Page:United States Statutes at Large Volume 48 Part 1.djvu/773

 73d C ONGRESS. SESS. II. CH. 277 . MAY 10, 1934 . 747 (in addition to such deficiency) shall be assessed, collected, and IN TEREST X . paid in the same manner as if it were a deficiency, except that the ADDITIONS-Contd. provisions of section 272(i) , relating to the prorating of a defici- Ante, pp. 742.748. ency, 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 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- R.f3.,see.3176, p. sio. lected, and paid, in lieu of the 50 per centum addition to the tax provided in section 3176 of the Revised Statutes, as amended. SEC. 294. ADDITIONS TO THE TAX IN CASE OF NONPAYMENT. Additions to tax in case of nonpayment. (a) TAX SHOWN ON RETURN .- (1) GENERAL RULE .-Where the amount determined by the tax- Interest prescribed. payer as the tax imposed by this title, or any installment thereof, or any part of such amount or installment, 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 payment of the amount so determined as the tax by the taxpayer, extte pai d g rran te when d ban or any installment thereof, has been granted, and the amount the time for payment of which has been extended, and the interest thereon determined under section 295, is not paid in full prior to the expiration of the period of the extension, then, in lieu of the interest provided for in paragraph (1) of this subsection, 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 addi- Interest, if deft- ciency, etc., not paid tional amounts assessed in connection therewith under section 292, on notice and demand. or under section 293, or any addition to the tax in case of delin- quency provided for in section 291, is not paid in full within ten Ante, p. 748 . days from the date of notice and demand from the collector, there shall be collected as part of the tax, interest upon the unpaid amount at the rate of 1 per centum a month from the date of such notice Nonpayment of pro- 71 and demand until it is paid. If any part of a deficiency prorated to mAnte, p.7 74 2. . any unpaid installment under section 272(i) is not paid in full on or before the date prescribed for the payment of such installment, there shall be col lected as pa rt of the tax inter est up on the unpai d amount at the rate of 1 per centum a month from such date until it is paid. (c) FID CIAR .mS .-For any period an estate is held by a fiduciary by Int er est a payable appointed by order of any court of competent jurisdiction or by will, there shall be co llecte d inte rest at the r ate of 6 per centu m per annum in lieu of the interest provided in subsections (a) and (b) of this section. (d) FILING OF JEOPARDY BoND .-If a bond is filed, as provided in Not applicable to amount covered by section 273, the provisions of subsections (b) and (c) of this section jeopardy bond. shall not apply to the amount covered by the bond. Ante, p. 743. SEC. 295. T IME EX TEN DED FOR PAY MEN T OF TAX SHO WN ON Time ext ended for RETURN. pay men t re urn of tax shown If the time for payment of the amount determined as the tax by the taxpayer, or any installment thereof, is extended under the authority of section 56(c), there shall be collected as a part of such amount, interest thereon at the rate of 6 per centum per annum Interest. Ante, p. 699.