52 STAT.] 75TH CONG., 3D SESS.-CH. 289-MAY 28, 1938 of the sixth month, and the fourth installment on the fifteenth day of the ninth month, after such date. If any installment is not paid on or before the date fixed for its payment, the whole amount of the tax unpaid shall be paid upon notice and demand from the collector. (c) EXTENSION OF TIME FOR PAYMENT.- (1) GENERAL RULE. -At the request of the taxpayer, the Com- missioner may extend the time for payment of the amount deter- mined as the tax by the taxpayer, or any installment thereof, for a period not to exceed six months from the date prescribed for the payment of the tax or an installment thereof. In such case the amount in respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension. (2) LIQmIDATION OF PERSONAL HOLDING COMPANIES. -At the request of the taxpayer, the Commissioner may (under regula- tions prescribed by the Commissioner with the approval of the Secretary) extend (for a period not to exceed five years from the date prescribed for the payment of the tax) the time for the pay- ment of such portion of the amount determined as the tax by the taxpayer as is attributable to the short-term or long-term capital gain derived by the taxpayer from the receipt by him of property other than money upon the complete liquidation (as defined in section 115 (c)) of a corporation. This paragraph shall apply only if the corporation, for its taxable year preceding the year in which occurred the complete liquidation (or the first of the series of distributions referred to in such section), was, under the law applicable to such taxable year, a personal holding company or a foreign personal holding company. An extension under this paragraph shall be granted only if it is shown to the satisfaction of the Commissioner that the failure to grant it will result in undue hardship to the taxpayer. If an extension is granted the amount with respect to which the extension is granted shall be paid on or before the date of the expiration of the extension. If an extension is granted under this paragraph the Commissioner may require the taxpayer to furnish a bond in such amount, not exceeding double the amount with respect to which the extension is granted, and with such sureties as the Commissioner deems necessary, conditioned upon the payment of the amount with respect to which the extension is granted in accordance with the terms of the extension. (d) VOLUNTARY ADVANCE PAYMENT. - A tax imposed by this title, or any installment thereof, may be paid, at the election of the tax- payer, prior to the date prescribed for its payment. (e) ADVANCE PAYMENT IN CASE OF JEOPARDY. -For advance pay- ment in case of jeopardy, see section 146. (f) TAX WITHHELD AT SOURCE.- For requirement of withholding tax at the source in the case of nonresident aliens and foreign corpo- rations, and in the case of so-called "tax-free covenant bonds", see sections 143 and 144. (g) FRACTIONAL PARTS OF CENT.-In the payment of any tax under this title a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent. (h) RECEIPTs.- Every collector to whom any payment of any income tax is made shall upon request give to the person making such payment a full written or printed receipt therefor. SEC. 57 . EXAMINATION OF RETURN AND DETERMINATION OF TAX. As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax. 479 Default in payment of installment. Extension of time for payment. General rule. Liquidation of per. sonal holding com- panies. Portion of tax attributable to short- term or long-term capital gain. Post, p. 496. Extension. Surety bond. Voluntary advance payment. Jeopardy payment. Pot, p. 613. Tax withheld at source. Pod, pp. 611 -613 . Fractional parts of a cent. Receipts, on re- quest. Return and deter- mination of tax. Examination.
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