Page:United States Statutes at Large Volume 52.djvu/579

 PUBLIC LAWS---CH. 289-MAY 28, 1938 has become final, together with interest thereon as provided in section Pot,p. 52. 297. If any portion of the jeopardy assessment is abated by the Commissioner before the decision of the Board is rendered, the bond shall, at the request of the taxpayer, be proportionately reduced. Further conditions. (g) SAME-FURTHER CONDITIONS.-If the bond is given before the At, p.535. taxpayer has filed his petition with the Board under section 272 (a), the bond shall contain a further condition 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. Waiverof stay. (h) WAIVER OF STAY. - Upon the filing of the bond the collection of so much of the amount assessed as is covered by the bond shall be stayed. The taxpayer shall have the right to waive such stay 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 determines 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 pro- portionately reduced. olletionofunpaid (i) COLLECrON OF UNPAID AMouINT. -When the petition has 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 reditorred notice and demand from the collector, and any remaining portion of Critornd. the assessment shall be abated. If the amount already collected exceeds the amount determined as the amount which should have been assessed, such excess shall be credited or refunded to the tax- Post, p 544. payer as provided in section 322, without the filing of claim therefor. Casosecton of greater If the amount determined as the amount which should have been assessed is greater than the amount actually assessed, then the differ- ence shall be assessed and shall be collected as part of the tax upon notice and demand from the collector. mClaims in abate- (j) CLAIMS IN ABATEMENT. - NO claim in abatement shall be filed in respect of any assessment in respect of any tax imposed by this title. Bankruptcy and re- ceiverships. Immediate asses ment. Ante, p. 65 Notice of adjudica- tion. SEC. 274 BANKRUPTCY AND RECEIVERSHIPS. (a) IMMEDIATE ASSESSENT. -IUpon the adjudication of bank- ruptcy of any taxpayer in any bankruptcy proceeding or the appoint- ment of a receiver for any taxpayer in any receivership proceeding before any court of the United States or of any State or Territory or of the District of Columbia, any deficiency (together with all interest, additional amounts, or additions to the tax provided for by law) determined by the Commissioner in respect of a tax imposed by this title upon such taxpayer shall, despite the restrictions imposed by section 272 (a) upon assessments be immediately assessed if such deficiency has not theretofore been assessed in accordance with law. In such cases the trustee in bankruptcy or receiver shall give notice in writing to the Commissioner of the adjudication of bankruptcy or the appointment of the receiver, and the running of the statute of limitations on the making of assessments shall be suspended for the period from the date of adjudication in bankruptcy or the 538 [52 STAT.

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