Page:United States Statutes at Large Volume 47 Part 1.djvu/258

 234 72d CONGRESS. SESS. I. CH. 209. JUNE 6,1932 . INCOME T AX (3) Section 273, relating to jeopardy assessments ; Jeopardy assess. m (4) Secti on 2 74, rela ting to banl iru tcy and rece iver ship s Bankruptcy, etc .,p . 5) Section 1001 of the evenue Act of 1926, as amended, elat- As sess ment of deft - ing to assessment or collection of the amount of the deciency ci ency . vol.4i, pp.109. determined by the Board pending court review . Collection of deb- (b) COLLECTION OF DEFICIENCY FOUND BY BOARD .-If the taxpayer eieney found by board. files a petition with the Board, the entire amount redetermined as the deficiency by the decision of the Board which has become final shall be assessed and shall be paid upon notice and demand from the collector . No part of the amount determined as a deficiency by the leDtibeowancenotcol- Commissioner but disallowed as such by the decision of the Board which has become final shall be assessed or be collected by distraint or by proceeding in court with or without assessment . ifpetitionnotrncd demand (c) FAI LURE TO F ILE PETITION :If the taxpayer does not file a petition with the Board within the time prescribed in subsection (a) of this section, the deficiency, notice of which has been mailed to the taxpayer, shall be assessed, and shall be paid upon notice and demand from the collector. Wa iver of rest rict ions (d) WAIVER OF RESTRICTIONs.-The taxpayer shall at any time by taxpayer. have the right, by a signed notice in writing filed with the Commis- sioner, to waive the restrictions provided in subsection (a) of this section on the assessment and collection of the whole or any part of Increase of deficiency the deficiency . atIncreaseotdeled. (e) INCREASE OF DEFICIENCY AF TER NO TI CE MAILED .---The Board shall have jurisdiction to redetermine the correct amount of the deficiency even if the amount so redetermined is greater than the amount of the deficiency, notice of which has been mailed to the tax- Con diti on. payer, and to determine whether any penalty,- additional amount or addition to the tax should be assessed-if claim therefor is asserted by the Commissioner at or before the hearing or a rehearing. Restriction bereafter f FURTHER DEFICIENCY LETTERS RESTRICTED .-If the Com- on determining defi- ciency after notice. miss ione r has ma iled to the taxp ayer not ice of a def icie ncy as provided in subsection (a) of this section, and the taxpayer files a petition with the Board within the time prescribed in s uch subs ecti on, the Comm issi oner sha ll h ave no r ight to Exc epti on. determine any additional deficiency in respect of the same taxable year, except in the case of fraud, and except as provided in sub- section (e) of this section, relating to assertion of greater Poe t, P. 236. deficiencies before the Board, or in section 273 (c ), relating to the making of j eopardy assessments. If the taxpayer is notified that, not inottiice on account of a mathematical error appearing upon the face of the ofdeficiency. return, an amount of tax in excess of that own upon the return is due, and that an assessment of the tax has been or will be made on the basis of what would, have been the correct amount of tax but for the mathematical error, such notice shall not be considered (for the purposes of this subsection, or of subsection (a) of this section, Co 8t ,. orrefunds . prohibiting assessment and collection until notice of deficiency has been 'mailed, or of section 322 (c), prohibiting credits or refunds after petition to the Board of Tax Appeals) as a notice of a defi- ciency, and the taxpayer shall have no right to file a petition with the Board based on such notice, nor shall such assessment or col- lection be prohibited by the provisions of subsection (a) of this Jurisdiction over section . other taxable years. (g) JURISDICTION OVER OTHER TAXABLE YEARS .-The Board in redetermining a deficiency in respect of any taxable year shall con- sider such facts with relation to the taxes for -other taxable years as may be necessary correctly to redetermine the amount of such limi tati on, deficiency, but in so doing shall have no jurisdiction to determine
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