Gifts Made During 1944 to 1949, Inclusive Sec. 1021. Interest on deficiencies. 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 due date of the tax to the date the deficiency is assessed, or, in the case of a waiver under section 1012 (d), to the thirtieth day after the filing of such waiver or to the date the deficiency is assessed whichever is the earlier. Sec. 1021, I. R. C., supra, originated 1932 as Sec. 522, R. A. of 1932. For any amendments prior to 1944, see Sec. 1022. Interest on jeopardy assessments.In the case of the amount collected under section 1013 (f) there shall be collected at the same time as such amount, and as a part of the tax, interest at the rate of 6 per centum per annum upon, such amount from the date of the jeopardy notice and demand to the date of notice and demand under section 1013 (i), or, in the case of the amount collected in excess of the amount of the jeopardy assessment, interest as provided in section 1021. Sec. 1022, I. R. C., supra, originated 1932 as Sec. 523, R. A. of 1932. For any amendments prior to 1944, see Eighth Edition, p. 553, Ninth Edition, p. 1112. Sec. 1023. Additions to the tax in case of nonpayment. Sec. 1023. (a) Tax shown on return. Sec. 1023. (a) (1) Payment not extended.Where the amount determined by the donor as the tax imposed by this chapter, or any part of such amount, is not paid on the due date of the tax, there shall be collected as a part of the tax, interest upon such unpaid amount at the rate of 6 per centum per annum from the due date until it is paid. Sec. 1023. (a) (2) Payment extended.-Where an extension of time for payment of the amount so determined as the tax by the donor has been granted, and the amount the time for payment of which has been extended, and the interest thereon determined under section 1020 (a), is not paid in full prior to the expiration of the period of the extension, then, in lieu of the interest provided for in paragraph (1) of this subsection, interest at the rate of 6 per centum per annum shall be collected on such unpaid amount from the date of the expiration of the period of the extension until it is paid. Sec. 1023. (b) Deficiency. Sec. 1023. (b) (1) Payment not extended.Where a deficiency, or any interest assessed in connection therewith under section 1021, or any addition to the tax provided for in section 3612 (d), is not paid in full within 10 days from the date of notice and demand from the collector, there shall be collected as part of the tax, interest upon the unpaid amount at the rate of 6 per centum per annum from the date of such notice and demand until it is paid. Sec. 1023. (b) (2) Filing of jeopardy bond.-If a bond is filed, as provided in section 1013, the provisions of paragraph (1) of this subsection shall not apply to the amount covered by the bond. Sec. 1023. (b) (3) Payment extended.—If the part of the deficiency the time for payment of which is extended as provided in section 1012 (i) is not paid in accordance with the terms of the extension, there shall be collected, as a part of the tax, interest on such unpaid amount at the rate of 6 per centum per annum for the period from the time fixed by the terms of the extension for its payment until it is paid, and no other interest shall be collected on such unpaid amount for such period. Sec. 1023. (b) (4) Jeopardy assessment-Payment stayed by bond.-If the amount included in the notice and demand from the collector under section 1013 (i) is not paid in full within 10 days after such notice and demand, then there shall be collected, as part of the tax, interest upon the unpaid amount at the rate of 6 per centum per annum from the date of such notice and demand until it is paid. Sec. 1023. (b) (5) Interest in case of bankruptcy and receiverships.—If the unpaid portion of the claim allowed in a bankruptcy or receivership proceeding, as provided in section 1015, is not paid in full within 10 days from the date of notice and demand from the collector, then there shall be collected as a part of such amount interest upon the unpaid portion thereof at the rate of 6 per centum per annum from the date of such notice and demand until payment. Sec. 1023, I. R. C., supra, originated 1932 as Sec. For any amendments prior to 1944, see- Sec. 1024. Penalties. Sec. 1024. (a) Any person required under this chapter to pay any tax, or required by law or regulations made under authority thereof to make a return, keep any records, or supply any information, for the purposes of the computation, assessment, or collection of any tax imposed by this chapter, who willfully fails to pay such tax, make such return, keep such records, or supply such information, at the time or