PUBLIC LAWS-CH. 289-MAY 28, 1938 Credit or refund denied if fraud, etc. Terms used. Meaning. Ante, p. 452 . (f) CREDIT OR REFUND DENIED IF FRAUD, ETC. -- NO deficiency divi- dend credit shall be allowed under subsection (a) and no credit or refund shall be made under subsection (b) if the closing agree- ment, decision of the Board, or judgment contains a finding that any part of the deficiency is due to fraud with intent to evade tax, or to failure to file the return under this title within the time prescribed by law or prescribed by the Commissioner in pursuance of law, unless it is shown that such failure to file is due to reasonable cause and not due to willful neglect. SEC. 408. MEANING OF TERMS USED. The terms used in this title shall have the same meaning as when used in Title I. Administrative pro- SEC. 409. ADMINISTRATIVE PROVISIONS. visions. Ante, p. 452 . Improperaccumula- tion of surplus. Surtax on corpora- tions, p. 483. Foreign personal holding companies. Provisions respect- ing, p. 545. Title II-Estateand Gift Taxes. All provisions of law (including penalties) applicable in respect of the taxes imposed by Title I, shall insofar as not inconsistent with this title, be applicable in respect of the tax imposed by this title, except that the provisions of section 131 shall not be applicable. SEC. 410. IMPROPER ACCUMULATION OF SURPLUS. For surtax on corporations which accumulate surplus to avoid surtax on shareholders, see section 102. SEC. 411 . FOREIGN PERSONAL HOLDING COMPANIES. For provisions relating to foreign personal holding companies and their shareholders, see Supplement P of Title I. TITLE I-ESTATE AND GIFT TAXES Estate tax returns. SEC. 501. ESTATE TAX RETURNS. 44 Stat. 74 . Returns of addition- al estate tax. 47 Stat. 245 . Extensions of time for payment. 44 Stat. 74 . 26 U. S.C.§422. When undue hard- ship imposed upon estate; limitation. Suspension of run- ning of statute of limi- tations. 44 Stat. 77 . Section 304 (b) of the Revenue Act of 1926, as amended (relating to the amount of gross estate requiring the filing of a return), is amended by striking out "$100,000" and inserting in lieu thereof "the amount of the specific exemption provided in section 303 (a) (4)". SEC. 502. RETURNS OF ADDITIONAL ESTATE TAX. Section 403 of the Revenue Act of 1932, as amended, relating to returns of the additional estate tax, is amended by striking out "$40,000" and inserting in lieu thereof "the amount of the specific exemption provided in section 401 (c)". SEC. 503. EXTENSIONS OF TIME FOR PAYMENT OF ESTATE TAX. Section 305 (b) of the Revenue Act of 1926, as amended, is amended to read as follows: "(b) Where the Commissioner finds that the payment on the due date of any part of the amount determined by the executor as the tax would impose undue hardship upon the estate, the Commissioner may extend the time for payment of any such part not to exceed ten years from the due date. 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, and the running of the statute of limitations for assessment and collection, as provided in sections 310 (a) and 311 (b), shall be suspended for the period of any such extension. If an extension is granted, the Commissioner 564 [52 STAT.
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