[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: 26CFR303.1-5]

[Page 758]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 303_TAXES UNDER THE TRADING WITH THE ENEMY ACT--Table of Contents
 
Sec. 303.1-5  Payment of taxes.

    (a) Pursuant to tentative computations. The amount of taxes shown by 
a tentative computation shall be paid by the Attorney General or the 
taxpayer, as the case may be, to the district director as soon as 
practicable after the tentative computation has been made. It will not 
be necessary, however, for the payment by the Attorney General to be 
made prior to the return of property if an amount sufficient to cover 
all internal revenue taxes is retained from the property by the Attorney 
General.
    (b) Pursuant to final computations. Upon a final computation of 
internal revenue taxes properly payable, the amount thereof remaining 
unpaid shall be paid by the Attorney General to the district director as 
soon as practicable after the final computation has been made, or, in 
case the property has been returned to the former owner, by such owner. 
If the final computation shows that the full amount of internal revenue 
taxes properly payable is less than the amount previously paid, the 
difference shall be credited or refunded in accordance with the 
provisions of these and other applicable regulations. A final 
computation will not prohibit a subsequent recomputation if it is 
determined that the amount shown by the final computation is erroneous.
    (c) Deficiency procedure. The Attorney General shall pay internal 
revenue taxes without regard to the provisions of law relating to the 
sending of a deficiency notice by certified or registered mail or to 
notice and demand.