PUBLIC LAWS--CH. 340-JULY 31, 1945 56 Stat. 96. 26 U. S. C., Supp. IV, i 780. Ante, p. 518. 53 Stat. 31. 26 U. S. C., Supp. IV, 56 (b). Post, p. 21 . but such reduction being decreased by the amount of any credits under section 780 properly allocable to such reduction; "(4) the tax or taxes and the amount thereof the time for payment of which is to be extended; and "(5) such other information for the purpose of carrying out the provisions of this section as may be required by such regula- tions. The collector shall, upon request, furnish a receipt for any statement filed, which shall set forth the date of such filing. "(c) AMOUNT TO WHICH EXTENSION RELATES AND INSTALLMENT PAYMENTS. -T he amount the time for payment of which may be extended under subsection (a) with respect to any tax shall not exceed the amount of such tax shown on the return, increased by any amount assessed as a deficiency (or as interest or additions to the tax) prior to the date of filing the statement and decreased by any amount paid or required to be paid prior to the date of such filing, and the total amount of the taxes the time for payment of which may be extended shall not exceed the amount stated under clause (3) of subsection (b). For the purposes of this subsection, an amount shall not be considered as required to be paid unless shown on the return or assessed as a deficiency (or as interest or addition to the tax), and an amount assessed as a deficiency (or as interest or additions to the tax) shall be considered to be required to be paid prior to the date of filing of the statement if the tenth day after notice and demand for its payment occurs prior to such date. If an extension of time under this section relates to only a part of a tax, the time for payment of the remainder shall be con- sidered to be the dates on which payments would have been required if such remainder had been the tax and the taxpayer had elected to pay the tax in four equal instalments as provided in section 56 (b). '(d) PERIOD OF EXTENSION.-T he extension of time for payment provided in this section shall expire- "(1) on the last day of the month in which falls the last date prescribed by law (including any extension of time granted the taxpayer) for the filing of the return for the taxable year of the expected net operating loss or unused excess profits credit, or "(2) if an application for tentative carry-back adjustment pro- vided in section 3780 with respect to such loss or unused credit is filed before the expiration of the period prescribed in clause (1), on the date on which notice is mailed by registered mail by the Commissioner to the taxpayer that such application is allowed or disallowed in whole or in part. "(e) REVISED STATEMENTS.-Each statement filed under subsection (a) with respect to any taxable year shall be in lieu of the last state- ment previously filed with respect to such year. If the amount the time for payment of which is extended under a statement filed is less than the amount under the last statement previously filed the extension of time shall be terminated as to the difference between the two amounts. "(f) TEBMINATION BY COMMISSIONER.- T he Commissioner is not required to make any examination of the statement, but he may make such examination thereof as he deems necessary and practicable. The Commissioner shall terminate the extension as to any part of the amount to which it relates which he deems should be terminated because, upon such examination, he believes that, as of the time such examination is made, all or any part of the statement clearly is in a material respect erroneous or unreasonable. "(g) PAYMENTS ON TERMINATIoN.- If an extension of time is terminated under subsection (e) or (f) with respect to any amount, then- [59 STAT. 520
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