§ 1046 T1 TLB 88.--1N TBR] I0-48. Credit or ref¤¤§ of ove$pnymut§.~·—-—·I1’ tho taxpayer `: has paid as am i¤st¤ ll¤o¤t ot the, tax mom than the amount · ' dotoi·mi@ to be tho correct amount ot such installment, tho excxo shall be imroditod against the uupoicl ihbtallmohm, it any, It tm amount already _@ld, whether or not oar tho bam ot! iastallméots, excoc® tm amount ·dotermi¤cd`_to be the corrcvt amount of the tax, tho cxccss shall m crxlitcd or rc! fuoticd as provided in section 1065 of this title. (J tmc 2, 1924, { 4.01p.`m.,c.%4,_§2‘72,43Smt.396.) · . . _ ( . 1047. De§oi¤cy in tax.; what m1\$titIt€d.j····A8 usccl lp this chaygr the term “do§cicncy " means-—_ Y · ·- - . E " (1} The amount by which tho tax imposed by thlogzhaptcr ( cicccils thoaomoont shown as the tax by tho taxpayer upon his l'€f¢111‘§§'bl2$` the amount oo shown on the return shall lhrstbo increased by the amounts pmvlously amassed Y (or collected witoout usscmtent) as a dedcleocy, und (docrcascd by the IIB§¥.§1ltS_ previously abated, credited; refunded, or otherwise
idi!1!€%¢t0!S¥1Qht&X;0I G 0 t .-
(2) It umqxount iq shown as the tax by the taxpayérupou ’ his return, or it no rotum io made by this taxpayer, then Ythé amount by which the tax exceeds the amounts previously as?
d (o1·· colloct& without ame nt) as o domlémy; but
mph ¤mou11ts`”préviously omssed, or collected witho;1t‘asscss— m®t,·shall §rst be docrcosodgby the amounts previously abated, crodit&,·re£¤§dcd, or .otherwise,‘$id' iI§‘1'E‘®éct ot such tax. (Sooo 2, 192i, 4,01 9, m., c. 234, [273, 43 Stat.296,) Q 1048. Same: notice to taxmyer of dc&cicmy.—If, in the caso of any taxpayer, the Commlmlouor ot Intgémal ·B·§#€B\18 detoxminw that there loo doécioncy in respect of the tax- by this chapter, tho taxpayer, cxcopt u .pgoyi§lod in section 1051 of this titlc_ shall be aotmed of such ·dé§oicucy by regis; toned mail, but such doficiencylshall be only as herél11· aiftor provided. Within sixty 'days after such notice is uiailcd the taxpayer may tile an appeal with the. Board of Tax Appeals _ wthblished (Hy section 1211. (Juno 2, 1924, 4.01 p. m.,Vc. 234, $274-l(a},43Stat. @7.) _ A M_ _‘ ‘ · 1049; Same; dctcrmhation and aséesshont of démzioncy by board;,paymo¤t; collection of _ amount. disallowed by board.-ei It tho board dotcmilnos that there is a dohcioncy, the amount so determined gimll bc, assessed and. shall be paid upon xloticé " » and gicmaud fiom the collector. No Zpaijt of tho amount dotenw miuedosl a' qcmziency {by thoécommissionor but dloallowogl- os such ily the board shall be assessed, but a proceeding in court l may be begun, without asscsment, fol.‘.{th(-3 collection of anyw _§ part ot. 4: émount so disallowed. ’Tbc court éhall -includo in ‘ its judggnt interest upon tho amount thereof at- the rate of 6 per co¤tum‘pc:· aoxmm from the (late prescribed `[01"thB pay-, mont of the tax to tho date ot tho judwut. Such procoogllng shall. be bogw within ono yoo1·_attcr' the Qual docisloin of tho 'board, and rosy be begun within such year evoiz though_ tho period of llmltétion proscribed in section 1057 of this title has cxplrod, (Juno 2; 1924,4.01 p. m., c. 234, § 271 (b), 43 Suit. 1058. Assessment wd pxymoat iyhore no appénl to board.-- ii the toxphycrgdoos not lilo an appeal with tho board within thé time proscribed ln scotloh 1048 ot this title, (tho domzloucy ’0`° ot which the taxpayer has been notiilod shall be smcmd', and slmll bc mild upon ootioo and demand froin the collector. (Juno·2, 1924, 4.01 p. m., c. @4, 5 274 (c), 43 Stat. 2057.) i 1651. Sonic; assessment and collmion of dcéokucy wl1oro_ delay would impardizo same.-—-It tho Commlsamot of Into1inal_ Révcmsé, bclliios that · tho, nsocwmont or collection ot a do- Hcicnoy will joomrdigod by "dolay such dctlcicocy shall be "assésgod immediately and notice and demand shall bc uiado by the collector for the payment thorcofg in such case tho oo; 1 oomcaot may be mado (1) without givlngtho notice provided in soction 1048 of this title or (2) before. tho expiration of the slxty·doy period pxoviécd in section 1048, (wen (though such
