Page:United States Statutes at Large Volume 45 Part 1.djvu/909

 858 SEVENTIETH CONGRESS. SESS. I. CH. 852. 1928 . INCOME TAX SEC. 292. INTEREST ON DEFICIENCIES. Interest in deficien- cies. Interest upon the amount determined as a deficiency shall be Assessment and rate. assessed at the same time as the deficiency, shall be paid uon notice and demand from the collector, and shall be collected asapartof the tax, at the rate of 6 per centum per annum from the date pre- scribed for the payment of the tax (or, if the tax is paid in install- ments, from the date prescribed for the payment of the first install- ment) to the date the deficiency is assessed, or, in the case ofa waiver under section 272(d), to the thirtieth day after the filing of such waiver or to the date the deficiency is assessed whichever is the earlier. Additions to tax in case of deficiency. SEC. 293. ADDITIONS TO THE TAX IN CASE OF DEFICIENCY. If due to negligence . Rate. (a) Negligence .-If any p art of any deficiency is due to negli- gence, or intentional disregard of rules and regulations but with- out intent to defraud, 5 per centum of the total amount of the deficiency (in addition to such deficiency) shall be assessed, collected, and paid in the same manner as if it were a deficiency, except that the provisions of sec ti on 27 2(i ), relating to the prorating of a deficiency, and of section 292, relating to interest on deficiencies, If due to fraud, etc. shall not be applicable. Rate. (b) Fraud .-If any part of any deficiency is due to fraud with intent to evade tax, then 50 per centum of the total amount of the deficiency (in addition to such deficiency) shall be so assessed, collected, and paid, in lieu of the 50 per centum addition to the tax Vol. 44, p. 112. provid ed in sect ion 31 76 of the Revised Statutes, as amended. Add itions in ca se of nonpayment. SEC. 294. ADDITIONS TO THE TAX IN CASE OF NONPAYMENT. (a) Tax shown on return.- In teres t pr escri bed e. (1) GE NERA L RULE .-Where the amount determined by the tax not paid wh en due . taxpayer as the tax imposed by this title, or any installment thereof, or any part of such amount or installment, is not paid on or before t he date prescrib ed for i ts payme nt, ther e shall be collected as a part of the tax, interest upon such unpaid amount at the rate of 1 per centum a month from the da te pr escri bed Iftax and interest not for its payment until it is paid. paid in full, when (2) Ir EXTENSION GRANTE D .-W here an •ex tensi on of time for extension granted. payment of the amount so determined as the tax by the taxpayer, or any installment thereof, has been granted, and the amount the time for payment of which has been extended, and the inter- est thereon determined under section 295, is not paid in full prior t o the ex piration of the period o f the ex tension, then, i n lieu of the interest provided for in paragraph (1) of this sub- section, interest at the rate of 1 per centum a month shall be collected on such unpaid amount from the date of the expiration of the period of the extension until it is pai d. etc., not , Interest, U deficiency, not ice defnotice (b) Deficiency.-Where a deficiency, or any interest or additional and dem and. amounts assessed in connection therewith under section 292, or un der sect ion 293, or any addition to the tax in c ase of d elinquen cy p rovide d for in s ection 291, is not paid in full within ten days from the date of notice and demand from the collector, there shall be collected as part of the tax, interest upon the unpaid amount at Nonpa y ment of pro. the rate of 1 per centum a month from the date of such notice and ratedf,p st$s rents. demand until it is paid. If any par t of a def ic ien cy prorated to any unpaid installment under section 272(i) is not pa id in full on or before the date prescribed for the payment of such install- ment, there shall be collected as part of the tax interest upon the unpaid amount at the ra te of 1 per centum a month from such date until it is paid.

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