PUBLIC LAWS--CH. 289-MAY 28, 1938 Distributions inliq- (e) DISTRIBUTIONS IN LIQUIDATION TO SHAREHOLDERS.-If the tax- uidation to share- holders. payer omits from gross income an amount properly includible therein Antep. 49. under section 115 (c) as an amount distributed in liquidation of a corporation, other than a foreign personal holding company, 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 four years after the return was filed. Filing return. (f) For the purposes of subsections (a), (b), (c), (d), and (e), a return filed before the last day prescribed by law for the filing thereof shall be considered as filed on such last day. sCorporation and (g) 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. Exceptions. SEC. 276. SAME-EXCEPTIONS. False return or no (a) FALSE RETURN OR No RETURN. - In the case of a false or fraud- ulent return with intent to evade tax or of a failure to file a 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. aiver63. (b) WAIvER. - Where before the expiration of the time prescribed in section 275 for the assessment of the tax, both the Commissioner and the taxpayer have consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expira- tion of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon. asCection after (C) COLLECTION AFTER ASSESSMENT.- Where the assessment of any income tax imposed by this title has been made within the period of ti distraint, etc.; limitation properly applicable thereto, such tax may be collected by distraint or by a proceeding in court, but only if begun (1) within six years after the assessment of the tax, or (2) prior to the expira- tion of any period for collection agreed upon in writing by the Commissioner and the taxpayer before the expiration of such six- Extension. year period. The period so agreed upon may be extended by sub- sequent agreements in writing made before the expiration of the period previously agreed upon. Suspension of run- SEC. 277. SUSPENSION OF RUNNING OF STATUTE. ning ofstatute of limi- tations. Ante, p. 53. The running of the statute of limitations provided in section 275 or 276 on the making of assessments and the beginning of distraint or a proceeding in court for collection, in respect of any deficiency, Ante, p .35M. shall (after the mailing of a notice under section 272 (a)) be sus- pended for the period during which the Commissioner is prohibited from making the assessment or beginning distraint or a proceeding in court (and in any event, if a proceeding in respect of the defi- ciency is placed on the docket of the Board, until the decision of the Board becomes final), and for sixty days thereafter. tinterol dad d - Supplement M-Interest and Additions to the Tax tions to tax. Failure to file re SEC. 29L FAILURE TO FILE RETURN. turn. Additions to tax. In case of any failure to make and file return required by this title, within the time prescribed by law or prescribed by the Com- f failurenot wilful missioner in pursuance of law, unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall 540 [52 STAT.
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