INCOME TAX 87 of 25 per centum of the amount of gross income stated in the 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 within 5 years after the return was filed. (d) SHAREHOLDERS OF FOREIGN PERSONAL HOLDING COMPANIES.- If the taxpayer omits from gross income an amount properly includ- ible therein under section 337 (b) (relating to the inclusion in the gross income of United States shareholders of their distributive shares of the undistributed Supplement P net income of a foreign personal holding company) the tax may be assessed, or a proceed- ing in court for the collection of such tax may be begun without assessment, at any time within seven years after the return was filed. (e) DISTRIBTIONS IN LIQUDATION TO SHAREHOLDERS. - If the tax- payer omits from gross income an amount properly includible therein 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. (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. (g) CORPORATION AND SHAREHOLDER. -I f a corporation makes no return of the tax imposed by this chapter, but each of the share- holders 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. SEC. 276. SAME-EXCEPTIONS. (a) FALSE RETURN OR No REmuRN.- 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. (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 expiration 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. (c) COLLECTION AFTER ASSESSMENT.- Where the assessment of any income tax imposed by this chapter has been made within the period of 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 m writing by the Com- missioner and the taxpayer before the expiration of such six-year period. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period pre- viously agreed upon. SEC. 277 . SUSPENSION OF RUNNING OF STATUTE. 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, 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.
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