73d C ONGRESS . SESS . II. CH. 277. MAY 10, 1934 .
745 with the Board after the adjudication of bankruptcy or the appoint- A ISC0 VIE TX. ment of the receiver .
AND CO LLECT ION (b) UNP AID CL AIMS . Any po rt ion of the cl aim allowed in such OF D ` E ntI CIEN- bankruptcy or receivership proceeding which is unpaid shall be paid Unpaid claims , by the taxpayer upon notice and demand from the collector after collection of. the te rmina tion of such proceeding, and may be c ollect ed by dis- traint or proceeding in court within six years after termination of such p rocee ding . Extensions of time for such payment may be had Time e xtensions. in the same manner and subject to the same provisions and lindta- p An te t4s e' p `'2' Posf, tions as are provided in section 272(j) and section 296 in the case of a deficiency in a tax imposed by this title . SEC. 275 . PERIOD OF LIMITATION UPON ASSESSMENT AND COL- LECTION . Except as provided in section 216- (a) GENERAL RL-LE .-The amount of income taxes imposed by this tit le shall be asse ssed wit hin thre e years a fter the return was filed, and no proceeding in court without assessment for the collec- tion of such taxes shall be begun after the expiration of such period . (b) REQUEST FOR PRoMPT ASSESSMENT .-In the case of income received during the lifetime of a decedent, or by his estate during the period of administration, or by a corporation, the tax shall be asse ssed, and any proceeding in cour t wit hout a ssess ment for the collection of such tax shall be begun, within eighteen months after writ ten r equest ther efor (filed afte r the retur n is made) by the executor, administrator, or other fiduciary representing the estate of such decedent, or by the corporation, but not after the expiration of three years after the return was filed . This subsection shall not apply in the case of a corporation unless- (1) Su ch wr it ten request notifies the Commissioner th at the corporation contemplates dissolution at or before the expiration of such 18 months' period ; and (2) The dissolution is in good faith begun before the expira- tion of such 18 months' period ; and (3) The dissolution is completed . (c) OMISSION FR OM Gross INCOME .- If the taxpayer omits from gross income an amount properly includible therein which is in excess of 25 per centum of the amount of gross income stated in the return, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time within 5 years after the return was filed . (d) For the purposes of subsections (a), (b), and (c), a retur n filed before the last day prescribed by law for the filing thereof shall be consider ed as filed on s uch last day . (e) CORPORATION AND SHAREHOLDER .-If a corporation makes no return of the tax imposed by this title, but each of the shareholders 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 .
Exc eptio n, (a) FALSE RETURN OR No RETUR` .-In the case of a false or fraud- Fal se re turn or no return . ulent return with intent to evade tax or of a failure to file a return Assessment in ease the tax may be assessed, or a proceeding in court for the collection of of suc h tax may be begun without assessment, at any time . WAIVERS .-Where before the expiration of the time prescribed Waivers, at any time (1l )
with written consent of in section 275 for the assessment of the tax, both the Commissioner Commissioner. and the taxpayer have consented in writing to its assessment after Period of limitation upon asses<ment and collection Assessment within thr ee yea rs Requests for prompt asse ssmen ts . By fiduciary repre- sentatives . Appl icabi lity to c or- porations . Exce ption s . Dissolution contem- pla ted . In good faith within 38 months . Dissolution
co m- ple ted . Corp orat ion m akin g no return. Asse ssme nt in fiv e years, after return filed . Time prescribed for filine Corpora tion and shareholder
