SEVENTIETH CONGRESS . SEss. I. Cia. 852. 1928 . be suspended for the period during which the Commissioner is prohibited from making the assessment in respect of the liability of the transferee or fiduciary (and in any event, if a proceeding in respe ct of the liabilit y is plac ed on th e docket of the Bo ard, unti l the decision of the Board becomes final), and for 60 days thereafter . (e) Address for notice of liability .-In the absence of notice to the Commissioner under section 312 (b) of the existence of a fiduciary relationship, notice of liability enforceable under this section in respe ct of a t ax impose d by this title, if mailed to the p erson sub ject to th e liabili ty at his last kno wn addre ss, shall be suffi cient for the purposes of this title even if such person is deceased, or is under a legal disability, or, in the case of a corporation, has terminated its existence . (f) Definition of "transferee ."-As used in this section, the term " transferee " includes heir, legatee, devisee, and distribi .tee. SEC . 312. NOTICE OF FIDUCIARY RELATIONSHIP . (a) Fiduciary of taxpayer .Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assu me the power s, rig hts, d uties, and pr ivileg es of the ta xpayer in resp ect of a tax impos ed by this t itle (e xcept as oth erwise speci fi- cally provided and except that the tax shall be collected from the estate of the taxpayer), until notice is given that the fiduciary capacity has terminated . (b) Fiduciary of transferee .-Upon notice to the Commissioner that any person is acting in a fiduciary capacity for a person subject to the liability specified in section 311, the fiduciary shall assume, on beha lf of such p erson, the p owers, rights , duti es, an d priv ileges of such person under such section (except that the liability shall be col- lected from the estate of such person), until notice is given that the fiduc iary c apacit y has termin ated . (c) Manner of notice .-Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commis- sioner with the approval of the Secretary . Supplement «-Overpayments SEC . 321 . OVERPAYMENT OF INSTALLMENT . If the taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any. If the amount already paid, whether or not on the basis of inst allmen ts, ex ceeds the am ount d etermin ed to be the corre ct amo unt of the tax, the overpayment shall be credited or refunded as provided in section 322 . SEC . 322 . REFUNDS AND CREDITS . (a) Authorization .-Where there has been an overpayment of any tax imposed by this title, the amount of such overpayment shall be credited against any income, war-profits, or excess-profits tax or installment thereof then due from the taxpayer, and any balance shall be refunded immediately to the taxpayer . (b) Limitation on allowance .- (1) PERIO D Or LIMIT ATION . -N o such credit or refund shall be allowed or made after two years from the time the tax was paid, unless before the expiration of such period a claim therefor is filed by the taxpayer . 861 INCOME TAX Unt il decision of Board, etc. Address for notice of liability . Meaning of "trans. feree." Notice of fiduciary relationship . Powers, etc., of tax- payer transferred to fiduciary on notice ,to Com miss ione r . Powers assumed by fiduciary of transferee. Manner of notice. Overpayments . O f installment . Credit, if installment pay ment exce eds cor- rect amount . Credit or refund for amount already paid . Infra . Refunds and credits . Cre dit agai nst t ax then due . Period of limitation .
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