Page:United States Statutes at Large Volume 48 Part 1.djvu/769

 73d C ONGRESS. SESS. II. CH. 277 . MAY 10, 1934 . 743 and with such sureties, as the Commissioner deems necessary, condi- TAX- ASSESSMENT tione d upo n the payme nt of the d efici ency in acc ordan ce wi th the AND COLLECTIO N OF DEFICIEN- terms o f the ex tension. CIES-Contd. (k) A DDR ESS FOR NOTICE OF DEFICIENCY .-In the absence of notice Address for notice of deficiency. to the Commissioner under section 312(a) of the existence of a Post, p. 750. fiduciary relationship, notice of a deficiency in respect ofatax imposed by this title, if mailed to the taxpayer at his last known address, shall be sufficient for the purposes of this title even if such taxpayer is deceased, or is under a legal disability, or, in the case of a corporation, has terminated its existence. SEC. 273. J EOPAR DY A SSESS MENT S. (a) AUTHORITY FOR MAIUNG .-If the Commissioner believes that the assessment or collection of a deficiency will be jeopardized by delay, he shall immediately assess such deficiency (together with all interest, additional amounts, or additions to the tax provided for by law) and notice and demand shall be made by the collector for the payment thereof. (b) D EFIC IENC Y LElrr :Rs.-If the jeopardy assessment is made before any notice in respect of the tax to which the jeopardy assess- ment relat es has been mail ed und er se ction 272(a), then the Com- missioner shall mail a notice under such subsection within sixty days after the making of the assessment. j (c) AMOUNT ASSESSABLE BEFORE DECISION OF BoARD .-The jeo p- ardy assessment may be made in respect of a deficiency greater or less than that notice of which has been mailed to the taxpayer, despite the provisions of section 272(f) prohibiting the determina- tion of additional deficiencies, and whether or not the taxpayer has theretofore filed a petition with the Board of Tax Appeals. The Commissioner shall notify the Board of the amount of such assess- ment, if the petition is filed with the Board before the making of the assessment or is subsequently filed, and the Board shall have urisdiction to redetermine the entire amount of the deficiency and of all amounts assessed at the same tim e in con nection therewit h. (d) AMOUNT ASSESSABLE AFTER DECISION OF BOARD .-If the jeop- ardy assessment is made after the decision of the Board is rendered suc h ass es sme nt may be mad e onl y i n res pect of the defi ciency deter- mined by the Board in its decision. (e) EXPIRATION- OF RIGHT TO AssESS .-A jeopardy assessment may not be made after the d ecisio n of the B oard has be come final or after the taxpayer has filed a petition for review of the decision of the Board. (f) BOND TO ST AY Coi .LFCTIoN .-When a jeopardy assessmen t has been made the taxpayer, within 10 days after notice and demand from the collector for the payment of the amount of the assessment, may obtain a stay of collection of the whole or any part of the amount of the assessment by filing with the collector a bond in such amount, not exceeding doubl e the amount as to which the stay is desired, and with such sureties, as the collector deems necessary, conditioned upon the payment of so much of the amount, the collec- tion of which is stayed by the bond, as is not abated by a decision of the Board which has become final, together with interest thereon as provided in section 297. (o. ) SAME-FURTHER CONDITIONS .-If the bond is g iven before t he tax payer has filed his petition with the Boar d unde r sec tion 272(a), the bond shall contain a further condition that if a peti- tion is not filed within the period provided in such subsection, then the amount the collection of whic h is s tayed by the bond will be paid on notice and demand at any time after the expira tion of Jeopardy assess- ments. Deficiency imme- diat ely as sess ed if jeo p- ardized by delay. Deficiency letters. Notice to be mailed. Amount assessable before decision of Board. Board to redetermine on notice. A mount assessable after decision of Board. Disall owed after Board's final decision, etc. Bond to stay collec- tion. Conditions. Post, p. 748. Further conditions, if bond given before filing petition.