74TH CONGRESS . SESS. I. CH. 641. AUGUST 24, 1935 .
769 "
Whenever the processing tax is wholly terminated, (A) there Stocksonhandwhey (2)
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p roces sing tax term- shal l be refun ded or cre dited in t he case of a person holding s uch nates . stocks with respect to which a tax under this title has been paid, or (B) there shall be credited or abated in the case of a person holding such stocks with respect to which a tax under this title is payable, where such person is the processor liable for the payment of such tax, or (C) there shall be refunded or credited (but not before the tax has Sum to be refunded . been paid) in the case of a person holding such stocks with respect to which a tax under this title is payable, where such person is not the processor liable for the payment of such tax, a sum in an amount equivalent to the processing tax which would have been payable with respect to the commodity from which processed if the processing had occurred on such date : Provided, T h a t i n t h e c a s e o f a n y c o m m o d i t y A m o u n t h with respect to which there was any increase, effective prior to June 1, 1934, in the rate of the processing tax, no such refund, credit, or abatement, shall be in an amount which exceeds the equivalent of the initial rate of the processing tax in effect with respect to such com modi ty ." SEC. 26. The second sentence of subsection (b) of section 16 of the tail stocks
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stcks of Persons Agricultural Adjustment Act, as amended, is amended to read as en ga ged p retail trade . follows : " Except as to flour and prepared flour, and cereal prepara- tions mad e chiefly from whea t, as clas sified in Wheat Regu lations, Series 1, Supplement 1, and as to any article processed wholly or in chief value from cotton, the tax refund, credit, or abatement provided in subsection (a) of this section shall not apply to the retail stocks of persons engaged in retail trade, nor to any article (except sugar) processed wholly or in chief value from sugar beets, sugarcane, or any product thereof, nor to any article (except flour, prepared flour and cereal preparations made chiefly from wheat, as classified in Wheat Regulations, Series 1, Supplement 1) processed wholly or in chief value from wheat, held on the date the processing tax is wholly t erminated ." SEC . 27. (a) Paragraph (1) of subsection (e) of section 16 of the p48 1.48, p. 1241;Ave, Agricultural Adjustment Act, as amended, is amended by inserting Processing tax ; ad- after the first word in the first sentence a comma and the following : lup s npp . 146 4, 1 740, " subsequent to June 26, 1934," by inserting in the proviso after the 753, word "made ". the following : " in the case of hogs " ; and by inserting In case of hogs. - at the end of such paragraph the following : "In the case of wheat of whea t . t he provisi ons of thi s paragrap h and of p aragraph ( 2) of this sub- section shall apply to flour, prepared flour and cereal preparations made chiefly from wheat, as classified in Wheat Regulations, Series 1, Supplement 1 only ; in the case of sugarcane and sugar beets the of sug ar be ets and provisions of this paragraph and of paragraph (2) of this subsection sugarcane . shall apply to sugar only . (b) Section 16 of the Agricultural Adjustment Act, as amended, Vol . Floor4 sio ° is amended by adding at the end thereof the following new sub- s ection "(g) No refund, credit, or abatement of any amount of an tax Time for filing claims >
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for refunds . shall be made or allowed under this section, unless, within one Post,p. 1740. hun dred and t wenty days after the right to such refun d, credit, or abatement accruedr or within one hundred and twenty days after the date of the adoption of this amendment, whichever is the later, a claim for such refund, credit, or abatement (conforming to such regu lations as the Commi ssioner of Internal R evenue, wit h the approval of the Secretary of the Treasury, may prescribe) is filed by the person entitled to such refund, credit, or abatement, and no such claim shall be allowed for an amount less than $10" 104019°-36-49
