[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: 26CFR301.6405-1]

[Page 359-360]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                    Abatements, Credits, and Refunds
 
Sec. 301.6405-1  Reports of refunds and credits.

    Section 6405 requires that a report be made to the Joint Committee 
on Taxation of proposed refunds or credits in excess of $100,000 of any 
income tax (including any qualified State individual income tax 
collected by the Federal Government), war profits tax, excess profits 
tax, estate tax, or gift tax. An exception is provided under which 
refunds and credits made after July 1, 1972, and attributable to an 
election

[[Page 360]]

under section 165(h) to deduct a disaster loss for the taxable year in 
which the disaster occurred, may be made prior to the submission of such 
report to the Joint Committee on Taxation.

[T.D. 7577, 43 FR 59376, Dec. 20, 1978]