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Section 250(d) of the Revenue Act of 1921 (Pub. L. 67-98, 42
Stat. 227, 265) reduced the general period of limitations to 4
years.
The Revenue Act of 1924 (Pub. L. 68-176, 43 Stat. 253, 299)
kept the 4-year general statute of limitations, as section
277(a)(1); it provided that there was no limit in the case of
fraud or failure to file a tax return, as section 278(a).
Section 277(a)(1) of the Revenue Act of 1926 (Pub. L. 69-20,
44 Stat. 9, 58, 59) reduced the general period of limitations to
3 years; the 1926 Act left unchanged the fraud and failure-to-
file rule.
Section 275(a) of the Revenue Act of 1928 (Pub. L. 70-562,
45 Stat. 791, 856, 857) reduced the general statute of
limitations to 2 years; section 276(a) of the 1928 Act left
unchanged the fraud and failure-to-file rule. Both of these
rules remained unchanged by the Revenue Act of 1932. Pub. L. 72-
154, 47 Stat. 169, 237, 238.
In what became the Revenue Act of 1934 (Pub. L. 73-216, 48
Stat. 680), the House Bill provided (1) that the general statute
of limitations be lengthened to 3 years and (2) that the fraud
and failure-to-file rule be expanded to apply also to substantial
understatements of gross income. The Ways and Means Committee
report (H. Rept. 73-704, pp. 34, 35 (1934), 1939-1 C.B. (Part 2)
554, 580) explains these changes as follows:
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