746
73d C ONGRESS . SESS . II. CH. 277 . MAY 10, 1934 . INCOME TAX. such time, the tax may be assessed at any time prior to the expiration ASSESSMENT AND COLLE CTION of the period agreed upon . The period so agreed upon may be of DEFICIENCIES -C ontd .
extended by subsequent agreements in writing made before the expiration of the period previously agreed upon . Collection after as- (c) CoLLEC'rIoN AF TER ASSESSMENT.-Where the assessment of eessment .
any income tax imposed by this title has been made within the B y distraint.
period of limi tation proper ly applicable thereto, such tax may be Time limit . collected by distraint or by a proceeding in court, but only if begun (1) within six years after the assessment of the tax, or (2) prior to the expiration of any period for collection agreed upon in writing by the Commissioner and the taxpayer before the expiration of such Extension . six-year period . The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previ ously agreed upon . Statute of limitations . SEC. 277. SUSPENSION OF RUNNING OF STATUTE . Suspension of run- The running of the statute of limitations provided in section 275 nmg A nte,
or 276 on th e making of a ssessments an d the beginnin g g of distraint mite, p . 745. or a proceeding in court for collection, in respect of any deficiency, shall (after the mailin of a notice under section 272(a)) be suspended for the period during which the Commissioner is pro- hibited from makin the assessment or beginning distraint or a Unt il decision of proceeding in court (and in any event, if a proceeding in respect of Board, etc.
the deficiency is placed on the docket of the Board, until the decision of the Board becomes final), and for sixty days thereafter . ADDITIONS AND
Supplement M-Interest and Additions to the Tax TAX . Failure to file return . SEC. 291 . FAIL URE TO FILE RE TURN . Additional tax im- In case of any failure to make and file a return required by this posed.
title, within the time prescribed by law or prescribed by the Com- missioner in pursuance of law, 25 per centum of the tax shall be Exception. added to the tax, except that when a return is filed after such time If failure not willful and it is shown that the failure to file it was due to reasonable cause neglect.
and not due to willful neglect no such addition shall be made to the Collection .
tax. The amount so added to any tax shall be collected at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, in which case the amount so added shall b e collected i n the same ma nner as the ta x . Tobeinlieuof The amount added to the tax under this section shall be in lieu of forme r c9'3176, p . 610. the 25 per centum addition to the tax provided in section 3176 of the Revised S tatutes, as am ended . Interest on deficien- SEC. 292 . INTEREST ON DEFICIENCIES . ties . Assessment and rate . Interest upon the amount determined as a deficiency shall be assessed at the same time as the deficiency, shall be paid upon notice and demand from the collector, and shall be collected as a part of the tax, at the rate of 6 per centum per annum from the date prescribed for the payment of the tax (or, if the tax is paid in installments, from the date prescribed for the payment of the first In case of waiver. installment) to the date the deficiency is assessed, or, in the case of a wa iver un der se ction 2 72(d), to the thirti eth day after the fi ling of such waiver or to the date the deficiency is assessed whichever is the earlier . Additions to tax in SEC . 293. ADD ITIO NS TO THE TAX IN C ASE OF DEFI CIEN CY . case of deficiency . If due to negligence . (a) NEGLIGENCE .-If any part of any deficiency is due to negli- gence, or intentional disregard of rules and regulations but without intent to defraud, 5 per centum of the total amount of the deficiency
