Page:United States Statutes at Large Volume 49 Part 1.djvu/1769

 1724 74TH C ONGRESS. SESS. II. CH. 690. JUN E 22, 1936 . Amount assessa ble (c) AMOUNT ASSESSABLE BEFORE DECISION OF B O AR D .--The jeop- before Board's decision. ardy assessment may be made in respect of a deficiency greater or Ante, p. 1722. less than that notice of which has been mailed to the taxpayer, despite the provisions of section 272 (f) proh ibiti ng th e det ermin ation of additional deficiencies, and whether or not the taxpayer has thereto- Board to redetermine fore filed a petition with the Board of Tax Appeals. The Comm is- on notice. sioner shall notify the Board of the amount of such assessment, if the petition is filed with the Board before the making of the assessment or is subsequently filed, and the Board shall have jurisdiction to rede- termine the entire amount of the deficiency and of all amounts assessed at the same time in connection therewith. Amount a sses sabl e (d) AMOUNT ASSE SSABLE AFT ER DECISIO N OF BoARD .- If t he jeop- after decision of Board. ardy assessment is made after the decisison of the Board is rendered such assessmen t may be made only i n respect of the deficiency deter- mined by the Board in its decision. Expiration of right (e) EXPIRATION OF RIGHT TO ASSESS .-A jeopardy assessment may to assess, not be made after the decision of the Board has become final or after the taxpayer has filed a petition for review of the decision of the Board. Bond to stay collec- (f) BOND TO STAY CoT .T, i cT IO N .-Whe n a jeopar dy assessm ent has tion. been made the taxpayer, within 10 days after n otice and demand from the collector for the payment of the amount of the assessment, may obtain a stay of collection of the whole or any part of the amount of the assessment by filing with the collector a bond in such amount, not exceeding double the amount as to which the stay is Conditions. desired, and with such sureties, as the collector deems necessary, con- ditioned upon the payment of so much of the amount, the collection of which is stayed by the bond, as is not abated by a decision of the Post, p. 1728. Boa rd w hich has bec ome fina l, to gethe r wit h int erest ther eon as provided in section 297. bo nd Further given before filing filing (g) SAME-FU RTHER CoNDrrIoNs.-If the bond is given before the petition. taxpayer has filed his petition with the Board under section 272 (a), Ante, p. 1721. the bond shall con tain a further condi tion that if a petition is not filed within the period provided in such subsection, then the amount the collection of which is stayed by the bond will be paid on notice and demand at any time after the expiration of 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. Stay of collec tion of (h) WAIvE R O F S T A Y .-Upon the fil ing of the bond the collection pa rt covered by bond. of so much of the amount assessed as is covered by the bond shall Effect of w aiver of be stayed. The taxpayer shall ha ve the right to waive such stay stay,etc. at any time in respect of the whole or any part of the amount cov- ered 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 determine s 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. Collection of unpaid (i) COLLECTION OF UNPAID AMOUNTS :When the petition has amounts when decision of Board final. 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 Cr edit or refund. porti on of the asses sment shal l be abate d. If the amoun t already collected exceeds the amount determined as the amount which should have been assessed, such excess shall be credited or refunded to the