Page:United States Statutes at Large Volume 90 Part 2.djvu/230

 90 STAT. 1698

Regulations.

26 USC 6211.

26 USC 6212. 26 USC 6213. 26 USC 6863.

Ante, p. 1695.

PUBLIC LAW 94-455—OCT. 4, 1976 matter following such paragraph and inserting in lieu thereof the following: "(iii) foreign corporations, and " (iv) corporations with respect to which an assessment was made under section 6851(a) (relating to termination assessments) with respect to the taxable year, shall be made at such place as the Secretary may by regulations designate." (4) Section 6211(b)(1) (relating to rules for determining deficiencies) is amended by striking out "and" after "31," and by inserting before the period at the end thereof the following: ", and without regard to any credits resulting from the collection of amounts assessed under section 6851 (relating to termination assessments)". (5) Section 6212(c) (relating to restrictions on further deficiency letters) is amended by inserting after "errors)," the following: "in section 6851 (relating to termination assessments),". (6) Section 6213(a) (relating to time for filing petition with the Tax Court) is amended by inserting "section 6851 or" before "section 6861". (7) Section 6863(a) (relating to bond to stay collection) is amended— (A) by striking out "6861" and inserting in lieu thereof "6851, 6861," j (B) by striking out "a jeopardy assessment" in the first sentence thereof and inserting in lieu thereof "an assessment"; and (C) by striking out "the jeopardy assessment" each place it appears therein and inserting in lieu thereof "such assessment". (8) Section 6863(b)(3)(A) (relating to stay of sale of seized property) is amended to read as follows: "(A) GENERAL RULE.—Where, notwithstanding the provi"^' sions of section 6213(a), an assessment has been made under fij,section 6851 or 6861, the property seized for collection of the tax shall not be sold— "(i) before the expiration of the periods described in subsection (c)(1)(A) and (B), "(ii) before the issuance of the notice of deficiency described in section 6851(b) or 6861 (b), and the expiration of the period provided in section 6213(a) for filing a petition with the Tax Court, and " (iii) if a petition is filed with the Tax Court (whether before or after the making of such assessment), before the expiration of the period during which the assessment of the deficiency would be prohibited if neither sections 6851(a) nor 6861(a) were applicable. Clauses (ii) and (iii) shall not apply in the case of a termination assessment under section 6851 if the taxpayer does not file a return for the taxable year by the due date (determined ^ with regard to any extensions)." (9) Section 6863 (relating to stay of collection of jeopardy assessments) is amended by adding at the end thereof the following new subsection: "(c) STAY OF SALE or SEIZED PROPERTY PENDING DISTRICT COURT DETERMINATION UNDER SECTION 7429.—

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