times required by law or regulations, shall, in addition to other penalties provided by law, be guilty of a misdemeanor and, upon conviction thereof, be fined not more than $10,000, or imprisoned for not more than one year, or both, together with the costs of prosecution. Sec. 1024. (b) Any person who willfully attempts in any manner to evade or defeat any tax imposed by this chapter or the payment thereof, shall, in addi Gifts Made During 1944 to 1949, Inclusive tion to other penalties provided by law, be guilty of a felony and, on conviction thereof, be fined not more than $10,000, or imprisoned for not more than five years, or both, together with the costs of prosecution. Sec. 1024, I. R. C., supra, originated 1932 as Sec. For any amendments prior to 1944, see- Ninth Edition, p. 1116. Sec. 1025. Transferred assets. Sec. 1025. (a) Method of collection.-The amounts of the following liabilities shall, except as hereinafter in this section provided, be assessed, collected, and paid in the same manner and subject to the same provisions and limitations as in the case of a deficiency in the tax imposed by this chapter (including the provisions in case of delinquency in payment after notice and demand, the provisions authorizing distraint and proceedings in court for collection, and the provisions prohibiting claims and suits for refunds): Sec. 1025. (a) (1) Transferees.-The liability, at law or in equity of a transferee of property of a donor, in respect of the tax (including interest, additional amounts, and additions to the tax provided by law) imposed by this chapter. Sec. 1025. (a) (2) Fiduciaries.-The liability of a fiduciary under section 3467 of the Revised Statutes (U. S. C., Title 31, § 192) in respect of the payment of any such tax from the estate of the donor. Any such liability may be either as to the amount of tax shown on the return or as to any deficiency in tax. Sec. 1025. (b) Period of limitation.-The period of limitation for assessment of any such liability of a transferee or fiduciary shall be as follows: Sec. 1025. (b) (1) Within one year after the expiration of the period of limitation for assessment against the donor. Sec. 1025. (b) (2) If a court proceeding against the donor for the collection of the tax has been begun within the period provided in paragraph (1),— then within one year after return of execution in such proceeding. Sec. 1025. (c) Period for assessment against donor.-For the purposes of this section, if the donor is deceased, the period of limitation for assessment against the donor shall be the period that would be in effect had the death not occurred. Sec. 1025. (d) Suspension of running of statute of limitations.-The running of the statute of limitations upon the assessment of the liability of a transferee or fiduciary shall, after the mailing of the notice under section 1012 (a) to the transferee or fiduciary, be suspended for the period during which the Commissioner is prohibited from making the assessment in respect of the liability of the transferee or fiduciary (and in any event, if a proceeding in respect of the liability is placed on the docket of the Board, until the decision of the Board becomes final), and for 60 days thereafter. Sec. 1025. (e) Prohibition of suits to restrain enforcement of liability of transferee or fiduciary.-No suit shall be maintained in any court for the purpose of restraining the assessment or collection of (1) the amount of the liability, at law or in equity, of a transferee of property of a donor in respect of any gift tax, or (2) the amount of the liability of a fiduciary under section 3467 of the Revised Statutes (U. S. C., Title 31, § 192) in respect of any such tax. Sec. 1025. (f) Definition of "transferee.”—As used in this section the term "transferee" includes donee, heir, legatee, devisee, and distributee. Sec. 1025. (g) Address for notice of liability.— In the absence of notice to the Commissioner under section 1026 (b) of the existence of a fiduciary relationship, notice of liability enforceable under this section in respect of a tax imposed by this chapter, if mailed to the person subject to the liability at his last known address, shall be sufficient for the purposes of this chapter even if such person is deceased, or is under a legal disability, or, in the case of a corporation, has terminated its existence. Sec. 1025, I. R. C., supra, originated 1932 as Sec. For any amendments prior to 1944, see- Ninth Edition, p. 1116. Sec. 1026. Notice of fiduciary relationship. Sec. 1026. (a) Fiduciary of donor.