Supplement N-Claims against Transferees and Fiduciaries SEC. 311. TRANSFERRED ASSETS. (a) METHOD OF COLLECTIN. -T he amounts of the following lia- bilities 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 a tax imposed by this chapter (including the provisions in case of delin- quency in payment after notice and demand, the provisions author- izing distraint and proceedings in court for collection, and the provisions prohibiting claims and suits for refunds): (1) TRANSFEREES. -The liability, at law or in equity, of a trans- feree of property of a taxpayer, in respect of the tax (including interest, additional amounts, and additions to the tax provided by law) imposed upon the taxpayer by this chapter. (2) FIDucIARIES. -T he liability of a fiduciary under section 3467 of the Revised Statutes, as amended, (U. S . C ., Title 31, § 192) in respect of the payment of any such tax from the estate of the taxpayer. Any such liability may be either as to the amount of tax shown on the return or as to any deficiency in tax. (b) PERIOD OF LIMITATION.- The period of limitation for assess- 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 property of the taxpayer,-within one year after the expiration of the period of limitation for assessment against the taxpayer; (2) In the case of the liability of a transferee of a transferee of the property of the taxpayer,-within one year after the expira- 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;- except that if before the expiration of the period of limitation for the assessment of the liability of the transferee, a court proceeding for the collection of the tax or liability in respect thereof has been begun against the taxpayer or last preceding transferee, respec- tively,-then the period of limitation for assessment of the liability of the transferee shall expire one year after the return of execution in the court proceeding. (3) In the case of the liability of a fiduciary,-not later than 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; (4) Where before the expiration of the time prescribed in para- graph (1), (2), or (3) for the assessment of the liability, both the Commissioner and the transferee or fiduciary have consented in writing to its assessment after such time, the liability may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon. (c) PERIOD FOR ASSESSMIENT AGAINST TAXPAYER.- For the purposes of this section, if the taxpayer is deceased, or in the case of a corpo- ration, has terminated its existence, the period of limitation for assessment against the taxpayer shall be the period that would be in effect had death or termination of existence not occurred. (d) SUSPENSION OF RUNNING OF STATUTE OF LIMrIATIONS. -The running of the statute of limitations upon the assessment of the liability of a transferee or fiduciary shall, after the mailing to the transferee or fiduciary of the notice provided for in section 272 (a), be suspended for the period during which the Commissioner is pro- hibited from making the assessment in respect of the liability of the CODIFICATION OF INTERNAL REVENUE LAWS 90
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