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duties and encourage the industries of the United States, and for other purposes," proved Aug. 5, 1909, the act entitled "An act to reduce tariff duties and to provide revenue for the government and for other purposes," approved Oct. 3, 1913, the revenue act of 1916, the revenue act of 1917. the revenue act of 1918, and by any such act as amended, shall be assessed within five years after the return was filed, and no proceeding in court for the collection of such taxes shall be begun after the expiration of such period. (3) In the case of income received during the lifetime of a decedent, the tax shall be assessed and any proceeding in court for the collection of such tax shall be begun, within one year after written request therefor (filed after the return is made) by the executor, administrator or other fiduciary representing the estate of such decedent, but no after the expiration of the period prescribed for the assessment of the tax in paragraph (1) (2) of this subdivision.

(b) The period within which an assessment is required to be made by subdivision (a) of this section in respect of any deficiency shall be extended (1) by sixty days if a notice of such deficiency has been mailed to the taxpayer under subdivision (a) of section 274 and no appeal has been filed with the board of tax appeals or (2) if an appeal has been filed, then by the number of days between the date of the mailing of such notice and the date of the final decision by the board.

Sec. 278. (a) In the case of a false or fraudulent return with intent to evade tax or of a failure to file a return the tax may be assessed or a proceeding in court for the collection of such tax may be begun without assessment at any time.

(b) Any deficiency attributable to a change in a deduction tentatively allowed under paragraph (9) of subdivision (a) of section 214 or paragraph (8) of subdivision (a) of section 234, of the revenue act of 1918 or the revenue act of 1921. may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time.

(c) Where both the commissioner and the taxpayer have consented in writing to the assessment of the tax after the time prescribed in section 277 for its assessment the tax may be assessed at any time prior to the expiration of the period agreed upon.

(d) Where the assessment of the tax is made within the period prescribed in section 277 or in this section, such tax may be collected by distraint or by a proceeding in court. begun within six years after the assessment of the tax. Nothing in this act shall be construed as preventing the beginning, without assessment, of a proceeding in court for the collection of the tax at any time before the expiration of the period within which an assessment may be made.

(e) This section shall not (1) authorize the assessment of a tax or the collection thereof by distraint or by a proceeding in court if at the time of the enactment of this act such assessment, distraint or proceeding was barred by the period of limitation the in existence, or (2) affect any assessment made, or distraint or proceeding in court begun, before the enactment of this act.

Claims in Abatement.

Sec. 279. (a) If a deficiency has been assessed under subdivision (d) of section 274, the taxpayer, within ten days after notice and demand from the collector for the pay ment thereof, may file with the collector a claim for the abatement of such deficiency or

any part thereof or of any interest or additional amounts assessed in connection therewith or of any part of any such interest or additional amounts. Such claim shall be accompanied by a bond, in such amount, not exceeding double the amount of the claim. and with such sureties as the collector deems necessary, conditioned upon the payment of so much of the amount of the claim as is not abated, together with interest thereon as provided in subdivision (c) of this section. Upon the filing of such claim and bond. L. P collection of so much of the amount assessed as is covered by such claim and bond shall be stayed pending the final disposition of the claim.

(b) If a claim is filed as provided in subdivision (a) of this section the collector shall transmit the claim immediately to the commissioner, who shall by registered mail notify the taxpayer of his decision on the claim. The taxpayer may within sixty days after such notice is mailed file an appeal with the board of tax appeals. If the claim is denied in whole or in part by the commissioner (0. by the board in case an appeal has been fi'ed) the amount, the claim for which is denied, shall be collected as part of the tax upon notice and demand from the collector, and the amount, the claim for which is allowed, shall be abated. A proceeding in court may be begun for any part of the amount. claim for which is allowed by the board. Such proceeding shall be begun within one year after the final decision of the board. and may be begun within such year even though the period of limitation prescribed in section 277 has expired.

(c) If the claim in abatement is denied in whole or in part, there shall be collected. at the same time as the part of the claim denied, and as a part of the tax, interest at the rate of 6 per centum per annum upon the amount of the claim denied, from the date of notice and demand from the collector under subdivision (d) of section 274 to the date of the notice and demand under subdivision (b) of this section. If the amount included in the notice and demand from the collector under subdivision (b) of this section is not paid in full within ten days after such notice and demand, then there shall be collected, as part of the tax. interest upon th unpaid amount at the rate of 1 per centum a month (or in the case of estates of incompetent, deceased or insolvent persons, at the date of such notice and demand until it i rate of 6 per centum per annum) from the

paid.

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(d) Except as provided in this section. claim in abatement shall be filed in respect of any assessment made after the enactment of this act in respect of any income, warprofits or excess-profits tax.

Taxes Under Prior Acts.

