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(b) REFUNDS OTHERWISE ERRONEOUS.-Any portion of an internal revenue tax (or any interest, penalty, additional amount, or addition to such tax) which has been erroneously refunded (if such refund would not be considered as erroneous under section 3774) may be recovered by suit brought in the name of the United States, but only if such suit is begun before the expiration of two years after the making of such refund.

(c) REFUNDS BASED ON FRAUD OR MISREPRESENTATION.-Despite the provisions of subsections (a) and (b) such suit may be brought at any time within five years from the making of the refund if it appears that any part of the refund was induced by fraud or the misrepresentation of a material fact.

(d) INTEREST.-Erroneous refunds recoverable by suit under this section shall bear interest at the rate of 6 per centum per annum from the date of the payment of the refund.

SEC. 3747. DISPOSITION OF JUDGMENTS AND MONEYS RECOVERED.

All judgments and moneys recovered or received for taxes, costs, forfeitures, and penalties, shall be paid to collectors as internal revenue taxes are required to be paid.

SEC. 3748. PERIODS OF LIMITATION.

(a) CRIMINAL PROSECUTIONS.-No person shall be prosecuted, tried, or punished, for any of the various offenses arising under the internal revenue laws of the United States, unless the indictment is found or the information instituted within three years next after the commission of the offense, except that the period of limitation shall be six years

(1) for offenses involving the defrauding or attempting to defraud the United States or any agency thereof, whether by conspiracy or not, and in any manner,

(2) for the offense of willfully attempting in any manner to evade or defeat any tax or the payment thereof, and

(3) for the offense of willfully aiding or assisting in, or procuring, counseling, or advising, the preparation or presentation under, or in connection with any matter arising under, the internal revenue laws, of a false or fraudulent return, affidavit, claim, or document (whether or not such falsity or fraud is with the knowledge or consent of the person authorized or required to present such return, affidavit, claim, or document).

For offenses arising under section 37 of the Criminal Code, March 4, 1909, 35 Stat. 1096 (U. S. C., Title 18, § 88), where the object of the conspiracy is to attempt in any manner to evade or defeat any tax or the payment thereof, the period of limitation shall also be six years. The time during which the person committing any of the offenses above mentioned is absent from the district wherein the same is committed shall not be taken as any part of the time limited by law for the commencement of such proceedings. Where a complaint is instituted before a commissioner of the United States within the period above limited, the time shall be extended until the discharge of the grand jury at its next session within the district.

[Section 37 of the Criminal Code (35 Stat. 1096; 18 U. S. C. 88) reads as follows:

"If two or more persons conspire either to commit any offense against the United States, or to defraud the United States in any manner or for any purpose, and one or more of such parties do any act to effect the object of the conspiracy, each of the parties to such conspiracy shall be fined not more than ten thousand dollars, or imprisoned not more than two years, or both."]

(c) CIVIL SUITS.-

For period of limitation in respect of—

* * *

Suits for erroneous refunds, see section 3746.

[Section 1047 of the Revised Statutes (28 U. S. C. 791) reads as follows:

"No suit or prosecution for any penalty or forfeiture, pecuniary or otherwise, accruing under the laws of the United States, shall be maintained, except in cases where it is otherwise specially provided, unless the same is commenced within five years from the time when the penalty or forfeiture accrued: Provided, That the person of the offender, or the property liable for such penalty or forfeiture, shall, within the same period, be found within the United States; so that the proper process therefor may be instituted and served against such person or property."]

SUBCHAPTER F-CLOSING AGREEMENTS AND

COMPROMISES

SEC. 3760. CLOSING AGREEMENTS.

(a) AUTHORIZATION.-The Commissioner (or any officer or employee of the Bureau of Internal Revenue, including the field service, authorized in writing by the Commissioner) is authorized to enter into an agreement in writing with any person relating to the liability of such person (or of the person or estate for whom he acts) in respect of any internal revenue tax for any taxable period.

(b) FINALITY. If such agreement is approved by the Secretary, the Under Secretary, or an Assistant Secretary, within such time as may be stated in such agreement, or later agreed to, such agreement shall be final and conclusive, and, except upon a showing of fraud or malfeasance, or misrepresentation of a material fact

(1) The case shall not be reopened as to the matters agreed upon or the agreement modified, by any officer, employee, or agent of the United States, and

(2) In any suit, action, or proceeding, such agreement, or any determination, assessment, collection, payment, abatement, refund, or credit made in accordance therewith, shall not be annulled, modified, set aside, or disregarded.

[For penalties for offenses in connection with closing agreements, see section 3762.]

SEC. 3761. COMPROMISES.

(a) AUTHORIZATION.-The Commissioner, with the approval of the Secretary, or of the Under Secretary of the Treasury, or of an Assistant Secretary of the Treasury, may compromise any civil or criminal case arising under the internal revenue laws prior to reference to the Department of Justice for prosecution or defense; and the Attorney General may compromise any such case after reference to the Department of Justice for prosecution or defense.

(b) RECORD.-Whenever a compromise is made by the Commissioner in any case there shall be placed on file in the office of the Commissioner the opinion of the General Counsel for the Department of the Treasury, or of the officer acting as such, with his reasons therefor, with a statement of—

(1) The amount of tax assessed,

(2) The amount of additional tax or penalty imposed by law in consequence of the neglect or delinquency of the person against whom the tax is assessed, and

(3) The amount actually paid in accordance with the terms of the compromise.

