"(3) May issue a certificate of partial discharge of any part of the property subject to the lien if the collector finds that the fair market value of that part of such property remaining subject to the lien is at least double the amount of the liability remaining unsatisfied in respect of such tax and the amount of all prior liens upon such property. "(d) A certificate of release or of partial discharge issued under this section shall be held conclusive that the lien upon the property covered by the certificate is extinguished. "(e) The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulation provide for the acceptance of a single bond complying both with the requirements of section 272 (j) of the Revenue Act of 1928 (relating to the extension of time for the payment of a deficiency), or of any similar provisions of any prior law, and the requirements of subsection (c) of this section. "(f) Subsections (c), (d), and (e) of this section shall apply to a lien in respect of any internal-revenue tax, whether or not the lien is imposed by this section." (b) The second sentence of section 315 (a) of the Revenue Act of 1926 is repealed. SEC. 614. INTEREST ON OVERPAYMENTS. (a) Interest shall be allowed and paid upon any overpayment in respect of any internal-revenue tax, at the rate of 6 per centum per annum, as follows: (1) In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken, but if the amount against which the credit is taken is an additional assessment of a tax imposed by the Revenue Act of 1921 or any subsequent revenue Act, then to the date of the assessment of that amount. means (2) In the case of a refund, from the date of the overpayment to a date preceding the date of the refund check by not more than 30 days, such date to be determined by the Commissioner. (b) As used in this section the term "additional assessment a further assessment for a tax of the same character previously paid in part, and includes the assessment of a deficiency of any income or estate tax imposed by the Revenue Act of 1924 or by any subsequent revenue Act. (c) Section 1116 of the Revenue Act of 1926 is repealed. (d) Subsections (a), (b), and (c) shall take effect on the expiration of thirty days after the enactment of this Act, and shall be applicable to any credit taken or refund paid after the expiration of such period, even though allowed prior thereto. SEC. 615. INTEREST ON JUDGMENTS. (a) Section 177 of the Judicial Code, as amended, is amended to read as follows: 66 SEC. 177. (a) No interest shall be allowed on any claim up to the time of the rendition of judgment by the Court of Claims, unless upon a contract expressly stipulating for the payment of interest, except as provided in subdivision (b). "(b) In any judgment of any court rendered (whether against the United States, a collector or deputy collector of internal revenue, a former collector or deputy collector, or the personal representative in case of death) for any overpayment in respect of any internal-revenue tax, interest shall be allowed at the rate of 6 per centum per annum upon the amount of the overpayment, from the date of the payment or collection thereof to a date preceding the date of the refund check by not more than thirty days, such date to be determined by the Commissioner of Internal Revenue." (b) Subsection (a) of this section shall take effect on the expiration of thirty days after the enactment of this Act. SEC. 616. COMPROMISES-CONCEALMENT OF ASSETS. Any person who, in connection with any compromise under section 3229 of the Revised Statutes, as amended, or offer of such compromise, or in connection with any closing agreement under section 606 of this Act, or offer to enter into any such agreement, willfully (1) conceals from any officer or employee of the United States any property belonging to the estate of a taxpayer or other person liable in respect of the tax, or (2) receives, destroys, mutilates, or falsifies any book, document, or record, or makes under oath any false statement, relating to the estate or financial condition of the taxpayer or other person liable in respect of the tax, shall, upon conviction thereof, be fined not more than $10,000 or imprisoned for not more than one year, or both. SEC. 617. JURISDICTION OF COURTS. (a) If any person is summoned under the internal-revenue laws to appear, to testify, or to produce books, papers, or other data, the district court of the United States for the district in which such person resides shall have jurisdiction by appropriate process to compel such attendance, testimony, or production of books, papers, or other data. (b) The district courts of the United States at the instance of the United States are hereby invested with such jurisdiction to make and issue, both in actions at law and suits in equity, writs and orders of injunction, and of ne exeat republica, orders appointing receivers, and such other orders and process, and to render such judgments and decrees, granting in proper cases both legal and equitable relief together, as may be necessary or appropriate for the enforcement of the internal-revenue laws. The remedies hereby provided are in addition to and not exclusive of any and all other remedies of the United States in such courts or otherwise to enforce such laws. SEC. 618. EXAMINATION OF BOOKS AND WITNESSES. Section 1104 of the Revenue Act of 1926 is amended to read as follows: "SEC. 1104. The Commissioner, for the purpose of ascertaining the correctness of any return or for the purpose of making a return where none has been made, is hereby authorized, by any officer or employee of the Bureau of Internal Revenue, including the field service, designated by him for that purpose, to examine any books, papers, records, or memoranda bearing upon the matters required to be included in "(3) May issue a certificate of partial discharge of any part of the property subject to the lien if the collector finds that the fair market value of that part of such property remaining subject to the lien is at least double the amount of the liability remaining unsatisfied in respect of such tax and the amount of all prior liens upon such property. "(d) A certificate of release or of partial discharge issued under this section