Page:United States Statutes at Large Volume 47 Part 1.djvu/277

 72d CONGRESS. SESS. I. CH. 209 . JUNE 6, 1932 . 253 collection of which is stayed by the bond will be paid on notice and OUT TAXES demand at any time after the expiration of such period, 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 notice and d emand under this subsection. St ay of collection (h) WAIVER OF STAY.-Upon the filing of the bond the collection over part covered by of so much of the amount assess ed as is covered by the bond shal l be bond Effect of waiver of stayed. The donor shall have the right to waive such stay at any stay, etc • time in respec t of the whole or any part of t he amount covere d by the bond, and if as a result of such waiver a ny part of the a mount covered by the bond is paid, then the bond shall, at the request of the donor, 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 donor, be proportionately reduced. (i) COLLECTION OF UNPAID AMoIINTs .-When the petition has been amollllection of unpaid filed with the Board and when the amount which should have been when decis ion of assessed has been determined by a decision of the Board which Board has become fl. assessed become final, then any unpaid portion, the collection of which has been st ayed by the bond, shall be coll ected as part of the tax upon notice and demand from the collector, and any remaining portion of the assessment shall be abated. If the amount already Credit or refund. col lec ted ex cee ds the amount de ter min ed as the amount wh ich should have been assessed, such excess shall be credited or refunded as provided in section 528, without the filin g of claim there for. If coii~ciio or greater the amount determined as the amount whic h should have b een assessment . assessed is greater than the amount actually assessed, then the dif- ference shall be assessed and shall be collected as part of the tax upon notice and demand from the collector. SEC. 515. CLAIMS IN ABATEMENT. Claims in abatement. No claim in abatement shall be filed in respect of any assessment Prohibition on f iling. in res pect of any tax imposed by this t itle. SEC. 516. BANKRUPTCY AND RECEIVERSHIPS. Bankruptcy and re- ceiverships. a IMMEDIATE ASSESSMENT .-U on the ad ju dication of ban k- Immediate assess- p ment of deficiency. ruptcy of any donor in any bankruptcy proceeding or the appoint- ment ofa receiver for any donor in any receivership proceeding before any court of the United States or of any State or Territory or of th e District of Co lumbia, any defi ciency (togethe r with all interest, additional amo unts, or additio ns to the tax p rovided for by law) determined by th e Commissioner i n respect of a tax imposed by this title upon such d onor shall, despi te the restricti ons imposed by secti on 513(a) upon a ssessments be im mediately asses sed if such deficiency has not theretofore been assessed in accordance with law. Claims for the deficiency and such interest, additional amounts and additions to the tax maybe presented, for adjudication in accordance Adjudication of with law, to the court before which the bankruptcy or receivership proce eding is pendin g, despite the tendency of pro ceedings for the redetermination of the deficiency in pursuance of a petition to the B oar d ; but no peti tion for any suc h redeterminatio n shall be filed with the Board after the adjudication of bankruptcy or the appointment of the receiver. (b) UNPAID CLAIMS.-Any portion of the claim allowed in such Co nll ciaonao[solaims bankruptcy or receivership proceeding which is unpaid shall be allowed in court pro. paid by the donor upon notice and demand from the collector after ceedmgs . the t ermination of suc h proceeding, and may be collecte d by distraint or pr oceeding in cour t within six yea rs after termin ation of such proceeding. Extensions of time for such payment may be had in Time extensions.