Section 74. Jeopardy assessment

--(a)   Authority   for   making.--If  the
  administrator believes that the assessment or collection of a deficiency
  will be jeopardized by delay, he shall, notwithstanding  the  provisions
  of   sections   sixty-one   and  seventy-six,  immediately  assess  such
  deficiency (together with all interest, penalties and additions  to  tax
  provided  for  by  law),  and  notice  and  demand  shall be made by the
  administrator for the payment thereof.
    (b) Notice of deficiency.--If the jeopardy assessment is  made  before
  any  notice  in  respect  of  the  tax  to which the jeopardy assessment
  relates has been mailed under section sixty-one, then the  administrator
  shall  mail  a  notice  under  such  section within sixty days after the
  making of the assessment.
    (c) Amount assessable before decision of administrator.--The  jeopardy
  assessment  may  be made in respect of a deficiency greater or less than
  that of which notice is mailed to the taxpayer and whether  or  not  the
  taxpayer  has  theretofore  filed a petition with the administrator. The
  administrator may, at any time before rendering his decision, abate such
  assessment, or any  unpaid  portion  thereof,  to  the  extent  that  he
  believes the assessment to be excessive in amount. The administrator may
  in  his  decision 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  administrator.--If   the
  jeopardy  assessment  is made after the decision of the administrator is
  rendered, such assessment may be made only in respect of the  deficiency
  determined by the administrator in his decision.
    (e)  Expiration  of right to assess.--A jeopardy assessment may not be
  made after the decision of the administrator has become final  or  after
  the  taxpayer  has  made an an application for review of the decision of
  the administrator.
    (f) Collection of unpaid amounts.--When a petition has been filed with
  the administrator and when the amount which should  have  been  assessed
  has  been determined by a decision of the administrator which has become
  final, then any unpaid portion, the collection of which has been  stayed
  by  bond,  shall  be collected as part of the tax upon notice and demand
  from the administrator, and any  remaining  portion  of  the  assessment
  shall  be  abated.  If  the  amount already collected exceeds the amount
  determined as the amount which should have been  assessed,  such  excess
  shall  be  credited  or  refunded to the taxpayer as provided in section
  sixty-six without the filing of claim therefor. If the amount determined
  as the amount which should have been assessed is greater than the amount
  actually assessed, then the difference shall be assessed  and  shall  be
  collected   as  part  of  the  tax  upon  notice  and  demand  from  the
  administrator.
    (g) Abatement if jeopardy does not exist.--The administrator may abate
  the jeopardy assessment if he finds that jeopardy does not  exist.  Such
  abatement  may  not  be  made  after  a decision of the administrator in
  respect of the deficiency has been rendered or, if no petition is  filed
  with  the  administrator,  after the expiration of the period for filing
  such petition. The period of limitation on the making of assessments and
  levy or a proceeding for collection, in respect of any deficiency, shall
  be determined as if the jeopardy assessment so abated had not been made,
  except that the running of such period shall in any event  be  suspended
  for  the  period  from  the  date  of such jeopardy assessment until the
  expiration of the tenth  day  after  the  day  on  which  such  jeopardy
  assessment is abated.
    (h)  Bond  to  stay  collection.--The  collection  of the whole or any
  amount of any jeopardy assessment may  be  stayed  by  filing  with  the
  administrator, within such time as may be fixed by regulation, a bond in