Sec. 280. If after the enactment of this act the commissioner determines that any assessment should be made in respect of any income, war-profits or excess-profits tax imposed by the revenue act of 1916, the revenu act of 1917, the revenue act of 1918 or th revenue act of 1921. or by any such act as amended, the amount which should be assessed (whether as deficiency or as interest, penalty or other addition to the tax) shall be computed as if this act had not been enacted. but the amount SO computed shall be assessed. collected and paid in the same manner and subject to the same provisions and limitations (including the provisions in case of delinquency in payment after notice and demand) as in the case of the taxes imposed by this title. except as otherwise provided in section 277.

Credits and Refunds.

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Sec. 281. (a) Where there has been overpayment of any income, war-profits or excess-profits tax imposed by this act, the act entitled, "An act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes,' approved Aug. 5, 1909, the act entitled "An act to reduce tariff duties and to provide revenue for the government and for other purposes,' approved Oct. 3, 1913, the revenue act of

1916, the revenue act of 1917, the revenue act of 1918 or the revenue act of 1921, or any such act as amended, the amount of such Overpayment shall be credited against any income, war-profits or excess-profits tax or installment thereof then due from the taxpayer, and any balance of such excess shall be refunded immediately to the taxpayer.

(b) Except as provided in subdivisions (c) and (e) of this section, (1) no such credit or refund shall be allowed or made after four years from the time the tax was paid, unless before the expiration of such four years a claim therefor is filed by the taxpayer, nor (2) shall the amount of the credit or refund exceed the portion of the tax paid during the four years immediately preceding the filing of the claim, or, if no claim was filed, then during the four years immediately preceding the allowance of the credit or refund. (c) If the invested capital of a taxpayer is decreased by the commissioner, and such decrease is due to the fact that the taxpayer failed to take adequate deductions in previous years, with the result that there has been an overpayment of income, war-profits or excess-profits taxes in any previous year or years, then the amount of such overpayment shall be credited or refunded, without the filing of a claim therefor, notwithstanding the period of limitation provided for in subdivision (b) has expired.

(d) Where there has been an overpayment of tax under section 221 or 237 and refund or credit made under the provisions of this section shall be made to the withholding agent unless the amount of such tax was actually withheld by the withholding agent.

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(e) If the taxpayer has, within five years from the time the return for the taxable year 1917 w3s due, filed a waiver of his right to have the taxes due for such taxable year determined and assessed within five years after the return was filed, or if he has. on or before June 15. 1924, filed such waiver in respect of the taxes due for the taxable year 1918. then such credit or refund relating to the taxes for the year in respect of which the waiver was filed shall be allowed or made if claim therefor is filed either on or before April 1, 1925, or within four years from the time the tax was paid.

(f) This section shall not (1) bar from allowance a claim for credit or refund filed prior to the enactment of this act which but for such enactment would have been allowable, or (2) bar from allowance a claim in respect of a tax for the taxable year 1919 or 1920 if such claim is filed before the expiration of five years after the date the return was due.

Closing by Commissioner of Taxable Year. Sec. 282. (a) If the commissioner finds that a taxpayer designs quickly to depart from the United States 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 tax for the taxable year then last past or the taxable year then current unless such proceedings be brought without delay. the commissioner shall declare the taxable period for

or

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 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 in court brought to enforce payment of taxes made due and payable by virtue of the provisions of this section the finding of the commissioner, made as herein provided. whether made after notice to the taxpayer or not, shall be for all purposes presumptive evidence of the taxpayer's design.

(b) A taxpayer who is not in default in making any return or paying income. warprofits or excess-profits tax under any act of congress may furnish to the United States. under regulations to be prescribed by the commissioner, with the approval of the secretary, security approved by the commissioner that he will duly make the return next thereafter required to be filed and pay the tax next thereafter required to be paid. The commissioner may approve and accept in like manner security for return and payment of taxes made due and payable by virtue of the provisions of this section, provided the taxprofits or excess-profits taxes due from him payer has paid in full all other income, warunder any act of congress.

(c) If security is approved and accepted pursuant to the provisions of this section and such further or other security with respect to the tax or taxes covered thereby is given as the commissioner shall from time to time find necessary and require, payment of such taxes shall not be enforced by any proceedings under the provisions of this sec tion prior to the expiration of the time otherwise allowed for paying such respective taxes.

(d) In the case of a citizen of the United States about to depart from the United States the commissioner may, at his discretion, waive any or all of the requirements placed on the taxpayer by this section.

(e) No alien shall depart from the United States unless he first procures from the collector or agent in charge a certificate that he has complied with all the obligations imposed upon him by the income, war-profits, and excess-profits tax laws.

(f) If a taxpayer violates or attempts to violate this section there shall, in addition to all other penalties, be added as part of the tax 25 per centum of the total amount of the tax or deficiency in the tax, together with interest at the rate of 1 per centum a month from the time the tax became due.

