750
73d C ONGRESS . SESS . II. CH. 277 . MAY 10, 1934. INCOME TAR . CLAIMS AGAINST TRANSFEREES AND FIDUCIA- RIES-Contd . Fiduciary relation- ship. Liability of fiduciary until termination of . Fiduciary of trans- feree, liability . Manner of notice . OVERPAY . MENTS . Of installments .
SEC. 321 . OVERPAYMENT OF INSTALLMENT . Credit, if installment pay ment excee ds co r- If the taxpayer has paid as an installment of the tax more than rect amount.
the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, Credit or refund for if any. If the amount already paid, whether or not on the basis of amount already paid . ,
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e installments, exceeds the amount determined to be the correct amount of the tax, the overpayment shall be credited or refunded as provided in sec tion 322 . Refunds and credits . Credit against tax then due . Limitation on allow- ance. Period of. Credit or refund lim- ited . Petition to Board of Tax Appeals ; effect of. Ante, p .741 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 assume the powers, rights, duties, and privileges of the taxpayer in respect of a tax imposed by this title (except as otherwise specifically 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) FIDUC IARY OF TRANSFEREE.-Upon notice to the Commissioner that any person is acting in a fiduciary capacity for a person sub- ject to the liability specified in section 311, the fiduciary shall assume, on behalf o f such p erson, t he power s, right s, dutie s, and p rivilege s of such person under such section (except that the liability shall be collected from the estate of such person), until notice is given that the fiduciary capacity has terminated . (c) MANNER OF NoTIcE.-Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commis- sio ner with the app roval of the Sec retary . Sup plemen t O--O verpay ments SEC. 322 . REFUNDS AND CREDITS . (a) AuTaoRIZATION .-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) PERIOD OF LIMITATION .-Unless a claim for credit or refund is filed by the taxpayer within three years from the time the return was filed by the taxpayer or within two years from the time the tax was paid, no credit or refund shall be allowed or made after the expiration of whichever of su ch pe ri ods expires the later . If no return is filed by the taxpayer, then no credit or refund shall be allowed or made after two years from the time the tax was paid, unless before the expiration o f such period a claim therefor i s filed by the taxp ayer . (2) LIMIT ON AMOUNT OF CREDIT OR REFUND.-The amount of the credit or refund shall not exceed the portion of the tax paid during the thre e years immediat ely prece ding the filing of the c laim, or , if no claim was filed, then duri ng the thre e yea rs imm ediat ely precedin g the al lowance of the cr edit or refund . (c) EFF Ear OF PET ITION To BoARD .-If the Commissioner has mailed to the taxpayer a notice of deficiency under section 272(a) and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in such subsection, no credit or refund in respect of the tax for the taxable year in respect of which the Commissioner has determined the deficiency shall be allowed or
