such possession; and come specified in subsection (a) (b) any income specified in sub(2) of section 700 if the reimburse- section (a) (2) of section 700 if

Taxable Years

Beginning before 1939

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

to articles sold in such possession to articles sold in such possession to articles sold in such possession by the taxpayer under this subchap- by the taxpayer under this subchap- by the taxpayer under this subchapter and if the geographical scope ter and if the geographical scope ter and if the geographical scope of the Federal excise tax in ques- of the Federal excise tax in ques- of the Federal excise tax in question extended to such possession. tion extended to such possession. tion extended to such possession. Income taxable as provided in this Income taxable as provided in this Income taxable as provided in this section shall not be otherwise tax- section shall not be otherwise tax- section shall not be otherwise taxable under this subchapter. In ap- able under this subchapter. In ap-able under this subchapter. In applying section 700 to such income, plying section 700 to such income, plying section 700 to such income, the gross income and deductions the gross income and deductions the gross income and deductions shall be determined in accordance shall be determined in accordance shall be determined in accordance with the Federal Revenue Act ap- with the Federal Revenue Act ap- with the Federal Revenue Act applicable to the taxable year. In plicable to the taxable year. In plicable to the taxable year. In applying section 701 to such income, applying section 701 to such income, applying section 701 to such income, income taxes paid to such posses- income taxes paid to such posses- income taxes paid to such possession shall be deemed to be Federal sion shall be deemed to be Federal sion shall be deemed to be Federal income taxes. income taxes. income taxes.

Sec. 705. Closing agreements.

Any person who is liable for the tax imposed by this subchapter and who has filed any claim or claims for refund of any amount paid or collected as tax under the Agricultural Adjustment Act, 48 Stat. 31, as amended, may apply to the Commissioner for an adjustment of such liability for tax in conjunction with such claim or claims for refund,

one case

Sec. 705. Closing agreements. Any person who is liable for the tax imposed by this subchapter and who has filed any claim or claims for refund of any amount paid or collected as tax under the Agricul tural Adjustment Act, 48 Stat. 31, as amended, may apply to the Commissioner for an adjustment of such liability for tax in conjunction with such claim or claims for refund,

Sec. 705. Closing agreements. Any person who is liable for the tax imposed by this subchapter and who has filed any claim or claims for refund of any amount paid or collected as tax under the Agricultural Adjustment Act, 48 Stat. 31, as amended, may apply to the Commissioner for an adjustment of such liability for tax in conjunction with such claim or claims for refund, and thereafter, the Commissioner, and thereafter, the Commissioner, and thereafter, the Commissioner, for such purposes, may, in his dis- for such purposes, may, in his dis- for such purposes, may, in his discretion, consider such liability and cretion, consider such liability and cretion, consider such liability and such claim or claims as one case such claim or claims as I such claim or claims as one ease and, in his discretion, may enter and, in his discretion, may enter and, in his discretion, may enter into a written agreement with such into a written agreement with such into a written agreement with such person for the settlement of such person for the settlement of such person for the settlement of such case by such payment by, or re- case by such payment by, or re- case by such payment by, or refund to, such person as may be fund to, such person as may be fund to, such person as may be specified in such agreement. Such specified in such agreement. Such specified in such agreement. Such agreement shall be a final settlement agreement shall be a final settlement agreement shall be a final settlement of the liability for tax and the of the liability for tax and the of the liability for tax and the claim or claims for refund covered claim or claims for refund covered claim or claims for refund covered by such agreement, except in case by such agreement, except in case by such agreement, except in case of fraud, malfeasance, or misrepre- of fraud, malfeasance, or misrepre- of fraud, malfeasance, or misrepresentation of a material fact. In the sentation of a material fact. In the sentation of a material fact. In the absence of fraud or mistake in absence of fraud or mistake in absence of fraud or mistake in mathematical calculation, any ac- mathematical calculation, any acmathematical calculation, any action taken or any consideration tion taken or any consideration tion taken or any consideration given by the Commissioner pursuant given by the Commissioner pursuant given by the Commissioner pursuant to this section shall not be subject to this section shall not be subject to this section shall not be subject to review by any court, or any ad- to review by any court, or any ad- to review by any court, or any administrative, or accounting officer, ministrative, or accounting officer, ministrative, or accounting officer, employee, or agent of the United employee, or agent of the United employee, or agent of the United States.

States.

States.