Page:United States Statutes at Large Volume 47 Part 1.djvu/261

 72d CONGRESS. SESS. I. CH. 209. JUNE 6, 1932 . 237 SEC. 274. BA NKR UPT CY AND RECEIVERSHIPS. I NCOME TAX (a) IMMEDIATE ASSESSMENT .-Upon the adju dication of ban k- Bankruptcy and re- ruptcy of any taxpayer in any bankruptcy proceeding or the appoint- " Immefliate assess- m ent of a receive r for any taxpa yer in any recei vership proceedi ng i m n ent of tax deficiency before any cou rt of the Unite cStates or of an y State or Terri tory or of the District of Columbia, any deficiency (together with all interest, additional amounts, or additions to the tax provide(' for by law) determined by the Commissioner in respect ofa tax imposed by this title up on such taxpayer shall, despite - the restrictions imposed by section 272 (a) upon assessments be immediately assessed if such deficiency has not theretofore been assessed in accordance Adjudication of claim with l aw . Claim s for the defici ency and such in terest, addition al by court . amounts and additions to the tax may be presented, for adjudication in accordance with law, to the court before which the bankruptcy or receivership proceeding is pending, despite the pendency of pr o- ceedings for the redeterimnation of the deficiency in pursuance of a petition to the Board ; but no petition for any such redetermination shall be filed with the Board after the adjud ication of bankr uptcy or the appointment of the receiver. (b) UNPAID CLAIMs .-Any portion of the claim allowed in such Unpaid claims. bankruptcy or receivership proceeding whi ch is unp aid sha ll be ]ow ed tin ~oftt cclaiimss paid by the taxpayer upon notice and demand from the collector eeedings . after the term ination of such proceeding= and may be collecte d by distraint or proceeding in court within six years after termination of such proceeding. Extensions of time for such payment may be A ep tM IOPoost, p had in the same man ner and subject to the sa me pro visi ons and 24o• limitations as are provided in section 272(j) and section 296 in the case of a deficiency in a tax imposed by this title. SEC. 275. PERIOD OF LIMITATION UPON ASSESSMENT AND COL- uPn od of limitation and LE CTION. collection. Except as provided in section 276- Poat, p. 238. (a) GE NER AL RuLE.-The amount of income taxes imposed by tcvo see ss ent within this title shall be assessed within two years after the return was filed, and no proceeding in court without assessment for the collec- tion of such t axes shall be beg un after the expi ration of such p eriod. (b) REQUES T FOR PROMPT ASSESSMENT ,-In the case of income Requests for prompt received during the lifetime of a decedent, or by his estate during asB s aduciary repre- the period of administration, or by a corporation, the tax shall be sentatives, assessed, and any proceeding in court without assessment for the collection of such tax shall be begun, within one year after wr itten request therefor (filed after the return is made) by the e xecutor, administrat or, or other fid uciary represen ting the estate of such decedent, o r by the corporat ion, ut not after the expiration of two Applicability to car. Tears after the return was filed. This subsection shall not apply p orations . in the case of a corporatio n unless- Exceptions. (1) Such written request notifies the Commissioner that the Dissolution contem- c orporation conte mplates dissolut ion at or befor e the expiration plated' of such year ; and (2) The dissolution is in good faith begun before the expiration Dissolved in good of such year ; and faith efore year ex- (3) The dissolution is completed. Dissolution complet- (C) CORPORATION AND SHAREHOLDER .-If a corporation snakes no ad. corporation malting return of the tax imposed by this title,' but each of the shareholders no return. includes in his return his distributive share of the net income of the Assessrnent in fou r years, after sh arehold corporation, then the tax of the corporation shall be assesse d within er'sreturns. four years after the last da te on which any s uch shareholder' s return was filed.