SEVENTIETH CONGRESS . SEss. I . CH. 852. 1928.
857 (2) The disso lution is in good faith begun b efore the ex pira-
INC OME TAX tion of such year ; and (3) The dissolution is completed .
C orpor atio n ma king (c) Corporation and shareholder .-If a corporation makes no n o ret urn, tax asses sed return of the tax imposed b y this title,
r etu rns but e ach of the s hareho lders in r
years, after ofshareholders. includes in his return his distributive share of the net income of the corporation, then the tax of the corporation shall be assessed within four years after the last date on which any such shareholder's return was filed . SEC . 276 . SAME-EXCEPTIONS . E xcept ions . Assessment, etc ., in (a) False return or no return .-In the case of a false or fraudu- case of fraud, or of no lent return with intent to evade tax or of a failure to file a retur n . return the tax may be assessed, or a proceeding in court for the col- lection of such tax may be begun without assessment, at any time . 7
At any time with (b) Waivers .-Where before the expiration of the time prescribed written consent of in section 275 for the assessment of the tax, both the Commissioner commissioner and tax ° and the taxpayer have consented in writing to its assessment after payer, such time, the tax may be assessed at any time prior to the expiration of the period agreed upon . The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon . c Collection after assessment-Where the assessment of any collection of income ( )
tax by distraint, etc . income tax imposed by this title has been made within the period of limit ation proper ly app licabl e ther eto, su ch tax may b e coll ected Time l imit . b y distraint or by a proceeding in court, but only if begun (1) within six years after the assessment of the tax, or (2) prior to the expiration of any period for collection agreed upon in writing by the Commissioner and the taxpayer before the expiration of such six- year period . The period so agreed upon may be extended by subse- Extension . qu ent ag reemen ts in writin g made befor e the e xpirat ion of the p eriod previously agreed upon .
statute of limits- SEC . 277 . SUSPENSION OF RUNNING OF STATUTE .
tions . Suspension of ru n- The runni ng of the st atute of lim itatio ns prov ided i n sect ion 27 5 ning of, during period or 276 on the making of assessments and the beginning of distraint sessmnt,etc~ of as- or a proceeding in court for collection, in respect of any deficiency, Ante, p . 852. shall (after the maifing of a notice under section 272(a)) be sus- pended for the period during which the Commissioner is prohibited from making the assessment or beginning distraint or a proceeding U ntil decision of in court (and in any event, if a proceeding in respect of the defi- Board, etc . ciency is placed on the docket of the Board, until the decision of the Bo ard be comes final) , and for 60 days thereaf ter . Supplement M-Interest and Additions to the Tax t ion Interest and to the tax . addi- SEC . 291 . FAILURE TO FILE RETURN .
Failure to file re- turn . In case of any failure to make and file a return required by po sed A dditi onal on .
tax im- this title, within the time prescribed by law or prescribed by the Commissioner in pursuance of law, 25 per centum of the tax shall be added to the tax, except that when a return is filed after such Excep tion, if failu re not willful neglect . time and it is shown that the failure to file it was due to reasonable cause and not due to willful neglect no such addition shall be made to the tax . The amount so added to any tax shall be collected Collection, etc. at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, in which case the amount so added shall be collected in the same manner as the tax . The amount added to the tax under this section In lieu of former ad- dition. shall be in lieu of the 25 per centum addition to the tax provided Vol.44, p .112 . in section 3176 of the Revised Statutes, as amended .
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