56 STAT.] 77TH CONG. , 2D SESS.-CH. 619--OCT. 21 , 1942 the execution of the agreement. If any portion of the tax is paid after the expiration of the period within which the Commissioner might make an assessment pursuant to such agreement, and if no claim for credit or refund is filed after the time of such pay- ment and before the end of six months after the expiration of such period, then credit or refund may be allowed or made if a claim therefor is filed by the taxpayer within six months from the time of such payment, or, if no claim is filed within such six-month period after the payment, if the credit or refund is allowed or made within such period, but the amount of the credit or refund shall not exceed the portion of the tax paid during the six months immediately preceding the filing of the claim, or, if no claim was filed (and the credit or refund is allowed after six months after the expiration of the period within which the Commissioner might make an assessment), during the six months immediately preceding the allowance of the credit or refund. " (4) RETURN CONSIDERED FILED ON DUE DATE.- -For the purposes of this subsection, a return filed before the last day prescribed by law for the filing thereof shall be considered as filed on such last day. For the purposes of paragraphs (2) and (3) of this sub- section, and for the purposes of subsection (d) of this section, an advance payment of any portion of the tax made at the time such return was filed shall be considered as made on the last day prescribed by law for the payment of the tax or, if the taxpayer elected to pay the tax in installments, on the last day prescribed for the payment of the first installment. For the purposes of this paragraph, the last day prescribed by law for filing the return or paying the tax shall be determined without regard to any extension of time granted the taxpayer. (5) SPECIAL PERIOD OF ITMITATION WITH RESPECT TO BAD DEBTS AND WORTHLESS SECURITIES.-If the claim for credit or refund relates to an overpayment on account of- "(A) the deductibility by the taxpayer, under section 23 (k) (1), section 23 (k) (4), or section 204 (c), of a debt as a debt which became worthless, or, under section 23 (g) (2) or (k) (2), of a loss from worthlessness of a security, or "(B) the effect that the deductibility of a debt or loss described in subparagraph (A) has on the application to the taxpayer of a carry-over or of a carry-back, in lieu of the three-year period of limitation prescribed in para- graph (1), the period shall be 7 years from the date prescribed by law for fling the return for the year with respect to which the claim is made. In the case of such a claim, the amount of the credit or refund may exceed the portion of the tax paid within the period provided in paragraph (2) or paragraph (3), which- ever is applicable, to the extent of the amount of the overpay- ment attributable to the deductibility of items described in this paragraph." (b) OVERPAYMENT FOUND BY BoARD. -Section 322 (d) is amended to read as follows: "(d) OVERPAYMENT FOUND BY BOARD.-If the Board finds that there is no deficiency and further finds that the taxpayer has made an overpayment of tax in respect of the taxable year in respect of which the Commissioner determined the deficiency, the Board shall have jurisdiction to determine the amount of such overpayment, and such amount shall, when the decision of the Board has become final be credited or refunded to the taxpayer. No such credit or refund shall be made of any portion of the tax unless the Board determines 877 Portion of tax paid after expiration of period. Advance payments. Ante, pp.8 2 , 21. 63 Stat. 74,13. 26.US.0. .§ 20 (c), 23 (g) (2). Ante, pp . 821,871. 53 Stat. 92 . 26U.S.. 322(d). Determination of amount.
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