Page:United States Statutes at Large Volume 53 Part 2.djvu/626

 PUBLIC LAWS-CH. 367-JULY 26, 1939 JEOPARDY ASSESSMENT Authority for mak- ing. Collection by dis- traint. Bond to stay collec- tion. Conditions. General rule. Assessment within two years. Request for prompt assessment. Corporations. Dissolution contem- plated. Dissolution begun before expiration of 12-month period. Dissolution c o m - pleted. Omission of amount In excess of 25 per centum of gross in- come. Time return con- sidered filed. False return or no return; assessment. Waiver. SEC. 32. (a) AUTHORITY FOR MAKING. -If the assessor believes that the collection of any tax imposed by this title 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 tax (together with all interest and penalties, the assess- ment of which is provided for by law). Such tax, penalties, and interest shall thereupon become immediately due and payable, and immediate notice and demand shall be made by the collector for the payment thereof. Upon failure or refusal to pay such tax, penalty, and interest, collection thereof by distraint shall be lawful. (b) BOND TO STAY COLLECTION.- T he collection of the whole or any part of the amount of 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 col- lector deems necessary, conditioned upon the payment of the amount, the collection of which is stayed, at the time at which, but for this section, such amount would be due. PERIOD OF LIMITATION UPON ASSESSMENT AND COLLECTION SEO. 33 . (a) GENERAL RULE.- Except as provided in paragraph (b) of this section- (1) The amount of income taxes imposed by this title shall be assessed within two years after the return is filed, and no proceeding in court without assessment for the collection of such taxes shall be begun after the expiration of such period. (2) In the case of income received during the lifetime of a decedent, or by his estate during the period of administration, or by a corporation, the tax shall be assessed, and any proceeding in court without assessment for the collection of such tax shall be begun, within twelve months after written request therefor (filed after the return is made) by the executor, administrator, or other fiduciary representing the estate of such decedent, or by the corporation, but not after the expiration of two years after the return is filed. This subparagraph shall not apply in the case of a corporation unless- (A) such written request notifies the assessor that the cor- poration contemplates dissolution at or before the expiration of such twelve-month period; and (B) the dissolution is in good faith begun before the expiration of such twelve-month period; and (C) the dissolution is completed. (3) If the taxpayer omits from gross income an amount prop- erly includible therein which is in excess of 25 per centum of the amount of gross income stated in the return, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time within five years after the return was filed. (4) For the purposes of subparagraphs (1), (2), and (3), a return filed before the last day prescribed by law for the filing thereof shall be considered as filed on such last day. (b) FALSE RETURN.- In the case of a false or fraudulent return with intent to evade tax or of a failure to file a return, the tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time. (c) WAavm. -W here before the expiration of the time prescribed in paragraph (a) for the assessment of the tax, both the assessor and the taxpayer have consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expiration of [53 STAT. 1102

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