[Code of Federal Regulations]
[Title 26, Volume 13]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR]

[Page 630-631]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Procedure and Administration--Table of Contents
 
Sec.  1.9004-3  Statutes of limitation.

    The period within which the assessment of any deficiency or the 
credit or refund of any overpayment attributable to the election may be 
made shall not expire sooner than one year after December 11, 1961. 
Thus, if assessment of a deficiency or credit or refund of an 
overpayment, whichever is applicable, is not prevented on September 26, 
1961, the time for making assessment or credit or refund shall not 
expire for at least one year after December 11, 1961, notwithstanding 
any other

[[Page 631]]

provision of law to the contrary. Even though assessment of a deficiency 
is prevented on September 26, 1961, if commencement of a suit for 
recovery of a refund under section 7405 of the Internal Revenue Code of 
1954 may be made on such date, then any deficiency resulting from the 
election may be assessed at any time within 1 year after December 11, 
1961. If a taxpayer makes the election, he shall be deemed to have 
consented to the application of the provisions of the Act extending the 
time for assessing a deficiency attributable to the election. The Act 
does not shorten the periods of limitation otherwise applicable. An 
agreement may be entered into under section 6501(c)(4) of the Internal 
Revenue Code of 1954 and corresponding provisions of prior law to extend 
the period for assessment.


(75 Stat. 674; 26 U.S.C. 613 note)

[T.D. 6575, 26 FR 9632, Oct. 12, 1961]