Page:United States Statutes at Large Volume 47 Part 1.djvu/263

 72d CONGRE SS. SESS. I. CH. 209 . JUNE 6,1932. 239 waiver o r to the date th e defici ency is assessed whicheve r is the INCOME TAX earlier. SEC. 293. ADDITIONS TO THE TAX IN CASE OF DEFICIENCY. Additions to tax in (a) NEGLIGENCE .-If any part of any deficiency is due to negli- case dudeficiency . negligence. gence, or intentional disregard of rules and regulations but without intent to defraud, 5 per centum of the total amount of the defi- ciency (in addit ion to such defi ciency) shall be assessed, collec ted, and paid in the same manner as if it were a deficiency, except that the provisions of section 272 (i ), relating to the prorating of a deficiency, and of section 292, relating to interest on deficiencies, shall not be applicable. (b) FRAUD.-If any part of any deficiency is due to fraud with Due to fraud. intent to evade tax, then 50 per centum of the total amount of the deficiency (in addition to such deficiency) shall be so assessed, col- lected. and paid, in lieu of the 50 per centum addition to the tax R. S., see. 3176, p. 610. provided in section 3176 of the Revised Statutes, as amended. SEC. 294. ADDI TIONS TO THE TAX IN CASE OF NO NPAYMEN T. Additions to tax in (a) TAX SHO WN ON RETURN .- case of nonpayment. (1) GENERAL RULE ..Wthere the amount determined by the tax- interest prescribed. payer as the tax impos ed by this title, or any install ment thereof, or any part of such am ount or installm ent, is not paid on or before the date prescribed for its payment, there shall be collected as a part of the tax, interest upon such unpaid amount at the rate of 1 per centum a month from the date prescribed for its payment until it is paid. (2) IF EXTENSION GRANTED .-Where an extension of time for if tax and interest not paid in full when pay ment of the amou nt so de termined as the tax by t he taxpa yer, exten ston gran tedn or any installment thereof, has been granted, and the amount the Poat, p. I " - time for payment of which has been extended, and the interest thereon determined under section 295, is not paid in full prior to the ex piration of the period of the ex tension, then, i n lieu of the intere st provided for in paragraph (1) of this subsect ion, interest at the rate of 1 per centum a month shall be collected on such unpaid amount from the date of the expiration of the period of the extension until it is paid . (b) DEFICIENcY.-Where a deficiency, or any interest or ad di- Interest, ifdeficiency, etc., not paid on notice tional amounts a ssessed in conne ction therewith under section 292, or and demand . under section 293, or any addition to the tax in case of delinquency Ante, p. 2388 provided for in section 291, is not paid in full within ten days from the date of no tice and demand from the collect or, there shall be col- lected as part of the tax, interest upon the unpaid amount at the rat e of 1 per centum a mo nth f rom the da te of su ch notice and demand until it is paid. If any part of a deficiency prorated to any raNo npaymen or pro- i unpaid installment under section 272 (i) is not paid in full on or Ante, p. 233. before the date prescribed for the payment of such installment, there shall be collected as part of the tax interest upon the unpaid amount attherateof1 per centum a month from such date until t is paid. (c) FIDUCIARIES.-For any period an estate is held by a fiduciary by Interest rate payable appointed by order of any court of competent jurisdiction or by will, there shall be collected interest at the rate of 6 per centum per annum in lieu of the interest provided in subsections (a) and (b) of this section. (d) FIL ING OF JEOPA RDY BOND .-If a bond is filed, as provided Not applicable to in section 273, the provisions of subsections (b) and (c) of this jeopardy mount bondred by section shall n ot apply to the amount c overed b y the bo nd. Ante, p. 235.