110 CODIFICATION OF INTERNAL REVENUE LAWS or refund under subsection (b), or both are allowed) shall not be allowed under section 504 (c) in the computation of the tax under this subchapter for any taxable year preceding the taxable year in which paid. (d) CLAIM REQURED. -No deficiency dividends credit shall be allowed under subsection (a) and no credit or refund shall be made under subsection (b) unless (under regulations prescribed by the Commissioner with the approval of the Secretary) claim therefor is filed within sixty days after the date of the closing agreement, or the date upon which the decision of the Board or judgment becomes final, as the case may be. (e) SUSPENSION OF STATUTE OF LIMITATIONS AND STAY OF COLLECTION.- (1) SUSPENSION OF RUNNING OF STATUTE. -If the corporation files a notification, as provided in subsection (c), to have divi- dends considered as deficiency dividends, the running of the stat- ute of limitations provided in section 275 or 276 on the making of assessments and the bringing of distraint or a proceeding in court for collection, in respect of the deficiency and all interest, additional amounts, and additions to the tax provided by law shall be suspended for a period of two years after the date of the filing of such notification. (2) STAY OF COLLECTION. -In the case of any deficiency with respect to the tax imposed by this subchapter established as pro- vided in subsection (a)- (A) The collection of the deficiency and all interest addi- tional amounts, and additions to the tax provided for by law shall, except in cases of jeopardy, be stayed until the expiration of thirty days after the date of the closing agreement or the date upon which the decision of the Board or judgment becomes final, as the case may be. (B) If notification has been filed, as provided in subsec- tion (c), the collection of such part of the deficiency as is not in excess of either the credit allowable under subsection (a) or the amount which, in the notification, is specified as intended to be claimed as credit, shall, except in cases of jeopardy, be stayed until the expiration of sixty days after the date of the closing agreement, or the date upon which the decision of the Board or judgment becomes final, as the case may be. (C) If claim for deficiency dividend credit is filed under subsection (d), the collection of such part of the deficiency as is not in excess of either the credit allowable under subsection (a) or the amount claimed, shall be stayed until the date the claim for credit is disallowed (in whole or in part), and if disallowed in part collection shall be made only of the part disallowed. No distraint or proceeding in court shall be begun for the collection of an amount the collection of which is staved under subparagraph (A), (B), or (C) during the period for which the collection of such amount is stayed. (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 subchapter 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.
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