Effective Date of Title. Sec. 283. This title shall take effect as of Jan. 1, 1924.

TITLE III.

Part 1-Estate Tax. Sec. 300. When used in part I. of this title

The term "executor" means the executor or administrator of the decedent or. if there is no executor or administrator appointed, qualified and acting within the United States, then any person in actual or constructive possession of any property of the decedent;

The term "net estate" means the net estate as determined under the provisions of section 303; The term "month" means calendar month: and

The term "collector" means the collector of internal revenue of the district in which was the domicile of the decedent at the time

of his death, or, if there was no such domicile in the United States, then the collector of the district in which is situated the part of the gross estate of the decedent in the United States, or, if such part of the gross estate is situated in more than one district, then the collector of internal revenue ΟΙ such district as may be designated by the commissioner.

Sec. 301. (a) In lieu of the tax imposed by title IV. of the revenue act of 1921, a tax equal to the sum of the following percentages of the value of the net estate determined as provided in section 303) is hereby imposed upon the transfer of the net estate of every decedent dying after the enactment of this act, whether a resident or nonresident of the United States:

1 per centum of the amount of the net estate not in excess of $50.000:

2 per centum of the amount by which the net estate exceeds $50,000 and does not exceed $100,000;

3 per centum of the amount by which the net estate exceeds $100.000 and does not exceed $150,000;

4 per centum of the amount by which the net estate exceeds $150,000 and does not exceed $250.000;

6 per centum of the amount by which the net estate exceeds $250,000 and does not exceed $450,000;

9 per centum of the amount by which the net estate exceeds $450.000 and does not exceed $750,000;

12 per centum of the amount by which the net estate exceeds $750.000 and does not exceed $1,000,000;

15 per centum of the amount by which the net estate exceeds $1,000,000 and does not exceed $1,500,000.

18 per centum of the amount by which the net estate exceeds $1,500,000 and does not exceed $2.000.000;

21 per centum of the amount by which the net estate exceeds $2.000,000 and does not exceed $3,000,000:

24 per centum of the amount by which the net estate exceeds $3.000,000 and does not exceed $4,000,000;

27 per centum of the amount by which the net estate exceeds $4,000,000 and does not exceed $5,000,000;

30 per centum of the amount by which the net estate exceeds $5.000.000 and does not exceed $8.000.000:

35 per centum of the amount by which the net estate exceeds $8,000,000 and does not exceed $10.000.000:

40 per centum of the amount by which the net estate exceeds $10,000,000.

(b) The tax imposed by this section shall be credited with the amount of any estate, inheritance, legacy or succession taxes actually paid to any state or territory or the District of Columbia, in respect of any property included in the gross estate. The credit allowed by this subdivision shall not exceed 25 per centum of the tax imposed by this section.

Sec. 302. The value of the gross estate of the decedent shall be determined by inc'uding the value at the time of his death of all property, real ог personal, tangible or intangible, wherever situated

(a) To the extent of the interest therein of the decedent at the time of his death which after his death is subject to the pay ment of the charges against his estate and the expenses of its administration and is subject to distribution as part of his estate:

(b) To the extent of any interest therein of the surviving spouse, existing at the time of the decedent's death as dower, curtesy or

by virtue of a statute creating an estate in lieu of dower or curtesy;

(c) To the extent of any interest therein of which the decedent has at any time made transfer or with respect to which he has at any time created a trust, in contemplation of or intended to take effect in possession or enjoyment at or after his death, except in case of a bona fide sale for a fair consideration in money or money's worth. Any transfer of a material part of his property in the nature of a final disposition or distribution thereof, made by the decedent within two years prior to his death without such a consideration, shall, unless shown to the contrary, be deemed to have been made in contemplation of death within the meaning of part I. of this title;

(d) To the extent of any interest therein of which the decedent has at any ti ne made a transfer or with respect to which he has at at any time created a trust. where the enjoy ment thereof was subject at the date of his death to any change through the exercise of a power, either by the decedent alone or in conjunction with any person, to alter. amend or revoke, or where the decedent relinquished any such power in contemplation of his death, except in case of a bona fide sale for a fair consideration in money or money's worth.

