Rev. Rul. 55-488

Advice has been requested concerning the application of the period of limitations upon refunds and credits prescribed by section 3313 of the Internal Revenue Code of 1939 to a credit for overpayment of tax claimed on Form 720, Quarterly Federal Excise Tax Return, filed more than 4 years after the date of the overpayment, where a portion of the period covered by the quarterly return is within 4 years of the overpayment date.

Pursuant to the provisions of section 3313 of the Code all claims for refunding or crediting of excise tax alleged to have been overpaid must be presented to the Commissioner within 4 years next after payment of the tax.

In view of the provisions of section 3313 of the Code it is held that a credit for overpayment of excise tax is not allowable when claimed on a quarterly return filed more than 4 years after the date overpayment was made, even though such return includes a period which falls within 4 years of the date of the overpayment. However, the fact that a credit is not allowable under such circumstances, due to the incidence of the filing date of the quarterly return falling beyond the 4-year limitation period, does not preclude the filing of a claim, Form 843, for refund of the overpayment at any time within the 4-year period of limitation