[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6316-8]

[Page 218]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Collection
 
Sec. 301.6316-8  Refunds and credits in foreign currency.

    (a) Refunds. The refund of any overpayment of tax which has been 
paid under section 6316 in foreign currency may, in the discretion of 
the Commissioner, be made in the same foreign currency by which the tax 
was paid. The amount of any such refund made in foreign currency shall 
be the amount of the overpayment in U.S. dollars converted, on the date 
of the refund check, at the rate of exchange then used for his official 
disbursements by the disbursing officer of the Department of State in 
the country where the foreign currency was originally deposited.
    (b) Credits. Unless otherwise in the best interest of the Internal 
Revenue Service, no credit of any overpayment of tax which has been paid 
under section 6316 in foreign currency shall be allowed against any 
outstanding liability of the person making the overpayment except in 
respect of that portion or the liability which, in accordance with Sec. 
301.6316-1 or Sec. 301.6316-7, would otherwise be permitted to be paid 
in the same foreign currency.