(a) All taxes and bonus due the Commonwealth, which have heretofore been settled by the Auditor General, or by the Auditor General and State Treasurer, shall, after the effective date of this act, be settled by the Department of Revenue.

(b) All such settlements shall, as far as possible, be so made that notice thereof may reach the taxpayer before the end of the year succeeding the year for which the tax or bonus report or return was made or ought to have been made.

(c) All such settlements, including estimated settlements, shall be subject to audit and approval by the Department of the Auditor General, or to correction by the Board of Finance and Revenue, as hereinafter provided.

(d) If the Department of Revenue shall not be satisfied with the appraisement and valuation of capital stock, or of property or capital, located and used within this Commonwealth, and payment of tax, as made and returned by the officers of any corporation, joint-stock association, limited partnership, or other company, it is hereby authorized and empowered to make a valuation thereof, based upon facts contained in the report or return made by such officers, or upon any information within its possession, or that shall come into its possession, and to settle an account on the valuation thus made for taxes, bonus, penalties, and interest, due the Commonwealth.

(e) If the Department of Revenue shall not be satisfied with the correctness of the report made to it by the officers of any bank, savings institution, title insurance company or trust company, it is hereby authorized and empowered to summon the officers of such bank, savings institution, title insurance company, or trust company, to appear before it, upon notice to do so, on a day to be fixed by the department, and to bring with them the books of such bank, savings institution, title insurance or trust company, for examination, and it shall have the right to have further evidence to satisfy itself as to the correctness of the report made to it on the question of the value of the shares of stock of such bank, savings institution, title insurance company, or trust company, according to the rule provided by law.

(f) If the Department of Revenue and the Department of the Auditor General or the Board of Finance and Revenue in making any tax settlement under the provisions of this section and of section 802 hereof,¹ or in making any resettlement under the provisions of sections 1102, 1103 and 1105 hereof,² shall change any allocation fraction or taxing apportionment fraction or the value of the entire capital stock or the value of any tangible or intangible assets or amounts of earnings from the figures contained in the tax report, the Department of Revenue or the Board of Finance and Revenue, as the case may be, shall, at the request of the taxpayer, furnish a reconciliation or explanation of such change or changes.