WAL REVEN UB 839 nouce has been given, or (3) at any time priser tq the Qual elecisiou wb! the board upon auch dchcimci wen the tax- Wier has Sled an appeal. _If the tS!D¤Y£¥ does not me a ¢l§im in abatement as providedgin ¤¤.%0n NQ of thié titlc uw demiency so ansesséd (or, it tho claim so tiled ccvers 'only zz wrt of the , detlciency, them the smcmnt mt covered by tm: claim) shull be pmdqspon notice and demand item the cullector. (June 2, 1924, 4.01~p._ m.,.c. @4, O 274 (cl), 43 Stat. 2975 1952. Prcrgting dcécieticy is }¥l\&8-—-¤I! the taxpmw has elected to pay the tax`in installgenatq and s desclmcy his , begn assemed, ’tl1e‘ dedciencyishall & l}l’0f§t& to we four histallméuts. .Exccpt aé provided in 1651 ofthis title, that part .;0f_ the deficiency iso ximrated to my i&lImen; the daté foipinyment of wbi& has-mt érrlved, mil. be cmlectéd at the séme time as and as lpurt at such imt•llm—e¤tQ That partcf the deécicncylcprvratéd to wif · the date` for ®yment of whi&_ hs; urivgd,. Qall bg mid upon uoticé and rdgm•ndYtrom· thé éollectur, {Jem; 2, wu, 4.91E p. m., c. 234, 5-274 ·(c)Q43St@t. @7.) . ._ · ‘ l 1053.1 Interest qa deicicmy;-—I¤tergét g the_ amount determined as a d€ki€I1¢i,_'6l#, it the tix is ·@m)lmem¤, up§m_ the part ot the ·dcEcicucy m•0i‘&tcd‘t¤ shall be amssed atthe nmgfcluxc ps the @ie*¤§7,_sBnll be pui<1`up0n noticé and dcmahd fmui the mllectcr, sm kai}, he collected asf a putt `ot the_t¤x,`at the riteéaf 6 pa cmtmu per iuinum from the ldatc presqribad for the p•%t of the tax, pr the payment qt ‘smc§ iustallxent, tc, tbg éttc the Qailciencgy is as d. (lnpc.2, 1924;- 4.01-p.·m.,·éf B4, { 274 (fi, 43-S¢¤¤mv.)'7·— -~ ‘· ‘ . Y ‘° _ 1054.- Extension of time for paymmt `gf éétci¤q.—WHerc Wit is-shown; to the satisi'acti<m· 0; thel W ¤ ot Iintwmizi Reveuué that .thé payment Qt a iwgimcy upcnithetdqte psa- Scribed ’for·.the paymént thereofgivfil @1t in mdue parslsh‘ip, to the taxpayer the said commissioner, yéith the sppmvél of the Secretary of the Treasury (exept where the deécieuvy is due_ to negligence, to ixitentibnsl disregard lat. rela hind regulations, or tb fraud with intent té evade _¤x), ·may:grzmt gn extension {git the payment of 8¥l¢h;_d¢¤d0i'l€f or any part ;= thereof fora period not“_in excess q£»·`éi@téen‘¤<xnthe. It an exténsion is gnjanted the éommisgléner ,may rcqhim the taxpaygfto furnish a bcmd injuchnméuat, ·i.wt—e:xcecd1ng déublc the amount of the? deBcienc!, had _ with with `mre€$¤» as the ccmmissiqner kleeingn jtzecesshrj, c0ndl®¤ed apap the pament of the deficiency iu_ accordance with the terms of the eitenslcn. ._In such use them .shg.Il‘ be collectéd, ss`: part of the tax, interest on the part of the damlgncy the time ta: payment ot whiéh is so extended, at the mm of B pct ceutum 'pcz gmmm fdr the period of the ¢;te¤sicmQ and no to the: interest éhall be _ collected- bn mclr pdrt at the glméimcy {cr such 'perlod. H the part of thév demzicncy the _ time for} payment of ; which is `so extended is not paid hy accétéléucc -wim the ‘ termsot the extmsion, there shall be. c0¥lected,'¤s a part of the tax; interest on such unpaid amount at the mia of 1 pe: centum ‘ a moxith for the period fromthe time §xed·by_the.tcrms ogg? gxtension for its paymeiat until it is bald, gud no nther inte t shall bc, collected on such unmjd amount fer such period.
(Jima 2, 1924; 4.01 m., of E4,- 274 (5), 43 SQL @*7.) " i 1055. Increasing tgx when de§cic¤cy_ dm ta mgliggme or fraud.-—-—(a)‘ It any part of any dchcimcy islclue to negllgsence,
or intentional disregard of rules éud regulations. but without intent toldéfraud, 5 per centum of tlmutctal amount of the deilcieupy (in adédltion to such deficiency) shall be ¤$®Sed, collected, and »pa.1d in the same manner as it `it were a de- Sclency, eicept that ·the·provisi¢ms of sections 1%.2 and 1053 of Lhjxs title sliallixot applicable. ‘ · , ·* n · (li)>i=Lgpy part of any demriency is dm to fraud with intent to evade t•;i}`the;zg_\50 per ccmmm `nt the total amount of the dehclgncy (in gddltidix demiency) shall be so aéessed.
