59 STAT.] 79TH CONG. , 1ST SESS.-CH. 340 -JULY 31, 1945 "(1) no further extension of time shall be made under this section with respect to such amount, and "(2) the time for payment of such amount shall be considered to be the dates on which payments would have been required if there had been no extension with respect to such amount and the taxpayer had elected to pay the tax in four equal instalments as provided in section 56 (b). "(h) JEOPAnRD. -If the Commissioner believes that collection of the amount to which an extension under this section relates is in jeopardy, he shall immediately terminate such extension and notice and demand shall be made by the collector for payment of such amount. "(i) INTEREST. -In the case of an amount the time for payment of which has been extended, there shall be collected as part of such amount interest from the dates on which payments would have been required if there had been no extension and the taxpayer had elected to pay the tax in four equal instalments as provided in section 56 (b)- "(1) upon so much of such amount as is satisfied under section 3780 (b) by applying or crediting thereto, within the period of extension, a decrease in tax determined in connection with an application under section 3780 (a), interest at the rate of 3 per centum per annum to the date of such satisfaction, except that on so much of such satisfied amount as is not in excess of the amount of the deficiencies assessed under section 3780 (b) and which is not so satisfied, the rate shall be 6 per centum per annum; and "(2) upon the remainder of the amount the time for payment of which has been extended, interest at the rate of 6 per centum per annum to the date such amount is paid. If the Commissioner determines that during the period of extension credit or refund of an overpayment has been allowed or made, or a deficiency assessed, affecting the amount to which the extension relates and that the taxpayer could not have taken such overpayment or deficiency into account in the statement or a revised statement, appro- priate adjustment shall be made in the interest. "SEC. 3780. TENTATIVE CARRY-BACK ADJUSTMENTS. "(a) APPLICATION FOR ADJUSTMENT.- A taxpayer may file an appli- cation for a tentative carry-back adjustment of the taxes for prior taxable years affected by a net operating loss carry-back, provided in section 122 (b), or an unused excess profits credit carry-back, provided in section 710 (c) (3), from any taxable year ending on or after Sep- tember 30, 1945. The application shall be verified in the manner prescribed by section 51 or section 52 in the case of a return of such taxpayer, and shall be filed, on or after the date of filing of the return for the taxable year of the net operating loss or unused excess profits credit from which the carry-back results and within a period of twelve months from the end of such taxable year, in the manner and form required by regulations prescribed by the Commissioner with the approval of the Secretary. The application shall set forth, in such detail and with such supporting data and explanation as such regu- lations shall require- "(1) the amount of the net operating loss or unused excess profits credit; "(2) the amount of the tax previously determined for each prior taxable year affected by such carry-back; the tax previously deter- mined being ascertained in accordance with the method prescribed in section 3801 (d); "(3) the amount of increase or decrease in each such tax, attributable to such carry-back; such increase or decrease being 521 53 Stat. 31. 26 U. S. C., Supp. IV, 56 (b). 53 Stat. 31. 26 U. S. 0., Supp. IV, §56 (b). Pot,p. 22. 83Stat. 867. 26 U. 8. 0., Bupp IV, 122 (b). 56 Stat. 900. 26 U. B. C., 8upp. IV, o10(c) (3). 53 Stat. 27 . 26 U.S8 .C . i561,52; Bupp. IV, II 51 , 52. 53 Sta. 473 . 26 U.S. C, Supp. IV, 3801 (d).
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