SEC. 3762. PENALTIES.

Any person who, in connection with any compromise under section. 3761, or offer of such compromise, or in connection with any closing agreement under section 3760, or offer to enter into any such agreement, willfully—

(a) CONCEALMENT OF PROPERTY.-Conceals from any officer or employee of the United States any property belonging to the estate of a taxpayer or other person liable in respect of the tax, or

(b) WITHHOLDING, FALSIFYING, AND DESTROYING RECORDS.-Receives, destroys, mutilates, or falsifies any book, document, or record, or makes under oath any false statement, relating to the estate or financial condition of the taxpayer or other person liable in respect of the tax

Shall, upon conviction thereof, be fined not more than $10,000 or imprisoned for not more than one year, or both.

CHAPTER 37—ABATEMENTS, CREDITS, AND
HAP

REFUNDS

SEC. 3770. AUTHORITY TO MAKE ABATEMENTS, CREDITS, AND RE

FUNDS.

(a) TO TAXPAYERS.—

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* *

(1) ASSESSMENTS AND COLLECTIONS GENERALLY.-Except as otherwise provided by law in the case of income taxes, the Commissioner, subject to regulations prescribed by the Secretary, is authorized to remit, refund, and pay back all taxes erroneously or illegally assessed or collected, all penalties collected without authority, and all taxes that appear to be unjustly assessed or excessive in amount, or in any manner wrongfully collected.

(2) ASSESSMENTS AND COLLECTIONS AFTER LIMITATION PERIOD.-Any tax (or any interest, penalty, additional amount, or addition to such tax) assessed or paid after the expiration of the period of limitation properly applicable thereto shall be considered an overpayment and shall be credited or refunded to the taxpayer if claim therefor is filed within the period of limitation for filing such claim.

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(3) DATE OF ALLOWANCE.-Where the Commissioner has signed a schedule of overassessments in respect of any * * * tax *, the date on which he first signed such schedule shall be considered as the date of allowance of refund or credit in respect of such tax.

(4) DELEGATION OF AUTHORITY TO COLLECTORS TO MAKE REFUNDS. The Commissioner is authorized to delegate, with the approval of the Secretary, to collectors any authority, duty, or function which the Commissioner is authorized or required to exercise or perform under paragraph (2), or (3) of this subsection, or under section 322 * *, where the amount involved (exclusive of interest, penalties, additions to the tax, and additional amounts) does not exceed $1,000.

(5) CROSS REFERENCES.

*

* * *

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(c) RULE WHERE NO TAX LIABILITY.-An amount paid as tax shall not be considered not to constitute an overpayment solely by reason of the fact that there was no tax liability in respect of which such amount was paid.

SEC. 3771. INTEREST ON OVERPAYMENTS.

(a) RATE.-Interest shall be allowed and paid upon any overpayment in respect of any * * * tax at the rate of 6 per centum

per annum.

(b) PERIOD. Such interest shall be allowed and paid as follows: (1) CREDITS.-In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit

is taken, but if the amount against which the credit is taken is an additional assessment of a tax imposed by the Revenue Act of 1921, 42 Stat. 227, or any subsequent Revenue Act, then to the date of the assessment of that amount.

(2) REFUNDS.-In the case of a refund, from the date of the overpayment to a date preceding the date of the refund check by not more than thirty days, such date to be determined by the Commissioner, whether or not such refund check is accepted by the taxpayer after tender of such check to the taxpayer. The acceptance of such check shall be without prejudice to any right of the taxpayer to claim any additional overpayment and interest thereon.

(c) ADDITIONAL ASSESSMENT DEFINED.-As used in this section the term "additional assessment" means a further assessment for a tax of the same character previously paid in part, and includes the assessment of a deficiency of any income * tax imposed by the Revenue Act of 1924, 43 Stat. 253, or by any subsequent Revenue Act.

* *

(d) CLAIMS BASED ON DEDUCTION FOR BAD DEBTS OR WORTHLESS SECURITIES. If credit or refund of any part of an overpayment would be barred under section 322 (b), except for paragraph (5) thereof, or under section 322 (d), except for clause (2) thereof, no interest shall be allowed or paid with respect to such part of the overpayment for any period beginning after the expiration of the period of limitation provided in section 322 (b) (1) for filing claim for credit or refund of such part of the overpayment and ending at the expiration of six months after the date on which the claim was filed, or in case no claim was filed and the overpayment was found by the Tax Court, ending at the time the petition was filed with the Tax Court.

(e) CLAIMS BASED ON CARRY-BACK OF LOSS OR CREDIT.-If the Commissioner determines that any part of an overpayment is attributable to the inclusion in computing the net operating loss deduction for the taxable year of any part of the net operating loss for a succeeding taxable year * * * no interest shall be allowed or paid with respect to such part of the overpayment for any period before the filing of a claim for credit or refund of such part of the overpayment or the filing of a petition with the Tax Court, whichever is earlier.

(f) ESTIMATED TAX AND TAX Withheld at SOURCE.

For date of payment in respect of estimated tax and of tax withheld at source on wages, see section 322 (e).

SEC. 3772. SUITS FOR REFUND.

(a) LIMITATIONS.

(1) CLAIM.-No suit or proceeding shall be maintained in any court for the recovery of any internal revenue tax alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have been collected without authority, or of any sum alleged to have been excessive or in any manner wrongfully collected, until a claim for refund or credit has been duly filed with the Commissioner, according to the provisions of law in that

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