PUBLIC LAWS-CH. 63-FEB . 25, 1944 56 Stat.. . Sp excess profits taxes as provided in section 3806 of the Internal Reve- mo 380 Pne . ue Code. For the purposes of this paragraph the term 'contractor' od,pp. 90, 2 includes a subcontractor. periodsotimitation. "(3) No proceeding to determine the amount of excessive profits shall be commenced more than one year after the close of the fiscal year in which such excessive profits were received or accrued, or more than one year after the statement required under paragraph (5) is filed with the Board, whichever is the later, and if such pro- ceeding is not so commenced, then upon the expiration of one year following the close of such fiscal year, or one year following the date upon which such statement is so filed, whichever is the later, all liabilities of the contractor or subcontractor for excessive profits received or accrued during such fiscal year shall thereupon be dis- charged. If an agreement or order determining the amount of exces- sive profits is not made within one year following the commencement of the renegotiation proceeding, then upon the expiration of such one year all liabilities of the contractor or subcontractor for excessive profits with respect to which such proceeding was commenced shall Exceptions. thereupon be discharged, except that (A) if an order is made within such one year by the Secretary (or an officer or agency designated by the Secretary) pursuant to a delegation of authority under sub- section (d) (4), such one-year limitation shall not apply to review of such order by the Board, and (B) such one-year period may be extended by mutual agreement. Aelireiomets for "(4) For the purposes of this section the Board may make final or sive profits and dis- other agreements with a contractor or subcontractor for the elimina- chargeofliabty. tion of excessive profits and for the discharge of any liability for excessive profits under this section. Such agreements may contain connclsve forc. such terms and conditions as the Board deems advisable. Any such agreement shall be conclusive according to its terms; and except upon a showing of fraud or malfeasance or a willful misrepresentation of a material fact, (A) such agreement shall not for the purposes of this section be reopened as to the matters agreed upon, and shall not be modified by any officer, employee, or agent of the United States, and (B) such agreement and any determination made in accordance there- with shall not be annulled, modified, set aside, or disregarded in any suit, action, or proceeding. Financial state "(5) (A) Every contractor and subcontractor who holds contracts or subcontracts, to which the provisions of this subsection are appli- cable, shall, in such form and detail as the Board may by regulations prescribe, file with the Board on or before the first day of the fourth month following the close of the fiscal year (or if such fiscal year has closed on the date of the enactment of the Revenue Act of 1943, on or before the first day of the fourth month following the month in which such date of enactment falls), a financial statement setting forth such information as the Board may by regulations prescribe as necessary to carry out this section. In addition to the statement required under the preceding sentence, every such contractor or subcontractor shall, at such time or times and in such form and detail as the Board may by regulations prescribe, furnish the Board any information, records, or data which is determined by the Board to be necessary to carry out Penaty. this section. Any person who willfully fails or refuses to furnish any statement, information, records, or data required of them under this subsection, or who knowingly furnishes any such statement, informa- tion, records, or data containing information which is false or mislead- ing in any material respect, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or imprisonment for not more than two years, or both. [58 STAT.
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