"Sec.
319. Exceptions as to period
of limitation of assessment and collection of taxes. — (a) In the case
of a false or fraudulent return with intent to evade tax or a failure
to
file a return, the tax may be assessed, or a proceeding in court for
the
collection of such tax may be begun without assessment, at any time
within
ten years after the discovery of the falsity, fraud, or omission:
Provided,
That in a fraud assessment which has become final and executory, the
fact
of fraud shall be judicially taken cognizance of in the civil or
criminal
action for the collection thereof.
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"(b) If
before the expiration of the time prescribed in the preceding section
for
the assessment of the tax, both the Commissioner and the taxpayer have
agreed in writing to its assessment after such time, the tax may be
assessed
within the period agreed upon. The period so agreed upon may be
extended
by subsequent written agreements made before the expiration of the
period
previously agreed upon.
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"(c) Any
internal revenue tax which has been assessed within the period of
limitation
above-prescribed may be collected within three years following the
assessment
of the tax.
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"(d) Any
internal revenue tax which has been assessed within the period agreed
upon
as provided in paragraph (b) hereinabove may be collected by distraint
or levy or by a proceeding in court within the period agreed upon in
writing
before the expiration of the three-year period. The period so agreed
upon
may be extended by subsequent written agreements made before the
expiration
of the period previously agreed upon.
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"(e) Provided,
however, That nothing in the immediately proceeding section and
paragraph
(a) hereof shall be construed to authorize the examination and
investigation
or inquiry into any tax returns filed in accordance with the provisions
of any tax amnesty law or decree."
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