Page:United States Statutes at Large Volume 49 Part 1.djvu/1768

 74TIa C ONGRESS. SESS. II. CH. 690. JUNE 22, 1936 . 1723 m ent, or col lection be prohibited by the pro visions of subsection (a) of this section. (~) JURISDICTION O VER OTHER TAXABLE YEARS .-The Board in Jurisdiction over b other taxable years. redetermining a deficiency in respect of any taxable year shall con- sider such facts with relation to the taxes for other taxable years as may be necessary correctly to redetermine the amount of such deficiency, but in so doing shall have no jurisdiction to determine whether or not the tax for any other taxable year has been overpaid or underpaid. (h) FINA L DECIS IONS of BOARD.-For the purposes of this title Bon l decisions of the date on which a decision of the Board becomes final shall be x"01..44, p.lw. determined according to the provisions of section 1005 of the Revenue Act of 1926 . (i) PRORATING OF DEFICIENCY TO INSTALLMENTS .-If the taxpayer Prorating of dell . has elected to pay the tax in installments and a deficiency has been ciency to installments . assessed, the deficiency shall be prorated to the four installments . Except as provided in section 273 (relating to jeopardy assessments), that part of the deficiency so prorated to any installment the date for payment of which has not arrived, shall be collected at the same. time as and as part of such installment . That part of the deficiency so prorated to any installment the date for payment of which has arrived, shall be paid upon notice and demand from the collector . (j) EXTENSION OF TIM E FOR PAYMENT OF D EFICI ENCIES .-W here Extensi on for pay- ments allowed, to it is shown to the satisfaction of the Commissioner that the pay- avoid undue hardship. ment of a deficiency upon the date prescribed for the payment thereof will result in undue hardship to the taxpayer the Com- missioner, with the approval of the Secretary (except where the deficiency is due to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax), may grant an extension for the payment of such deficiency or any part thereof for a period not in excess of eighteen months, and, in exceptional cases, for a further period not in excess of twelve months. If an Bond required. extension is granted, the Commissioner may require the taxpayer to furnish a bond in such amount, not exceeding double the amount of the deficiency, and with such sureties, as the Commissioner deems nece ssary, conditioned upon the payment of the deficiency in accordance with the terms of the extension. (k) ADDRESS FOR NOTICE OF DEFICIENCY .-In the absence of notice Address for notice of to the Commissioner under section 312 (a) of the existence of a "Post, yi7ao . fiduciary relationship, notice of a deficiency in respect of a tax 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 taxp ayer is dec eased, or i s under a l egal disabi lity, or, in the case of a corporation, has terminated its existence . SEC. 273. JEOPARDY ASSESSMENTS. (a) AUTHORITY FOR MAKIN G . -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) a nd notice and dema nd shall be made b y the collector for the payment thereof . (b) DEFICIENCY LETTERS .-If the jeopardy assessment is made be- fore any notice in respect of the tax to which the jeopardy assessment relates has been mailed under section 272 (a ), the n the Commi ssion er shall ma il a notic e under suc h subsectio n within si xty days af ter the making of the assessment. Jeopardy assess- ments. Immediate assess- ment of deficiency if jeopardized by delay. Deficiency letters . Notic e to be mailed. Ante, p. 1721.