§ 694. Jeopardy assessment.--(a). Authority for making.--If the tax\ncommission believes that the assessment or collection of a deficiency\nwill be jeopardized by delay, it shall, notwithstanding the provisions\nof section six hundred eighty-one and six hundred ninety-six,\nimmediately assess such deficiency (together with all interest,\npenalties and additions to tax provided for by law), and notice and\ndemand shall be made by the tax commission 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 six hundred eighty-one, then the\ntax commission shall mail a notice under such section within sixty days\nafter the making of the assessment.\n (c) Amount assessable before decision of tax commission.--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 tax commission. The\ntax commission may, at any time before rendering its decision, abate\nsuch assessment, or any unpaid portion thereof, to the extent that it\nbelieves the assessment to be excessive in amount. The tax commission\nmay in its decision redetermine the entire amount of the deficiency and\nof all amounts assessed at the same time in connection therewith.\n (d) Amount assessable after decision of tax commission.--If the\njeopardy assessment is made after the decision of the tax commission is\nrendered, such assessment may be made only in respect of the deficiency\ndetermined by the tax commission in its decision.\n (e) Expiration of right to assess.--A jeopardy assessment may not be\nmade after the decision of the tax commission has become final or after\nthe taxpayer has made an application for review of the decision of the\ntax commission.\n (f) Collection of unpaid amounts.--When a petition has been filed with\nthe tax commission and when the amount which should have been assessed\nhas been determined by a decision of the tax commission 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 tax commission, 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 six\nhundred eighty-six without the filing of claim therefor. If the amount\ndetermined as the amount which should have been assessed is greater than\nthe amount actually assessed, then the difference shall be assessed and\nshall be collected as part of the tax upon notice and demand from the\ntax commission.\n (g) Abatement if jeopardy does not exist.--The tax commission may\nabate the jeopardy assessment if it finds that jeopardy does not exist.\nSuch abatement may not be made after a decision of the tax commission in\nrespect of the deficiency has been rendered or, if no petition is filed\nwith the tax commission, 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 tax\ncommission, within such time as may be fixed by regulation, a bond in an\namount equal to the amount as to which the stay is desired, conditioned\nupon t
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