Page:United States Statutes at Large Volume 47 Part 1.djvu/262

 238 72d CONGRESS. SESS. I. CH. 209. JUNE 6,1932 . INCOME TAX SEC. 276. SAME-EXCE PTIONS. =trio ns . (a FAL SE RETURN oR No RETURN .-In the case of a false or etu rn or no return . frau ulent return with intent to evade tax or of a failure to file a Assessment in case of. return the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time . wai vers b WAmRs.-Where bef ore the expi rat ion of the t ime re- At any ti me with ) h written consent of Com- scribed in section 275 for the assessment of the tax, both the Commis- m ,nt e, er p. , 237. A sioner and the taxpayer have consented in writing to its assessment rete, after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon. Collection after as- (c) COLLECTION AFTER ASSESSMENT .-Where the assessment of any sessment. income tax imposed by this title has been made within the period of B y distraint. limitation properly applicable thereto, such tax may be collected Time limit • by distraint or by a proceeding in court, but only if begun (1) within six years after the assessment of the tax, or (2) prior to the expi ra- tion of any period for collection agreed upon in writing by the Com- missioner and the taxpayer before the expiration of such six-year Extension. per iod. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period pre- viously agreed upon. statute of limitations . SEC. 277. SUSPENSION OF RUNNING OF STATUTE. Suspension ension of run- The running of the statute of limitations provided in section 275 or 27 6 on the making of asses sments a nd the b eginning of dist raint or a proceeding in court for collection, in respect of an deficiency, Ante, p. 233, shall af ter the mailing of a not ice unde r section 272(a) ) be sus- pende for the period during which the Commissioner is prohibited from making the assessment or beginning distraint or a proceeding Until decision of in court (and in any eve nt, if a. proceeding in respect of the defi- Board, etc . ciency is placed on the docket of the Board, until the decision of the Board becomes final), and for 60 days thereafter. Int er est and addi. Supplement M--:-Interest and Additions to the Tax tions to tax . Failure to fi le return . SEC. 291 . FA ILU RE TO FILE RETURN. Additional tax im- posed . In case of any failure to make and file a return required by this title, within the time prescribed by law or prescribed by the Commis sioner in pursuance of law, 25 per centum of the tax shall be added ifxfalure' not wi lfui to the tax, except that when a return is filed after such time and it neglect. is shown that the failure to file it was due to reasonable cause and not due to willful neglect no such addition shall be made to the tax . Collection . The amount so added to any tax shall be collected at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, in which case the amount so added shall be collected in the same manner as the tax. In lieu of former levy . The amount added to the tax under this section shall be in lieu of R.S .,sec.si76,p.610. the 25 er centum addition to the tax provided in section 3176 of the Revise Stat utes, as am ended. Interest on deft- SEC. 292. INTEREST ON DEFICIENCIESIE cieitefes. Assessment and rate. Int erest upon the a mount deter mined asa defic iency shal l be assessed at the same time as the deficiency, shall be paid upon notice and demand from the collector, and shall be collected as a part of the tax, at the rate of 6 per cent um 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- In case of waiver . ment) to the date the deficiency is assessed, or, in the case of a waiver under section 272(d), to the thirtieth day after -the filing of such