Page:United States Statutes at Large Volume 47 Part 1.djvu/281

 72d CONGRESS. SESS. I. CH. 209 . JUNE 6, 1932 . (1) TRANSFEREFS .-The liability, at law or in equity, of a trans- feree of property of a donor, in respect of the tax (including i nterest, additio nal amou nts, and additio ns to the tax provided by law) imposed by this title. (2) FIDUCIARIES .-The liability ofa fiduciary under section 3467 of the Revised Statutes [U. S. C ., title 31, sec. 192] in respect of the payment of any such tax from the estate of the donor. Any such liability may be either as to the amount of tax shown on the return or as to any deficiency in tax. (b) PERIOD OF LIMITATION .-The period of limitation for assess- ment of any such liability of a transferee or fiduciar y shall be as follows (1) Within one year after the expiration of the period of limita- ti on for a ssessmen t against the don or. (2) If a court proceeding against the donor for the collection of the tax has been begun within the period provided in paragraph (1),-then within one year after return of execution in such p roceeding. (C) PERIOD FOR ASSESSMENT AGAINST DONOR .-For the purposes of thjs section, if the donor is deceased, the period of limitation for assessment against the donor shall be the period that would be in effect had the death not occurred. (d) SUSPENSION OF RUNNING OF STATUTE or LIMITATIONS .-The runni ng of the s tatut e of limit ations u pon the assessment of the liability of a transferee or fiduciary shall, after the mailing of the notice under section 513(a) to the transferee or fiduciary, be suspended for the period during whi ch the Com missioner is pro- hibited from making the assessment in respect of th e liability of the transfe ree or f iduciary (and in any even t, if a pro ceeding in respe ct of the liability is placed on the docket of the Board, until the decision of the Board becomes final), and for 60 days thereafter. (e) PROHIBITION OF SUITS TO RESTRAIN ENFORCEMENT OF LIABILITY OF TRANSFEREE OR FIDUCIARY ;No suit shall be maintained in any court for the purpose of restrainin~' the assessment or collection of (1) the amount of the liability, at law or in equity, of a transferee of property of a donor in respect of any gift tax, or (2) the amount of the liability of a fiduciary under section 3467 of the Revised Statutes [U. S. C ., title 31, sec. 192] in respect of any such tax. (f) DEFINITION OF " TRANSFEREE ".-As used in this section, the term " transferee " includes donee, heir, legatee, devisee, and distributee. (g) ADDRESS FOR NOTIC E OF LIABILITY. - I n the absence of notice to the Commissioner under section 527(b) of the existence of a fid uci ary re lat ion shi p, not ice of liabil ity e nforc eable under this section in respect of a tax imposed by this title, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purposes of this title even if such person is deceased, or is under a legal disability, or, in the case of a corpqration, has termina ted its existence. SEC. 527. NOTICE OF FIDUCIARY RELATIONSHIP. (a) FmucIARY OF DoNoR.-Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assume the powers, rights, duties, and privileges of the donor in respect of a tax impose by this title (except as otherwise specifically provided and except that the tax shall be collected from the estate of the donor), until notice is given that the fiduciary capacity has t erminated. 3051 °-33--17 GIFT TAXES Li abi lity of tr ansf er- ees of p rope rty ofa donor. Of a fiduc iary. R. S.,sec. 3467, p.687; U.S. C.,p. 087. 257 Period of limitation. Period for assessment aga inst do nor. If deceased. Suspension of run- ning of statute of limi- tations. After notice mailed, etc. Ante, p.250 . Prohibition of suits to restrain enforcement of liability of transferee or fiduciary. R.S ., sec. 3467, p. 687; U.S. C.,p. 087. "Transferee" de- fined. Address for notice of l ability. Not ice of fiduciary re lat ions hip. Effect of.