Sec. 312. (b) Fiduciary of Sec. 312. (b) Fiduciary of transferee. Upon notice to the transferee. Commissioner that any person is acting in a fiduciary capacity for a person subject to the liability specified in section 311, the fiduciary shall assume, on behalf of such person, the powers, rights, duties, and privileges of such person under such section (except that the liability shall be collected from the estate of such person), until notice is given that the fiduciary capacity. has terminated. Sec. 312. (c) Manner of notice. -Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commissioner with the approval of the Secretary. Sec. 313. Cross reference. For prohibition of suits to restrain enforcement of liability of transferee or fiduciary, see section 3653 (b). Supplement O-Overpayments Sec. 321. Overpayment of installment. If the taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any. If the amount already paid, whether or not on the basis of installments, exceeds the amount determined to be the correct amount of the tax, the overpayment shall be credited or refunded as provided in section 322. Same as 1944. Sec. 312. (c) Manner of notice. Sec. 313. Cross references. Supplement 0-Overpayments Sec. 321. Overpayment of installment. Same as 1944. Taxable Years Beginning in 1946 and 1947 Sec. 312. Notice of fiduciary relationship. Sec. 312. (a) Fiduciary of taxpayer. Same as 1944. Sec. 312. (b) Fiduciary of transferee. Same as 1944. Sec. 312. (c) Manner of notice. Sec. 313. Cross references. Supplement O-Overpayments Sec. 321. Overpayment of installment. Same as 1944. Same as 1944. Sec. 322. (a) (2) Excessive Sec. 322. (a) (2) Excessive withholding.-Where the amount withholding. of the tax withheld at the source under Subchapter D of Chapter 9 exceeds the taxes imposed by this chapter, against which the tax so withheld may be credited under section 35 the amount of such excess shall be considered an overpayment. Taxable Years Beginning in 1946 and 1947 Sec. 322. Refunds and credits. Sec. 322. (a) Authorization. Sec. 322. (a) (1) Overpayment. Sec. 322. (a) (2) Excessive withholding. Same as 1944. Sec. 322. (a) (3) Credits against estimated tax.-The Commissioner is authorized to prescribe, with the approval of the Secretary, regulations providing for the crediting against the estimated tax for any taxable year of the amount determined by the taxpayer or the Commissioner to be an overpayment of the tax for a preceding taxable year. Sec. 322. (b) Limitation on allowance. Sec. 322. (a) (3) Credits against estimated tax. Same as 1944. Sec. 322. (b) Limitation on allowance. Sec. 322. (b) (1) Period of lim Sec. 322. (b) (1) Period of limitation.-Unless a claim for credit itation. or refund is filed by the taxpayer within three years from the time the return was filed by the taxpayer or within two years from the time the tax was paid, no credit or refund shall be allowed or made after the expiration of whichever of such periods expires the later. If no return is filed by the taxpayer, then no credit or refund shall be allowed or made after two years from the Same as 1944. Sec. 322. (a) (3) Credits against estimated tax. Same as 1944. Sec. 322. (b) Limitation on allowance. Sec. 322. (b) (1) Period of limitation. Same as 1944. Taxable Years Beginning in 1944 Sec. 322. Refunds and credits. Sec. 322. (a) Authorization. — Section 322. (a) (1) Overpayment.-Where there has been an overpayment of any tax imposed by this chapter, the amount of such credited overpayment shall be against any income, war-profits, or excess-profits tax or installment thereof then due from the taxpayer, and any balance shall be refunded immediately to the taxpayer. Sec. 322. (a) (2) Excessive withholding.-Where the amount of the tax withheld at the source under Part II of Subchapter Dor Subchapter D of Chapter 9 exceeds the taxes imposed by this chapter, against which the tax so withheld may be credited under section 35 er 466(e) the amount of such excess shall be considered an overpayment. Sec. 322 (a) (2), I. R. C., supra, amended by Sec. 6 (b) (9), I. I. T. A. of 1944, by omitting language in strickenthrough type. Sec. 2 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1943. Sec. 322. (a) (3) Credits against estimated tax.