Page:United States Statutes at Large Volume 47 Part 1.djvu/260

 236 72d CONGRESS. SESS. I. CH. 209. JU NE 6, 1932 . INCOME TAX jurisdiction to redetermine .the entice amount of the deficiency and of all amounts assessed at the same time in connection therewith. Amount assessable (d) AMOUNT ASS ESS ABL E AFTER DECISION OF BOARD.--If 'the after decision of Board. jeopardy assessment is made after the decision of the Board is rendered such assessment may be made only in respect of the defi- ciency determined by the Board in its decision. Disallowed after (e) EXPIRATION of RIGHT TO ASSESS .-A jeopardy assessment may Board'ss final decision, not be made aft er the de cision of the Boar d has bec ome final or after the taxpayer has filed a petition for review of the decision of the Board. collec- tion. to stay colleo (f) BOND TO STAY COLLECTION .-When, a jeopardy assessment' has been made the taxpa yer, with in 10 day s aft er no tice and deman d 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. ,kleems necessary, Conditions, conditioned upon the payment of so much of the amount, the col- Poat, p. 240 . lection 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 provi ded in se ction 297. bo nd giv en before Sling Further before fill if (g) SAME-FURTHER CONDITIONS .-If the bond is given before petition. the taxpayer has filed his petition with the Board under section 272(a), 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 de mand a t any time a fter t he expi ration of su ch per iod, together with interest thereon at the rate of 6 per centum per annum from the date of the jeopardy notice and demand to the date of stay of collection of notice and demand under this subsection. part covered by bond. (h) WAIVER OF STAY .-Upon the filing of the bond the collection of so much of the amount assessed as is covered by the bond shall be St y8e~. Of waiv er of stayed. The taxpayer shall have the right to waive such stay at 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 taxpayer, be proportionately reduced. 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 reduc ed. Collection of unpaid amounts (i) COLLECTION OF UNPATD AMOUNTS .-When the petition has . Wh en decision of been filed with the Board and when the amount which should have Board final. been as sessed has b een de termin ed by a decis ion of the B oard w hich 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 upo-i noti ce an d de mand from the colle ctor, and any rem aini ng portion of the assessment shall be abated. If the amount already collected exceeds the amount determined as the amount which should creditor refund. Post, have been assessed, such excess shall be credited or refunded to the C o ll ep n lectio ay. of greater taxpayer as provided in section 322, without the filing of .claim assessment. therefor. If the amount determined as the amount which should have been assessed is great er than t he amount actually assessed, then the difference shall be assessed and shall be collected as part of the notice d demand from the colct or. claim tth e filedatement to (j) upon ABA TEM ENT -NO c l a im i n abatement shall be filed in respect of any assessment in respect of any tax imposed by this title.