Page:United States Statutes at Large Volume 47 Part 1.djvu/259

 72d CONGRESS. SESS. I. CH. 209. JUNE 6, 1932 . 235 whether or not the tax for any other taxable year has been overpaid INC034Z TAX or underpaid. (h) FINAL DECISIONS of BOARD .-For the purposes of this title Final decisions of the date on wh ich a decision of the Board bec omes final shall be Board . determined according to the provisions of section 1005 of the Reve- Vol .44, p. llo. nue Act of 1926. (i) PRORATING OF DEFICIENCY TO INSTALLMENTS .-If the taxpayer cien y to g ofme efi has elected to pay the tax in installments and a deficiency has been assessed, the deficiency shall be prorated to the four installments. Except as provided in section 273 (relating to jeopgrdy assess- ments), that part of the deficiency so prorated to any installment the date for p ayment of which has not arrived, shall be colle cted at the same time as and as part of such installment. That part of the deficiency so prorated to any installment the date for payment of which has arrived, shall be paid upon notice and demand from the co llec tor. (j) EXTENSION OF TIME FOR PAYMENT OF DEFICIENCIES .-Where Extension for pay- it is shown to the satisfaction of the Co mmiss ione r that the p ay- undue hardship. ment of a def iciency upon th e date prescrib ed for 'the pay ment thereof will result in undue hardship to th e taxpayer the Commis- sioner, with t he approval of the Secretary (e xcept where the defi- ciency is due to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax), may grant an extension for the payment of such deficiency or any part thereof for a period not in excess of eighteen months, and, in exceptional cases, for a further period not in excess of twelve months. If an extension is granted, the Commissioner may require the taxpayer to furnish a bond in such amount, not exceeding double the amount of Bond required. the deficiency, and with such sureties, as th e Commissioner d eems necessary, conditioned upon the payment of the deficiency in accordance with the terms of the extension. (k) ADDRESS FOR NOTICE OF DEFICIENCY :In. the absence, of Address for notice of notice to the Commissioner under section 312 (a) of the existence of a d Post, py3u. fiduciary relationship, notice of a deficiency in respect of a tax imposed by this title, if mailed to the taxpayer at his last known address, shall be sufficient for the purposes of this title even if such taxpayer is de ceased, or is und er a legal disabi lity, or, in the case of a corporati on, has terminate d its existence. SEC. 273. JEOPARDY AS SESSMENTS. jeopardy assess- ments. (a) AuTiioRITY FOR MAKING .-If the Commissioner believes that Deficiency imme- the assessment or collection of a deficiency will be jeopardized by ar izedbyalay fjC°p- delay, he shal l immediately ass ess such deficien cy (together wit h all interest, addi tional amounts, o r additions to th e tax provided f or by law) and notice and - demand shall be made by the collector for the payment thereof. (b) DEFICIENCY LETTERS .-If the jeopardy assessment is made Deficiency letters. before any not ice in respect of the tax to which the jeopardy as sess- Notice to be mailed. ment relates has been mailed under section 272(a), then the Co m- missioner shal l mail a notice under such subs ection within 60 days after the making of the assessment. (c) AMOUNT ASSESSABLE BEFORE DECISION OF BOARD :The Amount assessable jeopardy asses sment may be ma de in respect of a deficiency gr eater Lard. decision of or less than t hat notice of w hich has been ma iled to the taxp ayer, despite the provisions of section 272(f) prohibiting the determina- tion of additional deficiencies, and whether or not the taxpayer has theretofore filed a petition with the Board of Tax Appeals. The Board toredeterm ine Commissioner s hall notify the B oard of the amoun t of such assess - on notlec' ment, if the p etition is file d with the Board before the maki ng of the assessment or is subsequently filed, and the Board shall have