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the statute as well as their context, the purposes of
the law, and the circumstances under which the words
were employed. Furthermore, we must view the statute
in context as a whole and with a view to its place in
the overall statutory scheme. [Citations omitted.2]
Prior to 1942, there were no carrybacks of any kind, and
therefore there was no problem in respect of interest on any
overpayment or reduced underpayments attributable to carrybacks.
Section 153(a) of the Revenue Act of 1942 (1942 Act), ch.
619, 56 Stat. 847, amended section 122(b) of the 1939 Code to
provide for a 2-year carryback of net operating losses. Section
204(b) of the 1942 Act, 56 Stat. 900, amended section 710(c) of
the 1939 Code to provide a 2-year carryback of unused excess
profit tax credit. Section 153(d) of the 1942 Act, 56 Stat. 848,
amended section 3771 by adding subsection (e) to eliminate any
interest on an "overpayment" attributable to either of such
carrybacks for the period prior to the filing of a claim for
refund for such overpayment. There was no comparable provision
dealing with underpayments later reduced or eliminated by any
2 As will subsequently appear, we have included, in our
historical recital of the statutory provisions dealing with
interest and carrybacks, references to legislative actions
subsequent to the time when sec. 904(c) was enacted. In so
doing, we emphasize that we have done so for the sake of
presenting a full history, recognizing that actions of subsequent
Congresses provide a "'hazardous basis for inferring the intent
of an earlier one'". Hawkins v. United States, 30 F.3d 1077,
1082 (9th Cir. 1994) (quoting United States v. Price, 361 U.S.
304, 313 (1961)).
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