73t1 C ONGRESS . SESS . II. CH. 277 . 1MI AY 10, 1934.
749 t raint and p rocee dings in court for collection, and the prov ision s INCO ME TAX T prohibiting claims and suits for refunds)
TRANSFEREES (1) TRANSFEREE S .-The liabi lity, at law or in equity, of a trans- RES cot aucl A- fer ee of pr operty o f a taxp ayer, in respect of the tax (inc luding Transferee . interest, additional amounts, and additions to the tax provided by l aw) impo sed upon the tax payer by this tit le . (2) FIDU cIARIE s . -Th e liability of a fiduciary und er se ct ion Fiduciaries. R.S., see 2467, P.f8 . 3 467 of the Re vi sed Statutes in re sp ect of the pa ym ent of any such tax from the estate of the taxpayer . Any such liability may be either as to the amount of tax shown on Amount determined . the return or as to any deficiency in tax . (b) PERIOD LOF LIMITATION .-The period of limitation for assess- Limitation period . ment of any such liability of a transferee or fiduciary shall be as follows 1) In the case of the liability of an initial transferee of the when initial tra ns- pro perty property of the taxpayer,-within one year after the expiration of `ores liable . the period of limit ation fo r assess ment aga inst the taxpaye r ; In the case of the liability of a transferee of a transferee Tra nsferee of a traps (2)
y
fetes liable . of t he prope rty of t he taxpa yer,-wit hin one y ear afte r the ex pira- tion of the period of limitation for assessment against the preced- ing transferee, but only if within three years after the expiration of the period of limitation for assessment against the taxpayer ;- Exception ex cept tha t if bef ore the expirati on of th e period of limi tation f or the assessment of the liability of the transferee, a court proceeding for the collection of the tax or liability in respect thereof has been began again st th e taxp ayer or las t pre cedin g tra nsfere e, re spec- one year after court tively,-then the period of limitation for assessment of the liability proceeding ye ar of the transferee shall expire one year after the return of execution in the c ourt pro ceeding . (3) In the case of the liability of a fiduciary ;not later than Fiduciary liable one year after the liability arises or not later than the expiration of the period for collection of the tax in respect of which such liability arises, whichever is the later . (c) PERIOD FOR ASSESSMENT AGAINST TAXPAYER .-For the purpo ses Provisions on death of taxpayer or termi- of this section, if the taxpayer is deceased, or in the case of a cor- noted corporation poration, has terminated its existence, the period of limitation for assessment against the taxpayer shall be the period that would be in effec t had de ath or t erminati on of ex istence n ot occur red . (d) SUSPENSION OF RU NN ING OF STATUTE OF LInrITATIONS .-Tile Suspension o f run- ning of statute of limi- runnin g of the s tatute of l imitat ions upon the assessment of the tations, aft er notice liability of a transferee or fiduciary shall, after the mailing to the mai led, etc transferee or fiduciary of the notice provided for in section 272(a), Ant`,p .7ai be suspended for the period during which the Commissioner is pro- hibited 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 l iability is plac ed on th e docket of the B oard, un til the decision of the Board becomes final), and for sixty days thereafter . e AD DRESS FOR N OTICE OF LIABILITY .-In the absence of notice to Address for no tice of the Commissioner under section 312(b) of the existence of a fiduciary liability. relationship, notice of liability enforceable under this section in respect of a tax imposed by this title, if mailed to the pe rson subject to the liability at his last known address, shall be sufficient for the purposes of this title even if such person is deceased, or is under a legal disability, or, in the case of a corporation, has terminated its existence . (f) DEFINITION OF " TRANSFEREE " .-As used in this section . the "Transferee" de- fined. ter m "transferee " includes heir, legatee . devisee, and distributee .