-The Commissioner is authorized to prescribe, with the approval of the Secretary, regulations providing for the crediting against the estimated tax for any taxable year of the amount determined by the taxpayer or the Commissioner to be an overpayment of the tax for a preceding taxable year. Sec. 322. (b) Limitation on allowance. Sec. 322. (b) (1) Period of limitation.-Unless a claim for credit or refund is filed by the taxpayer within three years from the time the return was filed by the taxpayer or within two years from the time the tax was paid, no credit or refund shall be allowed or made after the expiration of whichever of such periods expires the later. If no return is filed by the taxpayer, then no credit or refund shall be allowed or made after two years Taxable Years Beginning before 1944 Sec. 322. Refunds and credits. Sec. 322. (a) Authorization. Sec. 322. (a) (1) Overpayment. Second Edition, p. 302, Sec. 322. (a) (2) Excessive withholding. Section originated 1943 as For any amendments prior to Ninth Edition, p. 570. Sec. 322. (a) (3) Credits against estimated tax. Section originated 1943 as For any amendments prior to Ninth Edition, p. 570. Sec. 322. (b) Limitation on allowance. Sec. 322. (b) (1) Period of limitation. Section originated 1918 as Second Edition, pp. 302, 304, Taxable Years Beginning in 1949 time the tax was paid, unless before the expiration of such period a claim therefor is filed by the taxpayer. See fn. 10 for provisions relating to claims involving war losses. on Sec. 322. (b) (2) Limit amount of credit or refund. The amount of the credit or refund shall not exceed the portion of the tax paid (A) If a return was filed by the taxpayer, and the claim was filed within three years from the time the return was filed, during the three years immediately preceding the filing of the claim. (B) If a claim was filed, and (i) no return was filed, or (ii) if the claim was not filed within three years from the time the return was filed by the taxpayer, during the two years immediately preceding the filing of the claim. (C) If no claim was filed and the allowance of credit or refund is made within three years from the time the return was filed by the taxpayer, during the three years immediately preceding the allowance of the credit or refund. (D) If no claim was filed, and (i) no return was filed or (ii) the allowance of the credit or refund is not made within three years from the time the return was filed by the taxpayer, during the two years immediately preceding the allowance of the credit or refund. Sec. 322. (b) (3) Exceptions in the case of waivers.-If both the Commissioner and the taxpayer have, within the period prescribed in paragraph (1) for the filing of a claim for credit or refund, agreed in writing under the provisions of section 276 (b) to extend beyond the period prescribed in section 275 the time within which the Commissioner may make an assessment, the period within which a claim for credit or refund may be filed, or credit or refund allowed or made Taxable Years Sec. 322. (b) (2) Limit on amount of credit or refund. Same as 1944. Sec. 322. (b) (3) Exceptions in case of waivers. 10 Refunds and Credits Involving War Losses. Same as 1944. Sec. 3, Act of Dec. 20, 1944 (58 Stat. 830), reads as follows: "Sec. 3. If a claim for credit or refund under the internal revenue laws relates to an overpayment on account of the deductibility by the taxpayer of a loss in respect of property considered destroyed or seized under section 127 (a) of the Internal Revenue Code (relating to war losses) for a taxable year beginning in 1941, the three-year period of limitation Taxable Years Beginning in 1946 and 1947 Sec. 322. (b) (2) Limit on amount of credit or refund. Same as 1944. Sec. 322. (b) (3) Exceptions in case of waivers. Same as 1944. prescribed in section 322 (b) (1) of the Internal Revenue Code shall in no event expire prior to December 31, 1945. In the case of such a claim filed on or before December 31, 1945, the amount of the credit or refund may exceed the portion of the tax paid within the period provided in section 322 (b) (2) or (3) of such code, whichever is applicable, to the extent of the amount of the overpayment attributable to the deductibility of the loss described in this section." |