INCOME TAX 91 transferee or fiduciary (and in any event, if a proceeding in respect of the liability is placed on the docket of the Board, until the decision of the Board becomes final), and for sixty days thereafter. (e) ADDRESS FOR NOTICE OF LIABILTT .- In the absence of notice to the Commissioner under section 312 (b) of the existence of a fiduciary relationship, notice of liability enforceable under this sec- tion in respect of a tax imposed by this chapter, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purposes of this chapter even if such person is deceased, or is under a legal disability, or, in the case of a corporation, has termi- nated its existence. (f) DEFINITION OF "TRANsFEREE".- As used in this section, the term "transferee" includes heir, legatee, devisee, and distributee. SEC. 312. NOTICE OF FIDUCIARY RELATIONSHIP. (a) FmIDucIAR OF TAXPAYER.- Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assume the powers, rights, duties, and privileges of the taxpayer in respect of a tax imposed by this chapter (except as otherwise specifi- cally provided and except that the tax shall be collected from the estate of the taxpayer), until notice is given that the fiduciary capac- ity has terminated. (b) FIDmuoIAR OF TRANSFEREE.-Upon notice to the 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. (c) MANNER OF NOTICE. -Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commis- sioner with the approval of the Secretary. SEC. 313. CROSS REFERENCE. For prohibition of suits to restrain enforcement of liability of trans- feree 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. SEC. 322. REFUNDS AND CREDITS. (a) AuTroRIZATION. -W here there has been an overpayment of any tax imposed by this chapter, the amount of such overpayment shall be credited 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. (b) LIMITATION ON ALLOWANCE.- (1) PERIOD OF LIMITATIN.- 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 from the time the tax was paid unless before the expiration of such period a claim therefor is filed by the taxpayer.
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