# Pub. L. 95-628: changes to the Internal Revenue Code 1978-11-10, 92 Stat. 3627. Source: . ## Legislative history - Bill: [H.R. 7320](https://www.congress.gov/bill/95th-congress/house-bill/7320) ## § 267: Losses, expenses, and interest with respect to transactions between related taxpayers - § 267(e): Pub. L. 95–628 added subsec. (e). ## § 301: Distributions of property - § 301(b)(1): Pub. L. 95–628, § 3(a), substituted “amount of gain recognized to the distributing corporation on the distribution” for “amount of gain to the distributing corporation which is recognized under subsection (b), (c), or (d) of section 311, under section 341(f), or under section 617(d)(1), 1245(a), 1250(a), 1251(c), 1252(a), or 1254(a)”. - § 301(d): Pub. L. 95–628, § 3(b), substituted “amount of gain recognized to the distributing corporation on the distribution” for “amount of gain to the distributing corporation which is recognized under subsection (b), (c), or (d) of section 311, under section 341(f), or under section 617(d)(1), 1245(a), 1250(a), 1251(c), 1252(a), or 1254(a)”. ## § 312: Effect on earnings and profits - § 312(c): Pub. L. 95–628 substituted “gain recognized to the corporation on the distribution” for “gain to the corporation recognized under subsection (b), (c), or (d) of section 311, under section 341(f), or under section 617(d)(1), 1245(a), 1250(a), 1251(c), 1252(a), or 1254(a)”. ## § 6072: Time for filing income tax returns - § 6072(e): Pub. L. 95–628 added subsec. (e). ## § 6501: Limitations on assessment and collection - § 6501(j): Pub. L. 95–628, § 8(c)(1)(A), substituted in heading “Certain credit carrybacks” for “Investment credit carrybacks”, designated existing provision as par. (1), and in par. (1) as so designated, inserted heading “In general” and in text, substituted “credit carryback” for “investment credit carryback” in two places and “unused credit” for “unused investment credit”, inserted reference to other credit carryback, and substituted reference to section 6213(b)(3) for 6213(b)(2), and added par. (2). - § 6501(m): Pub. L. 95–628, § 8(c)(1)(B), struck out references to subsecs. (o) and (p) in two places. - § 6501(o): Pub. L. 95–628, § 8(c)(1)(C), struck out subsec. (o) which related to work incentive program credit carrybacks. - § 6501(p): Pub. L. 95–628, § 8(c)(1)(C), struck out subsec. (p) which related to new employee credit carrybacks. ## § 6511: Limitations on credit or refund - § 6511(d)(2)(A): Pub. L. 95–628, § 8(a), substituted “3 years after the time prescribed by law for filing the return (including extensions thereof) for” for “with the expiration of the 15th day of the 40th month (or the 39th month, in the case of a corporation) following the end of”. - § 6511(d)(4): Pub. L. 95–628, § 8(b)(1), substituted in heading “certain credit carrybacks” for “investment credit carrybacks”, in subpar. (A), substituted “a credit carryback” for “an investment credit carryback”, “period shall be that period which ends 3 years after the time prescribed by law for filing the return (including extensions thereof) for the taxable year of the unused credit which results in such carryback” for “period shall be that 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 results in such carryback”, and “(or, with respect to any portion of a credit carryback from a taxable year attributable to a net operating loss carryback, capital loss carryback, or other credit carryback from a subsequent taxable year, the period shall be that period which ends 3 years after the time prescribed by law for filing the return, including extensions thereof, for such subsequent taxable year)” for “(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 shall be that 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),”, in subpar. (B), substituted “a credit carryback” for “an investment credit carryback”, “any credit” for “the investment credit”, and “affected by a credit carryback” for “affected by a carryback”; and added subpar. (C). - § 6511(d)(7): Pub. L. 95–628, § 8(b)(2), redesignated par. (8) as (7). Former par. (7), which provided for a special period of limitation with respect to work incentive program credit carrybacks, was struck out. - § 6511(d)(8): Pub. L. 95–628, § 8(b)(2)(B), redesignated par. (8) as (7). - § 6511(d): Pub. L. 95–628, § 8(b)(2)(A), struck out par. (9) which provided for a special period of limitation with respect to new employee credit carrybacks. ## § 6601: Interest on underpayment, nonpayment, or extensions of time for payment, of tax - § 6601(d)(2): Pub. L. 95–628, § 8(c)(2)(A), substituted in heading “Certain credit carrybacks” for “Investment credit carryback”, designated existing provision as subpar. (A), and in subpar. (A) as so designated, inserted heading “In general” and in text extended the application of the provision to credit carrybacks, previously limited to investment credit carrybacks, included other credit carrybacks, and added subpar. (B). - § 6601(d)(4), § 6601(d): Pub. L. 95–628, § 8(c)(2)(B), struck out pars. (4) and (5) which provided for work incentive program credit carrybacks and new employee credit carrybacks, respectively. ## § 6611: Interest on overpayments - § 6611(f)(2): Pub. L. 95–628, § 8(c)(3)(A), substituted in heading “Certain credit carrybacks” for “Investment credit carryback”, designated existing provision as subpar. (A), and in subpar. (A) as so designated inserted heading “In general” and extended the application of provision to credit carrybacks, previously limited to investment credit carrybacks, included other credit carrybacks, and added subpar. (B). - § 6611(f)(4), § 6611(f): Pub. L. 95–628, § 8(c)(3)(B), struck out pars. (4) and (5) which provided for work incentive program credit carrybacks and new employee credit carrybacks, respectively. ## § 6672: Failure to collect and pay over tax, or attempt to evade or defeat tax - § 6672: Pub. L. 95–628 designated existing provisions as subsec. (a), added subsec. (a) heading, and added subsec. (b). ## § 7103: Cross references—Other provisions for bonds - § 7103(a)(4): Pub. L. 95–628 added par. (4). ## § 7421: Prohibition of suits to restrain assessment or collection - § 7421(a): Pub. L. 95–628 inserted references to sections 6672(b) and 6694(c).