  an  amount  equal  to  the  amount  as  to  which  the  stay is desired,
  conditioned upon the payment  of  the  amount  (together  with  interest
  thereon) the collection of which is stayed at the time at which, but for
  the  making  of  the jeopardy assessment, such amount would be due. Upon
  the filing of the bond the collection of so much of the amount  assessed
  as  is covered by the bond shall be stayed.  The taxpayer shall have the
  right to waive such stay at any time in respect of the whole or any part
  of the amount covered by the bond, and if as a result of such waiver any
  part of the amount covered by the bond is paid, then the bond  shall  at
  the  request of the taxpayer, be proportionately reduced. If any portion
  of the jeopardy assessment is abated, or if a notice of deficiency under
  section sixty-one is mailed to the taxpayer in a lesser amount, the bond
  shall, at the request of the taxpayer, be proportionately reduced.
    (i) Petition to  administrator.--If  the  bond  is  given  before  the
  taxpayer has filed his petition under section sixty-nine, the bond shall
  contain  a  further condition that if a petition is not filed within the
  period provided in such section, then  the  amount,  the  collection  of
  which  is  stayed  by the bond, will be paid on notice and demand at any
  time after the expiration of such period, together with interest thereon
  from the date of the jeopardy notice and demand to the  date  of  notice
  and  demand  under  this subdivision. The bond shall be conditioned upon
  the payment of so much of such assessment (collection of which is stayed
  by the bond) as is not abated by a decision of the  administrator  which
  has  become  final.    If  the  administrator determines that the amount
  assessed is greater than the amount which  should  have  been  assessed,
  then  the bond shall, at the request of the taxpayer, be proportionately
  reduced when the decision of the administrator is rendered.
    (j)  Stay  of  sale  of   seized   property   pending   administrators
  decision.--Where  a jeopardy assessment is made, the property seized for
  the collection of the tax shall not be sold--
    (1) if subdivision (b) is applicable, prior to  the  issuance  of  the
  notice  of deficiency and the expiration of the time provided in section
  sixty-nine for filing a petition with the administrator, and
    (2) if a petition is filed with the administrator (whether  before  or
  after  the  making of such jeopardy assessment), prior to the expiration
  of the period during which the assessment of  the  deficiency  would  be
  prohibited if subdivision (a) were not applicable.
    Such  property may be sold if the taxpayer consents to the sale, or if
  the administrator determines  that  the  expenses  of  conservation  and
  maintenance  will greatly reduce the net proceeds, or if the property is
  perishable.
    (k)  Interest.--For  the  purpose  of  subdivision  (a)   of   section
  sixty-four,  the  last  date  prescribed for payment shall be determined
  without regard to any notice and demand for payment  issued  under  this
  section prior to the last date otherwise prescribed for such payment.
    (l)  Early  termination  of  taxable year.--If the administrator finds
  that a taxpayer designs quickly to depart from this state or  to  remove
  his  property  therefrom, or to conceal himself or his property therein,
  or to do any other act tending to  prejudice  or  to  render  wholly  or
  partly ineffectual proceedings to collect the income tax for the current
  or the preceding taxable year unless such proceedings be brought without
  delay,  the  administrator  shall  declare  the  taxable period for such
  taxpayer immediately terminated, and shall cause notice of such  finding
  and  declaration  to  be  given the taxpayer, together with a demand for
  immediate payment  of  the  tax  for  the  taxable  period  so  declared
  terminated  and  of the tax for the preceding taxable year or so much of
  such tax as is unpaid, whether or not the time otherwise allowed by  law
  for  filing  return and paying the tax has expired; and such taxes shall

  thereupon become immediately due and payable. In any proceeding  brought
  to  enforce  payment  of  taxes  made  due  and payable by virtue of the
  provisions of this subdivision, the finding of the administrator made as
  herein provided, whether made after notice to the taxpayer or not, shall
  be for all purposes presumptive evidence of jeopardy.
    (m)  Reopening  of taxable period.--Notwithstanding the termination of
  the taxable period of the taxpayer by the administrator as  provided  in
  subdivision  (l),  the administrator may reopen such taxable period each
  time the taxpayer is found by the administrator to have received income,
  within the current taxable year, since the termination of such period. A
  taxable period so terminated by the administrator may be reopened by the
  taxpayer if he files with the administrator a true and  accurate  return
  of  taxable  income  and  credits  allowed under this local law for such
  taxable  period,  together  with   such   other   information   as   the
  administrator may by regulations prescribe.
    (n)   Furnishing   of  bond  where  taxable  year  is  closed  by  the
  administrator.--Payment  of  taxes  shall  not  be   enforced   by   any
  proceedings  under  the  provisions  of  subdivision  (l)  prior  to the
  expiration of the time otherwise allowed for paying such  taxes  if  the
  taxpayer furnishes, under regulations prescribed by the administrator, a
  bond to insure the timely making of returns with respect to, and payment
  of, such taxes or any income taxes for prior years.