Page:United States Statutes at Large Volume 45 Part 1.djvu/906

 SEVENTIETH CONGRESS. SESS. I. CH. 852. 1928. 855 (b) Deficiency letters .-If the jeopardy assessment is made be- 'iceO M E to TAX fore any notice in respect of the tax to which the jeopardy assess- ment relates has been mailed under section 272(a), then the Com- missioner shall mail a notice under such subsection within 60 days after the making of the assessment. Amount assessable (c) Amount assessable before decision of Board .-The jeopardy before decision of assessment may be made in respect of a deficiency greater or less Board. than that notice of which has been mailed to the taxpayer, despite the provisions of section 272(f) prohibiting the determination of additional deficiencies, and whether or not the taxpayer has there- tofore filed a petition with the Board of Tax Appeals. The mine, on d to notice . shall notify the Board of the amount of such assess- ment, if the petition is filed with the Board before the making of the assessment or is subsequently filed, and the Board shall have juris- diction to redetermine the entire amount of the deficiency and of all amounts assessed at the same time in connection therewith. Amo unt assessable (d) Amount assessable after decision of Board .-If the jeopardy after decision of Board. assessment is made after the decision of the Board is rendered such assessment may be made only in respect of the deficiency deter- mined by the Board in its decision. Not allowed after (e) Expiration of right to assess .-A jeopardy assessment may final decision of Board, not be made after the decision of the Board has become final or after etc. the taxpayer has filed a petition for review of the decision of the Board. (f) Bond to stay collection .-When a jeopardy assessment has upoS Of n Sling bond collection been made the taxpayer, within 10 days after notice and demand from the collector for the payment of the amount of the assessment, may obtain a stay of collection of the whole or any part of the amount of the assessment by filing with the collector a bond in such amount, not exceeding double the amount as to which the stay is desired, and with such sureties, as the collector deems necessary, conditioned upon the Conditions. payment of so much of the amount, the collection of which is stayed by the bond, as is not abated by a decision of the Board which has become final, together with interest thereon as provided in section 297 . Further conditions, (g) Same-Further conditions .-If the bond is given before the if bond give n before taxpayer has filed his petition with the Board under section 272(a), filing petition. the bond shall contain a further condition that if a petition is not filed within the period provided in such subsection, then the amount the collection of which is stayed by the bond will be paid on notice and demand at any time after the expiration of such period, together with interest thereon at the rate of 6 per centum per annum from the date of the jeopardy notice and de mand to the date of notice and demand under this subsection. h Waiver of stay .-Upon Stay of collection of y .-Upon the filing of the bond the collection part covered by bond . of so much of the amount assessed as is covered by the bond shall Effect of waiver of be stayed . The taxpayer shall have the right to waive such stay at stay, etc. any time in respect of the whole or any part of the amount covered by the bond, and if as a result of such waiver any part of the amount covered by the bond is paid, then the bond shall, at the request of the t axpa yer, be prop orti onat ely redu ced. If the Board determines that the amount assessed is greater than the amount which should have been assessed, then when the decision of the Board is rendered the bond shall, at the request of the taxpayer, be proportionately reduced . Collection of unpaid (i) Collection of unpaid amounts .-When the petition has been of Buns when deci sion filed with the Board and when the amount which should have been assessed has been determined by a decision of the Board which has become final, then any unpaid portion, the collection of which has been stayed by the bond, shall be collected as part of the tax upon notice and demand from the collector, and any remaining portion of the assessment sha ll be abated, If the amount already collected

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