shall be held conclusive that the lien upon the property covered by the certificate is extinguished. "(e) The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may by regulation provide for the acceptance of a single bond complying both with the requirements of section 272 (j) of the Revenue Act of 1928 (relating to the extension of time for the payment of a deficiency), or of any similar provisions of any prior law, and the requirements of subsection (c) of this section. "(f) Subsections (c), (d), and (e) of this section shall apply to a lien in respect of any internal-revenue tax, whether or not the lien is imposed by this section." (b) The second sentence of section 315 (a) of the Revenue Act of 1926 is repealed. SEC. 614. INTEREST ON OVERPAYMENTS. (a) Interest shall be allowed and paid upon any overpayment in respect of any internal-revenue tax, at the rate of 6 per centum per annum, as follows: (1) In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken, but if the amount against which the credit is taken is an additional assessment of a tax imposed by the Revenue Act of 1921 or any subsequent revenue Act, then to the date of the assessment of that amount. (2) In the case of a refund, from the date of the overpayment to a date preceding the date of the refund check by not more than 30 days, such date to be determined by the Commissioner. (b) As used in this section the term "additional assessment" means a further assessment for a tax of the same character previously paid in part, and includes the assessment of a deficiency of any income or estate tax imposed by the Revenue Act of 1924 or by any subsequent revenue Act. (c) Section 1116 of the Revenue Act of 1926 is repealed. (d) Subsections (a), (b), and (c) shall take effect on the expiration of thirty days after the enactment of this Act, and shall be applicable to any credit taken or refund paid after the expiration of such period, even though allowed prior thereto. SEC. 615. INTEREST ON JUDGMENTS. (a) Section 177 of the Judicial Code, as amended, is amended to read as follows: 66 "SEC. 177. (a) No interest shall be allowed on any claim up to the time of the rendition of judgment by the Court of Claims, unless upon a contract expressly stipulating for the payment of interest, except as provided in subdivision (b). to appear MS MAS a iche mes, the Somes he de discit a whit snot Na by Liccierie es 7 gange, spol recurum á ÞARS MAIN & che in of the Turel Sales & the instance of the ese visad jimsci.al te make and W EDC SES 1 ALI W ́s and distres com o De resiles sa beve just attes de resmy i (b. The disc wis United States it been issue, boch 1 ves of injunction, and of the exeat repulics orders appoit Zing Mawes and such other cries and process, and to render suck Julewer's sad decrees, granting in proper cases both legal and equitable roue e gether, as may be necessary or appeqeizte fe the enforcement of he internal-reve ne laws. The remedies hereby provided are in aädition to and not exclusive of any and £ other remelies of the Tited States in such courts or otherwise to enforce such laws. SEC. 618. EXAMINATION OF BOOKS AND WITNESSES. Section 1104 of the Revenue Act of 1926 is amended to read as follows: "SEC. 1104. The Commissioner, for the purpose of ascertaining the correctness of any return or for the purpose of making a return where none has been made, is hereby authorized, by any officer or employee of the Bureau of Internal Revenue, including the field service, designated by him for that purpose, to examine any books, papers, records, or memoranda bearing upon the matters required to be included in the return, and may require the attendance of the person rendering the return or of any officer or employee of such person, or the attendance of any other person having knowledge in the premises, and may take his testimony with reference to the matter required by law to be included in such return, with power to administer oaths to such person or persons." SEC. 619. MINOR ADMINISTRATIVE AMENDMENTS. (a) Section 1109 of the Revenue Act of 1926 is amended by striking out "Except as provided in sections 277, 278, 310, and 311" and inserting in lieu thereof "Except in the case of income, war-profits, excessprofits, estate, and gift taxes." (b) Section 3220 of the Revised Statutes, as amended by section 1111 of the Revenue Act of 1926, is amended by striking out “" Except as otherwise provided in sections 284 and 319 of the Revenue Act of 1926" and inserting in lieu thereof "Except as otherwise provided by law in the case of income, war-profits, excess-profits, estate, and gift taxes." 66 (c) Section 3228 of the Revised Statutes, as amended by section 1112 of the Revenue Act of 1926, is amended by striking out except as provided in sections 284 and 319 of the Revenue Act of 1926" and inserting "except as otherwise provided by law in the case of income, warprofits, excess-profits, estate, and gift taxes." (d) Section 3176 of the Revised Statutes, as amended by section 1103 of the Revenue Act of 1926, is amended by striking out "other than a return under Title II of the Revenue Act of 1924 or Title II of the Revenue Act of 1926" and inserting in lieu thereof "other than a return of income tax." TITLE V-GENERAL PROVISIONS SEC. 701. DEFINITIONS. (a) When used in this Act (1) The term "person means an individual, a trust or estate, a partnership, or a corporation. (2) The term " corporation" includes associations, joint-stock companies, and insurance companies. (3) The term "domestic" when applied to a corporation or partnership means created or organized in the United States or under the law of the United States or of any State or Territory. (4) The term "foreign" when applied to a corporation or partnership means a corporation or partnership which is not domestic. (5) The term "fiduciary means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person. (6) The term "withholding agent" means any person required to deduct and withhold any tax under the provisions of section 144 or 145. (7) The term "stock" includes the share in an association, joint-stock company, or insurance company. (8) The term " shareholder" includes a member in an association, joint-stock company, or insurance company. |