Page:United States Statutes at Large Volume 48 Part 1.djvu/770

 744 INCOME TAX. ASSESSMENT AND COLLE CTION OF DEFICIEN- CIES-Contd. Stay of collection of part covered by Bond. Effect of waiver of stay, etc. Collection of unpaid amounts. When decision of Board final. Credit or refund. Post, p. 750. Coll ection of gre ater assessment. No other abatement claim to be filed. Bankruptcy and re- ceiverships. Imme diate as ses s- ment of tax deficiency in. Notice of adjudica- ti on. Presentation of claim. 73d C ONGRESS. SESS. II. CH. 277. MAY 10, 1934 . 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 demand under this subsection. (h) WA IVER OF STAY .-Upon the filing of the bond the collection of so much of the amount assessed as is covered by the bond shall be stayed. The taxpayer shall have the right to waive such stay at any time in respect of the whole or any part of the amount covered by the bond, and if as a result of such waiver any part of the amount covered by the bond is paid, then the bond shall, at the request of the taxpayer, 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 taxpayer, be proportionately reduced. (i) COLLECTION OF UNPAID AMOUNT'S .-When the petition has been filed with the Board and when the amount which should have been assessed has been determined by a decision of the Board which has become final, then any unpaid portion, the collection of which has been stayed by the bond, shall be, collected 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 collected exceeds the amount determined as the amount which should have bee n asse ssed, such e xcess shall be cre dited o r refu nded t o the tax- payer as provided in section 322, without the, filing of claim there- for. If the amount determined as the amount which should have been asses sed is great er tha n the amount actual ly ass essed, then the difference shall be assessed and shall be collected as part of the tax upon notice and demand from the collector. (j) CLAIMS IN ABATEMENT .-No claim in abatement shall be filed in respect of any assessment in respect of any tax imposed by this title. SEC. 274. BANKRUPTCY AND RECEIVERSHIPS. (a) IMMEDIATE ASSESSMENT .--Upon the adjudication of bank- ruptcy of any taxpayer in any bankruptcy proceeding or the appoint- ment of a receiver for any taxpayer in any receivership proceeding before any court of the United States or of any State or Territory or of the District of Columbia, any deficiency (together with all interest, additional amounts, or additions to the tax provided for by law) determined by the Commissioner in respect of a tax imposed by this title upon such taxpayer shall, despite the restrictions imposed by section 272 (a) upon assessments be immediately assessed if such deficiency has not theretofore been assessed in accordance with law. In such cases the trustee in bankruptcy or receiver shall give notice in writing to the Commissioner of the adjudication of bankruptcy or the appointment of the receiver, and the running of the statute of limitations on the. making of assessments shall be suspended for the period from the date of adjudication in bank- ruptcy or the appointment of the receiver to a date 30 days after the date upon which the notice from the trustee or receiver is received by the Commissioner ; but the suspension under this sentence shall in no case be for a period in excess of two years. Claims for the deficiency and such interest, additional amounts and additions to the tax may be presented, for adjudication in accordance with law, to the court before which the bankruptcy or receivership pro- ceeding is pending, despite the pendency of proceedings for the redetermination of the deficiency in pursuance of a petition to the Board ; but no petition for any such redetermination shall be filed