Page:United States Statutes at Large Volume 68A.djvu/876

 836

INTERNAL REVENUE CODE OF 1954

(h) CROSS R E F E R E N C E S. — (1) For the effect of the furnishing of security for payment, see section 6863. (2) For provision permitting immediate levy in case of jeopardy, see section 6331(a). SEC. 6862. JEOPARDY ASSESSMENT OF TAXES OTHER THAN INCOME. ESTATE, AND GIFT TAXES. (a) IMMEDIATE ASSESSMENT.—If the Secretary or his delegate

beheves that the collection of any tax (other than income tax, estate tax, and gift tax) under any provision of the internal revenue laws wUl 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, additional amounts, and additions to the tax provided for by law). Such tax, additions to the tax, and interest shall thereupon become immediately due and payable, and immediate notice and demand shall be made by the Secretary or his delegate for the payment thereof. (b) IMMEDIATE L E V Y. — For provision permitting immediate levy in case of jeopardy, see section 6331(a). SEC. 6863. STAY OF COLLECTION OF JEOPARDY ASSESSMENTS. (a) BOND TO STAY COLLECTION.—When a jeopardy assessment has

been made under section 6861 or 6862, the collection of the whole or any amount of such assessment may be stayed by filing with the Secretary or his delegate, within such time as may be fixed by regulations prescribed by the Secretary or his delegate, a bond in an amount equal to the amount as to which the stay is desired, conditioned upon the payment of the amount (together with interest thereon) the collection of which is stayed, a t the time at which, b u t for the making of the jeopardy assessment, such amount would be due. 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 a t any time in respect of the whole or any part of the amount covered 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, a t the request of the taxpayer, be proportionately reduced. If any portion of the jeopardy assessment is abated, the bond shall, at the request of the taxpayer, be proportionately reduced. (b) F U R THE R CONDITIONS IN C A S E OF INCOME, ESTATE, OR G I F T

T A X E S. — I n the case of taxes subject to the jurisdiction of the Tax Court— (1) PRIOR TO PETITION TO TAX COURT.—If the bond is given before the taxpayer has filed his petition under section 6213(a), the bond shall contain a further condition that if a petition is not filed within the period provided in such section, then the amount, the collection of which is stayed by the bond, will be paid on notice and demand a t any time after the expiration of such period, together with interest thereon from the date of the jeopardy notice and demand to the date of notice and demand under this paragraph. (2) E F F E C T OF TAX COURT DECISION.—The bond shall be conditioned upon the payment of so much of such assessment (collection of which is stayed by the bond) as is not abated by a decision of the Tax Court which has become final. If the Tax Court determines § 6861(h)

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