206 CODIFICATION OF INTERNAL REVENUE LAWS SEC. 1854. REFUNDS AND CREDITS. (a) ALLowANcE. - Credit or refund of any overpayment of tax im- posed by section 1850 may be allowed to the person who collected the tax and paid it to the United States if such person establishes, to the satisfaction of the Commissioner, under such regulations as the Commissioner with the approval of the Secretary may prescribe, that he has repaid the amount of such tax to the person from whom he collected it, or obtained the consent of such person to the allow- ance of such credit or refund. (b) CREDIT ON MONTHLY RETURNS. -Any person entitled to re- fund of tax under section 1850 paid, or collected and paid, to the United States by him may take credit therefor against taxes due upon any monthly return. (c) ADJUSTMENTS FOR REFUNDED PAYMENTS. -Any person making a refund of any payment on which tax under section 1850 has been collected, may repay therewith the amount of tax collected on such payment, and the amount of tax so repaid may be credited against the tax under any subsequent return. SEC. 1855. REGULATIONS. The Commissioner, with the approval of the Secretary, shall pre- scribe and publish all needful rules and regulations for the enforce- ment of this chapter. SEC. 1856. APPLICABILITY OF ADMINISTRATIVE PROVISIONS. All provisions of law (including penalties) applicable in respect of the taxes imposed by section 1700 shall, m so far as applicable and not inconsistent with this chapter, be applicable in respect of the tax imposed by section 1850. SEC. 1857. DEFINITION OF SAFE DEPOSIT BOX. For the purposes of this chapter any vault, safe, box, or other receptacle, of not more than 40 cubic feet capacity, used for the safe- keeping or storage of jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable papers of any kind, or other valuable personal property, shall be regarded as a safe deposit box. SEC. 1858. PUBLICITY OF RETURNS. For provisions with respect to publicity of returns under this chap- ter, see subsection (a) (2) of section 55. SEC. 1859. EFFECTIVE DATE OF CHAPTER. This chapter shall take effect on the first day of that calendar month occurring next after the enactment of this title.
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