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26 U.S.C. § 7405 — Action for recovery of erroneous refunds

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 7405 — Action for recovery of erroneous refunds

**(a) Refunds after limitation period** Any portion of a tax imposed by this title, refund of which is erroneously made, within the meaning of section 6514, may be recovered by civil action brought in the name of the United States. **(b) Refunds otherwise erroneous** Any portion of a tax imposed by this title which has been erroneously refunded (if such refund would not be considered as erroneous under section 6514) may be recovered by civil action brought in the name of the United States. **(c) Interest** For provision relating to interest on erroneous refunds, see section 6602. **(d) Periods of limitation** For periods of limitations on actions under this section, see section 6532(b).

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Source location: Title 26, Chapter 76, § 7405; chapter-076-judicial-proceedings.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 613 — Percentage depletion

**(a) General rule** In the case of the mines, wells, and other natural deposits listed in subsection (b), the allowance for depletion under section 611 shall be the percentage, specified in subsection (b), of the gross income from the property excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 percent (100 percent in the case of oil and gas properties) of the taxpayer’s taxable income from the property (computed without allowance for depletion and without any deduction under section 199A). For purposes of the preceding sentence, the allowable deductions taken into account with respect to expenses of mining in computing the taxable income from the property shall be decreased by an amount equal to so much of any gain which (1) is treated under section 1245 (relating to gain from disposition of certain depreciable property) as ordinary income, and (2) is properly allocable to the property. In no case shall the allowance for depletion under section 611 be less than it would be if computed without reference to this section. **(b) Percentage depletion rates** The mines, wells, and other natural deposits, and the percentages, referred to in subsection (a) are as follows: (1) **22 percent** (A) sulphur and uranium; and (B) if from deposits in the United States—anorthosite, clay, laterite, and nephelite syenite (to the extent that alumina and aluminum compounds are extracted therefrom), asbestos, bauxite, celestite, chromite, corundum, fluorspar, graphite, ilmenite, kyanite, mica, olivine, quartz crystals (radio grade), rutile, block steatite talc, and zircon, and ores of the following metals: antimony, beryllium, bismuth, cadmium, cobalt, columbium, l

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 7405 — Action for recovery of erroneous refunds

Page 3874 TITLE 26—INTERNAL REVENUE CODE § 7405 (Aug. 16, 1954, ch. 736, 68A Stat. 874; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.) Editorial Notes AMENDMENTS 1976—Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’. § 7405. Action for recovery of erroneous refunds (a) Refunds after limitation period Any portion of a tax imposed by this title, re- fund of which is erroneously made, within the meaning of section 6514, may be recovered by civil action brought in the name of the United States. (b) Refunds otherwise erroneous Any portion of a tax imposed by this title which has been erroneously refunded (if such re- fund would not be considered as erroneous under section 6514) may be recovered by civil action brought in the name of the United States. (c) Interest For provision relating to interest on erroneous re- funds, see section 6602. (d) Periods of limitation For periods of limitations on actions under this section, see section 6532(b). (Aug. 16, 1954, ch. 736, 68A Stat. 874.) § 7406. Disposition of judgments and moneys re- covered All judgments and moneys recovered or re- ceived for taxes, costs, forfeitures, and penalties shall be paid to the Secretary as collections of internal revenue taxes. (Aug. 16, 1954, ch. 736, 68A Stat. 875; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.) Editorial Notes AMENDMENTS 1976—Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’. § 7407. Action to enjoin tax return preparers (a) Authority to seek injunction A civil action in the name of the United States to enjoin any person who is a tax return preparer from further engaging in any conduct described in subsection (b) or from further act- ing as a tax return prep

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