CODIFICATION OF INTERNAL REVENUE LAWS was not in business, or if his records for any part of such period are so inadequate as not to furnish satisfactory data, the average price of the taxpayer for such part of such period shall, when nec- essary for a fair comparison, be deemed to be the average price, as determined by the Commissioner, of representative concerns engaged in a similar business and similarly circumstanced. The presump- tion established by this subsection may be rebutted by proof of the character described in subsection (i). (1) The taxes imposed by subsection (a) shall be imposed on the net income from the sources specified therein, regardless of any loss arising from the other transactions of the taxpayer, and regard- less of whether the taxpayer had a taxable net income (under the income-tax provisions of the applicable Revenue Act) for the taxable year as a whole; except that if such application of the tax imposed by subsection (a) is held invalid, the tax under subsection (a) shall apply to that portion of the taxpayer's entire net income for the taxable year which is attributable to the net income from the sources specified in such subsection. SEC. 701. CREDIT FOR OTHER TAXES ON INCOME. There shall be credited against the total amount of the taxes imposed by this subchapter an amount equivalent to the excess of- (a) The amount of the other Federal income and excess-profits taxes payable by the taxpayer for the taxable year, over (b) The amount of the other Federal income and excess-profits taxes which would have been payable by the taxpayer for the tax- able year if his net income were decreased by the amount of net income taxable under this subchapter. SEC. 702. ADMINISTRATIVE PROVISIONS. (a) All provisions of law (including penalties) applicable with respect to taxes imposed by chapter 1, shall, insofar as not inconsistent with this subchapter, be applicable with respect to the taxes imposed by this subchapter, except that the provisions of sections 101, 131, 251, and 252 shall not be applicable. (b) Every person (1) upon whom a Federal excise tax was im- posed but not paid, or (2) who received any reimbursement speci- fied in section 700 (a) (2), or (3) who received a refund or credit of Federal excise tax, shall make a return under this subchapter, which return shall contain such information and be made in such manner as the Commissioner, with the approval of the Secretary, shall prescribe. (c) If the Commissioner finds that the payment, on the date pre- scribed for the payment thereof, of any part of the amount deter- mined by the taxpayer as the tax under this subchapter, or of any deficiency with respect thereto, would impose undue hardship upon the taxpayer, the Commissioner may grant an extension for the pay- ment of any such part for a period not in excess of three years. In such case the amount with respect to which the extension is granted shall be paid on or before the date of the expiration of the period of the extension, and the running of the statute of limitations for assess- ment and collection shall be suspended for the period of any such extension. If an extension is granted, the Commissioner may require the taxpayer to furnish a bond in such amount, not exceeding double the amount with respect to which the extension is granted, and with such sureties as the Commissioner deems necessary, conditioned upon the payment of the amount with respect to which the extension is granted in accordance with the terms of the extension. There shall be collected, as a part of any amount with respect to which an exten- sion is granted, interest thereon at the rate of 6 per centum per annum from the expiration of six months after the due date thereof to the expiration of the period of the extension. 116
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