Page:United States Statutes at Large Volume 48 Part 1.djvu/784

 758 13d C ONGRESS. SESS. II. CH. 277. MAY 10, 1934 . AMENDMENTS "( 4) May issue a certificate of discharge of any part of the prop- TO PRIOR ACTS AND MISCELLA- erty subject to the lien if there is paid over to the collector in part NEO17s. Part payments, satisfaction of the liability in respect of such tax an amount deter- mined by the Commissioner, which shall not be less than the value, as determined by him, of the interest of the United States in the Fair market value to pa rt to b e so di sch ar ge d . In determining such value the Commis- det erm ine . sioner shall give consid eratio n to t he fair marke t valu e of t he par t to be so discharged and to such liens thereon as have priority to the lien of the United States ." Jeopardy assess- SEC. 510. J EOPAR DY ASSESSMENTS. ments. Vol. 47, p. 28 7, Section 1105 of the Revenue Act of 1932 is amended to read as amen ded. fo llo ws "SEC. 1105. JE OPARD Y AS SESSM ENT . Immediate asse ss- "(a) If the Commissioner believes that the collection of any tax ment, etc., if collection jeopardised by delay. (ot her t han incom e tax, es tate tax, and gift tax) under any pro- vision of the internal-revenue laws will be jeopardized by delay, he shall, whether or not the time otherwise prescribed by law for making return and paying such tax has expired, immediately assess such t ax (to gether with all in terest and pe naltie s the assess ment o f Pay me nt imme . which is provided for by law). Such tax, penalties, and interest diately due. shall thereupon become immediately due and payable, and immediate notice and demand shall be made by the collector for the payment Collection by dis- thereof. Upon fai lure or ref usal to pay such ta x, p enal ty, and traint upon failure to pay. interest, collecti on thereo f by dist raint sha ll be law ful witho ut regard R .S ., see. 3187, p. 612 . to the period prescribed in section 3187 of the Revised Statutes, as amended. Postponement, when "(b) The collection of the whole or any part of the amount of security provided . such assessment may be stayed by filing with the collector a bond in such amount, not exceeding double the amount as to which the stay is desired, and with such sureties, as the collector deems neces- sary, conditioned upon the payment of th e amount collection of which is stayed, a t the tim e at whic h, but fo r this se ction, su ch amount would be due ." Gifts of property sub- SEC. 511. G IFTS OF PRO PER TY S UBJE CT TO POWER. ject to power. Vol. 47, p. 245, re- Subsection (c) of section 501 of the Revenue Act of 1932 (relating p eale dd to the in applicabi lity of g ift tax i n the cas e of the transfer of prop- erty in trust subject to the power of the donor to revest title in himself) is repealed. General Counsel for SEC. 512. GE NER AL COUNSEL FOR THE TREASURY. the Treasury. Appointment by the (a) There is hereby created in the Department of the Treasury President, etc. Post, p .1059. the o ffice of G ener al Co unsel for the Depar tment of the T reasu ry (hereinafter in this section referred to as the " General Counsel "). Compensation. The General Counsel shall be appointed by the President, by and with the advice and consent of the Senate, and shall receive coin- Tobeehieflawofficer pensation at the rate of $10,000 per annum. The General Counsel of the department. shall be the chief law officer of the department, and shall perform such duties in respect of the legal activities thereof as may be pre- Assistant Ge n er al scribed by the Secretary or required by law. The President is counsel for Bureau of In ternal Revenue an- authorized to appoint, by and with the advice and consent of the thorized. Senate, an Assistant General Counsel for the Bureau of Internal Revenue and to fix his compensation at a rate not in excess of Other Ass istant $10,000 per annum. The Secretary may appoint and fix the duties Counsel to be ap- pointed by the Secre- of such other Assistant General Counsel (not to exceed five) and tary. such other officers and employees as he may deem necessary to assist the General Counsel in the performance of his duties. The Secre-