CODIFICATION OF INTERNAL REVENUE LAWS SEC. 3773 . INTEREST ON JUDGMENTS. For interest on judgments, see section 177 of the Judicial Code as amended by act of May 29, 1928, c. 852, § 615, 45 Stat. 877 (U. S . C., Title 28, § 284). SEC. 3774 . REFUNDS AFTER PERIODS OF LIMITATION. A refund of any portion of an internal revenue tax (or any inter- est, penalty, additional amount, or addition to such tax) shall be considered erroneous- (a) EXPIRATION OF PERIOD FOR FILING CLAIM.- If made after the expiration of the period of limitation for filing claim therefor, unless within such period claim was filed; or (b) DISALLOWANCE OF CLAIM AND EXPIRATION OF PERIOD FOR FILING Surr. - In the case of a claim filed within the proper time and dis- allowed by the Commissioner if the refund was made after the expira- tion of the period of limitation for filing suit, unless- (1) within such period suit was begun by the taxpayer, or (9) within such period, the taxpayer and the Commissioner agreed in writing to suspend the running of the statute of limita- tions for filing suit from the date of the agreement to the date of final decision in one or more named cases then pending before the Board of Tax Appeals or the courts. If such agreement has been entered into, the running of such statute of limitations shall be suspended in accordance with the terms of the agreement. (c) CRoss REWR:ENCE. - For procedure by the United States to recover erroneous refunds, see section 3746. SEC. 3775. CREDITS AFTER PERIODS OF LIMITATION. (a) PERIOD AGAINST UNITED STATES. - Any credit against a liability in respect of any taxable year shall be void if any payment in respect of such liability would be considered an overpayment under section 3770 (a) (2). (b) PERIOD AGAINST TAXPAYER. -A credit of an overpayment in respect of any tax shall be void if a refund of such overpayment would be considered erroneous under section 3774. SEC. 3776. REPORTS TO CONGRESS OF REFUNDS IN EXCESS OF $500. The Commissioner shall make report to Congress, at the beginning of each regular session by internal revenue districts and alphabetically arranged, of all disbursements in excess of $500 under section 3770 (a) (1) and (b). SEC. 3777. REPORTS OF REFUNDS AND CREDITS IN EXCESS OF $75,000. (a) BY COMMISSIONER TO JOINT COMMITrrEE-No refund or credit of any income, war-profits, excess-profits, estate, or gift tax in excess of $75,000 shall be made until after the expiration of thirty days from the date upon which a report giving the name of the person to whom the refund or credit is to be made, the amount of such refund or credit, and a summary of the facts and the decision of the Commis- sioner is submitted to the Joint Committee on Internal Revenue Taxation. (b) By JOINT COMMIrrrEE TO CONGRESS. -A report to Congress shall be made annually by such committee of such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credited or paid to each. SEC. 3778. CROSS REFERENCE. For remission of tax against insolvent banks, see section 3798. 466
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