PUBLIC LAWS-CH. 289-MAY 28, 1938 Suspension of run- ning of statute of lim- itations. Ante, p. 535. Address for notice of liability. "Transferee" de- fined. Notice of fiduciary relationship. Fiduciary of tax- payer. Fiduciary of trans- feree. Manner of notice. Overpayments. Overpayment of in- stallment. Refunds and cred- its. Credit against tax then due. Refund of balance. assessment against the taxpayer shall be the period that would be in effect had death or termination of existence not occurred. (d) SUSPENSION OF RUNNING OF STATUTE OF LIMITATIONS.- The running of the statute of limitations upon the assessment of the liability of a transferee or fiduciary shall, after the mailing to the transferee or fiduciary of the notice provided for in section 272 (a), be suspended for the period during which the Commissioner is pro- hibited from making the assessment in respect of the liability of the transferee or fiduciary (and in any event, if a proceeding in respect of the liability is placed on the docket of the Board, until the deci- sion of the Board becomes final), and for sixty days thereafter. (e) ADDRESS FOR NOTICE OF LIABITrY. -In the absence of notice to the Commissioner under section 312 (b) of the existence of a fiduciary relationship, notice of liability enforceable under this sec- tion in respect of a tax imposed by this title, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purposes of this title even if such person is deceased, or is under a legal disability, or, in the case of a corporation, has ter- minated its existence. (f) DEFINImrON or "TRANSFEREE".-As used in this section, the term "transferee" includes heir, legatee, devisee, and distributee. SEC. 312. NOTICE OF FIDUCIARY RELATIONSHIP. (a) FIDUCIARY OF TAXPAYER.- Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assume the powers, rights, duties, and privileges of the taxpayer in respect of a tax imposed by this title (except as otherwise specif- ically provided and except that the tax shall be collected from the estate of the taxpayer), until notice is given that the fiduciary capacity has terminated. (b) FIDUCIARY OF TRANSFEREE.- Upon notice to the Commissioner that any person is acting in a fiduciary capacity for a person subject to the liability specified in section 311, the fiduciary shall assume, on behalf of such person, the powers, rights, duties, and privileges of such person under such section (except that the liability shall be collected from the estate of such person), until notice is given that the fiduciary capacity has terminated. (c) MANNER OF NOTICE. -Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commis- sioner with the approval of the Secretary. Supplement -- Overpayments SEC. 321. OVERPAYMENT OF INSTALLMENT. If the taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any. If the amount already paid, whether or not on the basis of installments, exceeds the amount determined to be the correct amount of the tax, the overpayment shall be credited or refunded as provided in section 322. SEC. 322. REFUNDS AND CREDITS. (a) AUTHORIZATION.- Where there has been an overpayment of any tax imposed by this title, the amount of such overpayment shall be credited against any income, war-profits, or excess-profits tax or installment thereof then due from the taxpayer, and any balance shall be refunded immediately to the taxpayer. 544 [52 STAT.
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