Page:United States Statutes at Large Volume 53 Part 1.djvu/167

 shall be collected, as a part of the tax, interest on such unpaid amount at the rate of 6 per centum per annum for the period from the time fixed by the terms of the extension for its payment until it is paid, and no other interest shall be collected on such unpaid amount for such period. (4) JEOPARDY ASSESSMENT-PAYMENT STATED BY BOND.-If the amount included in the notice and demand from the collector under section 1013 (i) is not paid in full within 10 days after such notice and demand, then there shall be collected, as part of the tax, interest upon the unpaid amount at the rate of 6 per centum per annum from the date of such notice and demand until it is paid. (5) INTEREST IN CASE OF BANKRUPTCY AND RECEIVERSHIPS. - I f the unpaid portion of the claim allowed in a bankruptcy or receiver- ship proceeding as provided in section 1015, is not paid in full within 10 days from the date of notice and demand from the col- lector, then there shall be collected as a part of such amount in- terest upon the unpaid portion thereof at the rate of 6 per centum per annum from the date of such notice and demand until payment. SEC. 1024. PENALTIES. (a) Any person required under this chapter to pay any tax, or required by law or regulations made under authority thereof to make a return, keep any records, or supply any information, for the pur- poses of the computation, assessment, or collection of any tax im- posed by this chapter, who willfully fails to pay such tax, make such return, keep such records, or supply such information, at the time or times required by law or regulations, shall, in addition to other penalties provided by law, be guilty of a misdemeanor and, upon conviction thereof, be fined not more than $10,000, or impris- oned for not more than one year, or both, together with the costs of prosecution. (b) Any person who willfully attempts in any manner to evade or defeat any tax imposed by this chapter or the payment thereof, shall, in addition to other penalties provided by law, be guilty of a felony and, on conviction thereof, be fined not more than $10,000, or imprisoned for not more than five years, or both, together with the costs of prosecution. SEC. 1025. TRANSFERRED ASSETS. (a) METHOD OF COLLEOTION. -T he amounts of the following liabil- ities shall, except as hereinafter in this section provided, be assessed, collected, and paid in the same manner and subject to the same pro- visions and limitations as in the case of a deficiency in the tax im- posed by this chapter (including the provisions in case of delin- quency in payment after notice and demand, the provisions author- izing distraint and proceedings in court for collection, and the provisions prohibiting claims and suits for refunds): (1) TRANSFEREES. -The liability, at law or in equity, of a trans- feree of property of a donor, in respect of the tax (including interest, additional amounts, and additions to the tax provided by law) imposed by this chapter. (2) FmIDUrARIE--The liability of a fiduciary under section 3467 of the Revised Statutes (U. S. C ., Title 31, 192) in respect of the payment of any such tax from the estate of the donor. Any such liability may be either as to the amount of tax shown on the return or as to any deficiency in tax. (b) PERIOD OF LIMTrrATIN. -The period of limitation for assess- ment of any such liability of a transferee or fiduciary shall be as follows: (1) Within one year after the expiration of the period of limi- tation for assessment against the donor. (2) If a court proceeding against the donor for the collection of the tax has been begun within the period provided in para- GIFT TAX 155

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