[Code of Federal Regulations]
[Title 26, Volume 7]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.547-3]

[Page 282]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.547-3  Claim for credit or refund.

    (a) If a deficiency in personal holding company tax is asserted for 
any taxable year, and the corporation has paid any portion of such 
asserted deficiency, it is entitled to a credit or refund of such 
payment to the extent that such payment constitutes an overpayment as 
the result of a deduction for a deficiency dividend as provided in 
section 547 and Sec. Sec. 1.547-1 through 1.547-7. It should be noted 
that a determination under section 547(c) and paragraph (b)(1) of Sec. 
1.547-2, of taxpayer's liability for personal holding company tax may 
take place subsequent to the time the deficiency was paid. To secure 
credit or refund of such overpayment, the taxpayer must file a claim on 
Form 843 in addition to the claim for the deduction for deficiency 
dividends required under section 547(e) and paragraph (b)(2) of Sec. 
1.547-2.
    (b) No interest shall be allowed on such credit or refund.
    (c) Such credit or refund will be allowed as if, on the date of the 
determination under section 547(c) and paragraph (b)(1) of Sec. 1.547-
2, two years remained before the expiration of the period of limitation 
on the filing of claim for refund for the taxable year to which the 
overpayment relates.

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