§ 74. Jeopardy assessment.--(a) Authority for making.--If the\nadministrator believes that the assessment or collection of a deficiency\nwill be jeopardized by delay, he shall, notwithstanding the provisions\nof sections sixty-one and seventy-six, immediately assess such\ndeficiency (together with all interest, penalties and additions to tax\nprovided for by law), and notice and demand shall be made by the\nadministrator for the payment thereof.\n (b) Notice of deficiency.--If the jeopardy assessment is made before\nany notice in respect of the tax to which the jeopardy assessment\nrelates has been mailed under section sixty-one, then the administrator\nshall mail a notice under such section within sixty days after the\nmaking of the assessment.\n (c) Amount assessable before decision of administrator.--The jeopardy\nassessment may be made in respect of a deficiency greater or less than\nthat of which notice is mailed to the taxpayer and whether or not the\ntaxpayer has theretofore filed a petition with the administrator. The\nadministrator may, at any time before rendering his decision, abate such\nassessment, or any unpaid portion thereof, to the extent that he\nbelieves the assessment to be excessive in amount. The administrator may\nin his decision redetermine the entire amount of the deficiency and of\nall amounts assessed at the same time in connection therewith.\n (d) Amount assessable after decision of administrator.--If the\njeopardy assessment is made after the decision of the administrator is\nrendered, such assessment may be made only in respect of the deficiency\ndetermined by the administrator in his decision.\n (e) Expiration of right to assess.--A jeopardy assessment may not be\nmade after the decision of the administrator has become final or after\nthe taxpayer has made an an application for review of the decision of\nthe administrator.\n (f) Collection of unpaid amounts.--When a petition has been filed with\nthe administrator and when the amount which should have been assessed\nhas been determined by a decision of the administrator which has become\nfinal, then any unpaid portion, the collection of which has been stayed\nby bond, shall be collected as part of the tax upon notice and demand\nfrom the administrator, and any remaining portion of the assessment\nshall be abated. If the amount already collected exceeds the amount\ndetermined as the amount which should have been assessed, such excess\nshall be credited or refunded to the taxpayer as provided in section\nsixty-six without the filing of claim therefor. If the amount determined\nas the amount which should have been assessed is greater than the amount\nactually assessed, then the difference shall be assessed and shall be\ncollected as part of the tax upon notice and demand from the\nadministrator.\n (g) Abatement if jeopardy does not exist.--The administrator may abate\nthe jeopardy assessment if he finds that jeopardy does not exist. Such\nabatement may not be made after a decision of the administrator in\nrespect of the deficiency has been rendered or, if no petition is filed\nwith the administrator, after the expiration of the period for filing\nsuch petition. The period of limitation on the making of assessments and\nlevy or a proceeding for collection, in respect of any deficiency, shall\nbe determined as if the jeopardy assessment so abated had not been made,\nexcept that the running of such period shall in any event be suspended\nfor the period from the date of such jeopardy assessment until the\nexpiration of the tenth day after the day on which such jeopardy\nassessment is abated.\n (h) Bond to stay collection.--The collection of the whole or any\namount of any jeopardy assessment may be stayed by filing with the\nadministrator, within such time as may be fixed by regulation, a bond in\nan amount equal to the amount as to which the stay is desired,\nconditioned upon the payment of the amount (together with interest\nthereon) the collect
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