Page:United States Statutes at Large Volume 90 Part 2.djvu/231

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1699

" (1) GENERAL RULE.—Where a jeopardy assessment has been made under section 6 8 6 2 (a), the property seized for the collection of the tax shall not be sold— " (A) if a civil action is commenced in accordance with section 7429(b), on or before the day on which the district court Ante, p. 1695. judgment in such action becomes j&nal, or " (B) if subparagraph (A) does not apply, before the day after the expiration of the period provided in section 7429(a) for requesting an administrative review, and if such review is requested, before the day after the expiration of the period provided in section 7 4 2 9 (b), for commencing an action in the district court. " (2) EXCEPTIONS.—With respect to any property described in paragraph (1), the exceptions provided by subsection (b)(3) (B) shall a p p l y. " (10) Section 7 1 0 3 (a)(4) (relating to a cross reference) is 26 USC 7103. repealed. (11) Section 7421(a) (relating to prohibition of suits to 26 USC 7421. restrain assessment or collection of taxes) is amended by striking out " and 7426 (a) and (b)(1) " and inserting in lieu thereof "7426 (a) and (b)(1), and 7429(b)". (12) The table of sections for part I of subchapter A of chapter 70 is amended to read as follows: "Sec. 6851. Termination assessments of income tax." (13) The table of sections for subchapter B of chapter 76 is amended by inserting after the item relating to section 7428 the following: "Sec. 7429. Review of jeopardy assessment procedures." (d) EFFECTIVE D A T E. — The amendments made by this section apply 26 USC 6851 w i t h respect to action taken under section 6851, 6861, or 6862 of the note. I n t e r n a l Revenue Code of 1954 where the notice and demand takes place after December 31, 1976. SEC. 1205. ADMINISTRATIVE SUMMONS. (a) REQUIREMENT T H A T NOTICE B E SERVED ON PERSON W H O S E BOOKS, E T C., A R E B E I N G S U M M O N E D. — Subchapter A of chapter 78

(relating to examination and inspection) is amended by redesignating section 7609 as section 7611 and by inserting after section 7608 the following new sections: "SEC. 7609. SPECIAL PROCEDURES FOR THIRD-PARTY SUMMONSES. "(a)

NOTICE.— " (1) IN GENERAL.—If—

" (A) any summons described in subsection (c) is served on any person who is a t h i r d - party recordkeeper, and " (B) the summons requires the production of any portion of records made or kept of the business transactions or affairs of any person (other than the person summoned) who is identified in the description of the records contained in the summons, then notice of the summons shall be given to any person so identified within 3 days of the day on which such service is made, but no later than the 14th day before the day fixed in the summons as the day upon which such records are to be examined. Such notice shall be accompanied by a copy of the summons which has been served and shall contain directions for staying compliance with the summons under subsection (b)(2).

26 USC 7609.

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