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SEVENTIETH CONGRESS . SEss . I. Ca. 852. 1928 . REVENUE ACT OF 1928 SEC. 605. RETROACTIVE REGULATIONS . Ret roact ive regula- ti ons .
Section 1108(a) of the Revenue Act of 1926 is amended to read Vol . 44, p . 114, amend- a ed.
s follows : Am end ed Treasury a SEC . 1108 . (a) In case a regulation or Treasury decision relat- decision may be with- out retroactive effect . ing to the internal-revenue laws is amended by a subsequent regula- tion or Treasury decision, made by the Secretary or by the Co mmis sion er w ith the appr oval of the Secr etar y, s uch subs eque nt regu lation or Tre asury d ecisio n may, with th e appr oval of the Secretary, be applied without retroactive effect ." Closing agreements. SEC. 606. CLOSING AGREEMENTS . Authorization for, re-
(a) Authorization .-The Commissioner (or any officer or employee lating to tax liability . of the Bureau of Internal Revenue, including the field service, authorized in writing by the Commissioner) is authoriz ed to enter into an agreement in writing with any person relating to the liability of such person (or of the person or estate for whom he acts) in r espect o f any in ternal-re venue ta x for an y taxabl e period ending meats, except for fraud . prior to the date of the agreement . Fi nal ity of agree
(b) Finality of agreements .-If such agreement is approved by the Secretary, or the Undersecretary, within such time as may be stated in such agreement, or later agreed to, such agreement shall be f inal and conclus ive, and, except upon a s howing o f fraud or mal- feas ance, or misrepr esentatio n of a m aterial fact- lowed . Reopening not al-
(1) the case shall not be reopened as to the matters agreed upon or the agreement modified, by any officer, employee, or agent of the United States, and No an nul men t, etc.,
(2) in any suit, action, or proceeding, such agreement, or any in any suit .
de terminat ion, assessment, collection, payment , abatement, refund, or credit made in accordance therewith, shall not be annulled, modified, set aside, or disregarded . Former prov ision for (c) Section 1106(b) of the Revenue Act of 1926 is repealed, settlement repealed . Vol. 44, p. 113, re- effective on the expiration of 30 days after the enactment of this pealed .
Act, b ut such repeal s hall not affect any agre ement ma de befor e such repeal takes effect . againstU ni t stem SEC . 607 . EFFECT OF EXPIRATION OF PERIOD OF LIMITATION AGAINST UNITED STATES. Tax paid afte r limi- tation expired, deemed Any tax (or any interest, penalty, additional amount, or addition overpayment, and to be to such tax) as sessed o r paid ( whether before o r after the enac tment refunded . of this Act) after the expiration of the period of limitation properly applicable thereto shall be considered an overpayment and shall be credited or refunded to the taxpayer if claim therefor is filed within the period of limitation for filing such claim . Limit atio n ag ain st taxpayer .
SEC. 608 . EFFECT OF EXPIRATION OF PERIOD OF LIMITATION AGAINST TAXPAYER . Erroneous ref unds of A refund of any portion of an internal-revenue tax (or any tax . interest, penalty, additional amount, or addition to such tax) made after t he enact ment of this Act , shall be consi dered er roneous- (a) if made after the expiration of the period of limitation for filing c laim the refor, u nless wit hin such period claim wa s filed ; or (b) in the case of a claim filed within the proper time and dis- allowed by the Commissioner after the enactment of this Act, if the refund w as made after th e expirat ion of t he perio d of lim itation for filing suit, unless- (1) within such period suit was begun by the taxpayer, or (2) within such period, the taxpayer and the Commissioner agreed in writing to suspend the running of the statute of limitations for filing suit from the date of the agreement to the
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