52 STAT.] 75TH CONG. , 3D SESS.-CH. 289-MAY 28, 1938 537 If an extension is granted, the Commissioner may require the tax- Bond. payer to furnish a bond in such amount, not exceeding double the amount of the deficiency, and with such sureties, as the Commis- sioner deems necessary, conditioned upon the payment of the defi- ciency in accordance with the terms of the extension. No extension shall be granted if the deficiency is due to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax. (k) ADDRESS FOR NOTICE OF DEFICIENCY. - In the absence of notice Address f o rn o tice to the Commissioner under section 312 (a) of the existence of a Post, p. 44 . fiduciary relationship, notice of a deficiency in respect of a tax imposed by this title, if mailed to the taxpayer at his last known address, shall be sufficient for the purposes of this title even if such taxpayer is deceased, or is under a legal disability, or, in the case of a corporation, has terminated its existence. SEC. 273. JEOPARDY ASSESSMENTS. (a) AUTHORITY FOR MAKING. -If the Commissioner believes that the assessment or collection of a deficiency will be jeopardized by delay, he shall immediately assess such deficiency (together with all interest, additional amounts, or additions to the tax provided for by law) and notice and demand shall be made by the collector for the payment thereof. (b) DEFICIENCY LETTERS.- I f the jeopardy assessment is made before any notice in respect of the tax to which the jeopardy assess- ment relates has been mailed under section 272 (a), then the Com- missioner shall mail a notice under such subsection within sixty days after the making of the assessment. (c) AMOUNT ASSESSABLE BEFORE DECISION OF BoARD.- T he jeopardy assessment may be made in respect of a deficiency greater or less than that notice of which has been mailed to the taxpayer, despite the provisions of section 272 (f) prohibiting the determination of addi- tional deficiencies, and whether or not the taxpayer has theretofore filed a petition with the Board of Tax Appeals. The Commissioner may, at any time before the decision of the Board is rendered, abate such assessment, or any unpaid portion thereof, to the extent that he believes the assessment to be excessive in amount. The Commissioner shall notify the Board of the amount of such assessment, or abate- ment, if the petition is filed with the Board before the making of the assessment or is subsequently filed, and the Board shall have juris- diction to redetermine the entire amount of the deficiency and of all amounts assessed at the same time in connection therewith. (d) AMOUNT ASSESSABLE AFTER DECISION OF BOARD.- If the jeopardy assessment is made after the decision of the Board is ren- dered, such assessment may be made only in respect of the deficiency determined by the Board in its decision. (e) EXPIRATION OF RIGHT TO ASSESS. -A jeopardy assessment may not be made after the decision of the Board has become final, or after the taxpayer has filed a petition for review of the decision of the Board. (f) BOND TO STAY COLLECTION. - When a jeopardy assessment has been made the taxpayer, within 10 days after notice and demand from the collector for the payment of the amount of the assessment, may obtain a stay of collection of the whole or any part of the amount of the assessment 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 collector deems necessary, conditioned upon the payment of so much of the amount, the collection of which is stayed by the bond, as is not abated by a decision of the Board which Jeopardy assess- ments. Authority for mak- ing. Deficiency letters. Ante, p. 535. Amount assessable before decision of Board. Ante, p. 536. Redetermination. Amount assessable after decision of Board. Expiration of right to assess. Bond to stay collec- tion. Conditions.
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