-Upon notice to the Commissioner that any person is acting in a fiduciary capacity such fiduciary shall assume the powers, rights, duties, and privileges of the donor in respect of a tax imposed by this chapter (except as otherwise specifically provided and except that the tax shall be collected from the estate of the donor), until notice is given that the fiduciary capacity has terminated. Sec. 1026. (b) Fiduciary of transferee.-Upon notice to the Commissioner that any person is acting in a fiduciary capacity for a person subject to the liability specified in section 1025, the fiduciary shall assume on behalf of such person, the powers, rights, duties, and privileges of such person under such section (except that the liability shall be collected from the estate of such person), until notice is given that the fiduciary capacity has terminated. Sec. 1026. (c) Manner of notice.-Notice under subsection (a) or (b) shall be given in accordance with regulations prescribed by the Commissioner with the approval of the Secretary. Sec. 1026, I. R. C., supra, originated 1932 as Sec. For any amendments prior to 1944, see- Sec. 1027. Refunds and credits. Gifts Made During 1944 to 1949, Inclusive Sec. 1027. (a) Authorization.-Where there has been an overpayment of any tax imposed by this chapter, the amount of such overpayment shall be credited against any gift tax then due from the taxpayer, and any balance shall be refunded immediately to the taxpayer. Sec. 1027. (b) Limitation on allowance.— Sec. 1027. (b) (1) Period of limitation.-No such credit or refund shall be allowed or made after three years from the time the tax was paid, unless before the expiration of such period a claim therefor is filed by the taxpayer. Sec. 1027. (b) (2) Limit on amount of credit or refund.-The amount of the credit or refund shall not exceed the portion of the tax paid during the three years immediately preceding the filing of the claim, or if no claim was filed, then during the three years immediately preceding the allowance of the credit or refund. Sec. 1027. (c) Effect of petition to Board.—If the Commissioner has mailed to the taxpayer a notice of deficiency under section 1012 (a) and if the taxpayer files a petition with the Board of Tax Appeals within the time prescribed in such subsection, no credit or refund in respect of the tax for the calendar year in respect of which the Commissioner has determined the deficiency shall be allowed or made and no suit by the taxpayer for the recovery of any part of such tax shall be instituted in any court except Sec. 1027. (c) (1) As to overpayments determined by a decision of the Board which has become final; and Sec. 1027. (c) (2) As to any amount collected in excess of an amount computed in accordance with the decision of the Board which has become final; and Sec. 1027. (c) (3) As to any amount collected after the period of limitation upon the beginning of distraint or a proceeding in court for collection has expired; but in any such claim for credit or refund or in any such suit for refund the decision of the Board which has become final, as to whether such period has expired before the notice of deficiency was mailed, shall be conclusive. Sec. 1027. (d) Overpayment found by Board.If the Board finds that there is no deficiency and further finds that the taxpayer has made an overpayment of tax in respect of the taxable year in respect of which the Commissioner determined the deficiency, the Board shall have jurisdiction to deter mine the amount of such overpayment, and such amount shall, when the decision of the Board has become final, be credited or refunded to the taxpayer. No such credit or refund shall be made of any portion of the tax unless the Board determines as part of its decision that such portion was paid within three years before the filing of the claim or the mailing of the notice of deficiency, whichever is earlier, or that such portion was paid after the mailing of the notice of deficiency. Sec. 1027, I. R. C., supra, originated 1932 as Sec. For any amendments prior to 1944, see- Ninth Edition, p. 1122. Sec. 1030. Definitions. For the purposes of this chapter Sec. 1030. (a) Calendar year.-The term "calendar year" includes only the calendar year 1932 and succeeding calendar years, and, in the case of the calendar year 1932, includes only the portion of such year after June 6, 1932. Sec. 1030. (b) Property within the United States.-Stock in a domestic corporation owned and held by a nonresident not a citizen of the United States shall be deemed property situated within the United States. Sec. 1030, I. R. C., supra, originated 1932 as Sec. For any amendments prior to 1944, see- Sec. 1031. Publicity of returns. For provisions with respect to publicity of returns under this chapter, see subsection (a) (2) of section 55. |