[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: 26CFR301.6511(d)-4]

[Page 382-383]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Limitations
 
Sec. 301.6511(d)-4  Overpayment of income tax on account of investment 
credit carryback.

    (a) Special period of limitation. (1) If the claim for credit or 
refund relates to an overpayment of income tax attributable to an 
investment credit carryback, provided in section 46(b), then in lieu of 
the 3-year period from the time the return was filed in which the claim 
may be filed or credit or refund allowed, as prescribed in section 6511 
(a) or (b), the period shall be whichever of the following 2 periods 
expires later:
    (i) The period which ends with the expiration of the 15th day of the 
40th month (or 39th month, in the case of a corporation) following the 
end of the taxable year of the unused investment credit which resulted 
in the carryback (or, with respect to any portion of an investment 
credit carryback from a taxable year attributable to a net operating 
loss carryback or a capital loss carryback from a subsequent taxable 
year, the period which ends with the expiration of the 15th day of the 
40th month (or 39th month, in the case of a corporation) following the 
end of such subsequent taxable year); or
    (ii) The period which ends with the expiration of the period 
prescribed in section 6511(c) within which a claim for credit or refund 
may be filed with respect to the taxable year of the unused investment 
credit which resulted in the carryback.
    (2) In the case of a claim for credit or refund involving an 
investment credit carryback described in subparagraph (1) of this 
paragraph, the amount of the credit or refund may exceed the portion of 
the tax paid within the period

[[Page 383]]

provided in section 6511 (b)(2) or (c), whichever is applicable, to the 
extent of the amount of the overpayment attributable to the carryback. 
If the claim involves an overpayment based not only on an investment 
credit carryback described in subparagraph (1) of this paragraph (a), 
but based also on other items, the credit or refund cannot exceed the 
sum of the following:
    (i) The amount of the overpayment which is attributable to the 
investment credit carryback, and
    (ii) The balance of such overpayment up to a limit of the portion, 
if any, of the tax paid within the period provided in section 6511 
(b)(2) or (c), or within the period provided in any other applicable 
provision of law.
    (3) If the claim involves an overpayment based not only on an 
investment credit carryback described in subparagraph (1) of this 
paragraph (a), but based also on other items, and if the claim with 
respect to any items is barred by the expiration of any applicable 
period of limitation, the portion of the overpayment attributable to the 
items not so barred shall be determined by treating the allowance of 
such items as the first adjustment to be made in computing such 
overpayment. If a claim for credit or refund is not filed, and if credit 
or refund is not allowed, within the period prescribed in this 
paragraph, then credit or refund may be allowed or made only if claim 
therefor is filed, or if such credit or refund is allowed, within the 
period prescribed in section 6511 (a), (b), or (c), whichever is 
applicable, subject to the provisions thereof limiting the amount of 
credit or refund in the case of a claim filed, or if no claim was filed, 
in case of credit or refund allowed, within such applicable period. For 
the limitations on the allowance of interest for an overpayment where 
credit or refund is subject to the provisions of this section, see 
section 6611(f).
    (b) Barred overpayments. If the allowance of a credit or refund of 
an overpayment of tax attributable to an investment credit carryback is 
otherwise prevented by the operation of any law or rule of law (other 
than section 7122, relating to compromises), such credit or refund may 
be allowed or made under the provisions of section 6511(d)(4)(B) if a 
claim therefor is filed within the period provided by section 
6511(d)(4)(A) and paragraph (a) of this section for filing a claim for 
credit or refund of an overpayment attributable to a carryback. In the 
case of a claim for credit or refund of an overpayment attributable to a 
carryback, the determination of any court, including the Tax Court, in 
any proceeding in which the decision of the court has become final, 
shall not be conclusive with respect to the investment credit, and the 
effect of such credit, to the extent that such credit is affected by a 
carryback which was not in issue in such proceeding.

[32 FR 15241, Nov. 3, 1967, as amended by T.D. 7301, 39 FR 977, Jan. 4, 
1974]