Page:United States Statutes at Large Volume 48 Part 1.djvu/783

 73d C ONGRESS. SESS. IL CH. 277 . MAY 10, 1934 . SEC. 505. BAN KR UP TCY AND RECEIVERSHIPS. (a) Section 274(a) of the Revenue Act of 1932 and the Revenue Act of 1928 and section 282(a) of the Revenue Act of 1926 are am ended by ins erting after the f irst s entence there of the follo wing : "In such cases the trustee in bankruptcy or receiver shall give notice in writing to the Commissioner of the adjudication of bank- ruptcy or the appointment of the receiver, and the running of the statute of limitations on the making of assessments shall be sus- pended for the period from the date of adjudication in bankruptcy or the appoin tment of the recei ver to a date 30 da ys aft er the date upon which the notice from the trustee or receiver is received by the Comm issi oner ; but t he sus pensio n unde r this sente nce sha ll in no case be for a period in excess of two years ." (b) The amendments made by subsection (a) shall not apply in any case in which the adjudication has occurred, or the receiver has been appointed, prior to the date of the enactment of this Act. SEC. 506. RE TRO ACT IV ITY OF REGULATIONS, RULINGS, ETC. Section 1108 (a) of the Revenue Act of 1926, as amended, is amended to read as follows `(a) The Secretary, or the Commissioner with the approval of the Secretary, may prescribe the extent, if any, to which any ruling, regulation, or Treasury Decision, relating to the internal revenue laws, shall be applied without retroactive effect ." SEC . 507. EXAMINATION OF BOOKS AND WITNESSES . Th e Comm ission er, fo r the purpos e of d etermin ing th e liab ility at law or in equity of a transferee of the property of any person with resp ect t o any Fede ral taxes impo sed upon such pers on, i s her eby authorized, by any officer or employee of the Bureau of Internal Revenue, including the field service, designated by him for that pur- pose, to examine any books, papers, records, or memoranda bearing upon such liability, and may require the attendance of the transferor or transferee or of any officer or employee of such person, or the atten dance oi a ny o ther perso n ha ving knowl edge in t he pr emise s, and ma y take his t estimo ny wit h refe rence t o the matter, with power to administer oaths to such person or persons . SEC. 508 . SALE OF PERSONAL PROPERTY UNDER DISTRAINT. Section 3192 of the Revised Statutes is amended to read as follows : " SEC. 3192 . 'When any personal property is advertised for sale under distraint as aforesaid, the officer making the seizure shall proceed to sell such property at a public auction, offering the same at a minimum price, including the expenses of making the levy and of adver tising th e sale, a nd if the amount bid for s uch prope rty at th e sale is not equal to the m inimum pr ice so f ixed, the officer conductin g the sa le may decla re the same to be purchas ed by him fo r the United St a te s . The property so purchased may be sold by the collector within whose district the sale was made under such regulations as may be prescribed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury . The collector shall render to the Commissioner a distinct account of all charges incurred in such sales, and, in case of resale, shall pay into the Treasury the proceeds as provided in section 3210 of the Revised Statutes, as amended. " SEC . 509. DISCHARGE OF LIENS . Section 3186(c) of the Revised Statutes, as amended, is amended by adding at the end thereof the following new paragraph 757 A MEN DME NTS TO PRIOR ACTS AND MISCELLA- NEOUS . Bankruptcy and re- ceiverships . Vol. 47, p. 237; Vol. 45,p.856;Vol.44,p62, amended . Assessment of tax de- ficiency . Procedure; running of statute of limitations suspended In applic able ca ses . Re troact ivity o f rul- ings. Vol. 46, p. 114 Determination as to extent internal revenue laws apply without re- tr oactive effect Examination of books and witnesses . Powers conferred on Commissioner, etc ., as to. Sale of personal prop- er ty und er dist raint . R.S., sec. 3192, p. 613. Purchase by U .S ., of property seized when bid offered below price, etc. Resale provisions. Accounting R.S.,sec 3 210, p. 617. Discharge of liens . R .S., sec. 3186, p. 612 ; Vol . 43, p. 994.