[58 STAT. "(b) RULES FOB APPLICATION OF SUBSECON (a). -For the purposes of this section- "(1) The tax imposed by this chapter and the tax shown on the return shall both be determined without regard to payments on account of estimated tax, without regard to the credit under 56Stat.893; 3Stat. section 35, and without regard to so much of the credit under 26 U. S. c., supp. section 32 as exceeds 2 per centum of the interest on obligations I35
26U. SC described in section 143 (a); 3Stat. . 43(a "(2) The term 'rebate' means so much of an abatement, credit, supP. I, T143 (a). refund, or other repayment, as was made on the ground that the Antcp.239. tax imposed by this chapter was less than the excess of the amount specified in subsection (a) (1) over the amount of rebates previously made; and Ante, p. 0. "(3) The computation by the collector, pursuant to section 51 (f), of the tax imposed by this chapter shall be considered as having been made by the taxpayer and the tax so computed con- sidered as shown by the taxpayer upon his return." (b) ArMENDaENT OF SECTONs 3801 AND 3806.- The second sentence 26^8U..C.380d). of section 3801 (d) (relating to ascertainment of amount of adjust- te,. ment under section 3801), and the third sentence of section 3806 (b) Ante,. B (3) (relating to ascertainment of credit for barred year under section 3806), are respectively amended to read as follows: "The amount of the tax previously determined shall be the excess of- "(1) the sum of (A) the amount shown as the tax by the tax- Su pr . payer upon his return (determined as provided in section 271 (b) (1) and (3)), if a return was made by the taxpayer and an amount was shown as the tax by the taxpayer thereon, plus (B) the amounts previously assessed (or collected without assess- ment) as a deficiency, over- supra "(2) the amount of rebates, as defined in section 271 (b) (2), made." 23 Stat. 88; 67 Stat. (C) INTEREST ON DEFICIENCIEs. -Section 292 (a) (relating to inter- s u.si. s . ia )2; est on deficiencies) is amended by inserting at the end thereof the Supp. , following: "If any portion of the deficiency assessed is not to be collected by reason of a prior satisfaction, in whole or in part, of the tax, proper adjustment shall be made with respect to the interest on such portion." (d) OVERPAYMENT FovND By TAX COURT IN CASE OF DEFICIENCY. - s6U.t. ., sBpp. Section 322 (d) (relating to overpayments found by Tax Court) is ImI, (d). amended by inserting after "in respect of which the Commissioner determined the deficiency," the following: "or finds that there is a deficiency but that the taxpayer has made an overpayment of tax in respect of such taxable year," (e) TAXABLE YEARS TO WHICI APPLICABLE.- T he amendments made by subsections (a), (c), and (d) shall be applicable with respect to taxable years beginning after December 31, 1942. The amend- ment made by subsection (b) to section 3801 (d) of the Internal Revenue Code shall, for the purposes of such section and sections 26u. Bc. 124; 124, 130, and 3807 of such Code, be applicable in the determination Supp. III,I12. of a tax previously determined only if such tax is for a taxable year Ante, pp. beginning after December 31, 1942. The amendment made by sub- section (b) to section 3806 (b) (3) of such Code shall, for the pur- poses of such section, be applicable in the determination of a tax previously determined only if such tax is for a taxable year begin- ning after December 31, 1942. In the application of the amendments made by this section in the case of taxable years beginning in 1943 26.. . "section 35" in the amendment made by subsection (a) shall be read m, 1s34, m (e). as "section 35 and section 466 (e)". PUBLIC LAWS--C . 210-MAY 29, 1944 246
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