(e) To the extent of the interest therein held as joint tenants by the decedent and any other person, or as tenants by the entirety by the decedent and spouse, or deposited, with any person carrying on the banking business, in their joint names and payable to either or the survivor, except such part thereof as may be shown to have originally belonged to such other person, or as tenants by the entirety or acquired by the latter from the decedent for less than a fair consideration in money or money's worth: Provided, That where such property or any part thereof, or part of the consideration with which such property was acquired, is shown to have been at any time acquired by such other person from the decedent for less than a fair consideration in money or money's worth, there shall be excepted only such part of the value of such property as is proportionate to the consideration furnished by such other person: Provided further, That where any property has been acquired by gift, bequest, devise or inheritance, as a tenancy by the entirety by the decedent and spouse, then to the extent of one-half of the value thereof, or, where so acquired by the decedent and any other person as joint tenants and their interests are not otherwise specified or fixed by law. then to the extent of the value of a fractional part to be determined by dividing the value of the property by the number of joint tenants;

(f) To the extent of any property passing under a general power of appointment exercised by the decedent (1) by will or (2) by deed executed in contemplation of, or intended to take effect in possession or enjoyment at or after his death, except in case of a bona fide sale for a fair consideration in money or money's worth; and

(g) To the extent of the amount receivable by the executor as insurance under policies taken out by the decedent upon his own life: and to the extent of the excess over $40,000 of the amount receivable by all other benefictaries as insurance under policies taken out by the decedent upon his own life.

(h) Subdivisions (b), (c), (d), (e), (f) and (g) of this section shall apply to the transfers, trusts. estates, interests, rights, powers, and relinquishments of powers. as severally enumerated and described therein. whether made, created, arising, existing, ex

ercised or relinquished before or after the enactment of this act.

Sec. 303. For the purpose of the tax the value of the net estate shall be determined (a) In the case of a resident, by deducting from the value of the gross estate

(1) Such amounts for funeral administration expenses, claims against the estate, unpaid mortgages upon, or any indebtedness in respect to, property (except, in the case of a resident decedent, where such property is not situated in the United States), to the extent that such claims, mortgages or indebtedness were incurred or contracted bona fide and for a fair consideration in money or money's worth, losses incurred during the settlement of the estate arising from fires, storms. shipwreck or other casualty, or from theft, when such losses are not compensated for by insurance or otherwise, and such amounts reasonably required and actually expended for the support during the settlement of the estate of those dependent upon the decedent, as are allowed by the laws of the jurisdiction, whether within or without the United States, under which the estate is being administered, but not including any income taxes upon income received after the death of the decedent or any estate, succession, legacy or inheritance taxes:

(4) An exemption of $50,000.

(b) In the case of a nonresident. by deducting from the value of that part of his gross estate which at the time of his death is situated in the United States

(a)

(1) That proportion of the deductions specified in paragraph (1) of subdivision of this section which the value of such part bears to the value of his entire gross estate, wherever situated, but in no case shall the amount so-deducted exceed 10 per centum of the value of that part of his gross estate which at the time of his death is situated in the United States;

(2) An amount equal to the value of any property (A) forming a part of the gross estate situated in the United States of any person who died within five years prior to the death of the decedent, or (B) transferred to the decedent by gift within five years prior to his death, where such property can be identified as having been received by the decedent from such donor by gift or from such prior decedent by gift, bequest, devise or inheritance, or which can be identified as having been acquired in exchange for property so received. This deduction shall be allowed only where a gift tax or an estate tax under this or any prior act of congress was paid by or on behalf of the donor or the estate of such prior decedent as the case may be. and only in the amount of the value placed by the commissioner on such property in determining the value of the gift or the gross estate of such prior decedent. and only to the extent that the value of such property is in

or on behalf of the donor or the estate of such prior decedent as the case may be, and enly in the amount of the value placed by the commissioner on such property in deter mining the value of the gift or the gross estate of such prior decedent, and only to the extent that the value of such property is included in the decedent's gross estate and not deducted under paragraph (1) or (3) of this subdivision;

(3) The amount of all bequests, legacies, devises or transfers, except bona fide sales for fair consideration in money or money's worth, in contemplation of or intended to take effect in possession or enjoyment at or after the decedent's death, to or for the use of the United States, any state, territory, any political subdivision thereof or the District of Columbia, for exclusively public purposes, or to or for the use of any corporation organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, including the encouragement of art and the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private stockholder or individual or to a trustee or trustees, or a fraternal society, order or association operating under the lodge system, but only if such contributions or gifts are to be used by such trustee or trustees, or by such fraternal society, order or association, exclusively for religious. charitable, scientific, literary or educational purposes, or for the prevention of cruelty to children or animals. If the tax imposed by section 301, or any estate, succession, legacy or inheritance taxes, are, either by the terms of the will, by the law the jurisdiction under which the estate is ministered or by the law of the jurisdic

estate which at the time of his death is situated in the United States and not deducted under paragraph (1) or (3) of this subdivision; and

(3) The amount of all bequests, legacies. devises or transfers, except bona fide sales for a fair consideration, in money or money's worth. in contemplation of or intended to take effect in possession or enjoyment at or after the decedent's death, to or for the use of the United States, any state, territory. any political subdivision thereof, or the District of Columbia, for exclusively public purposes. or to or for the use of any domestic corporation organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, including the encouragement of art and the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private stockholder or individual or to a trustee or trustees, or a fraternal society, order or association operating under the lodge system. but only if such contributions or gifts are to be used within the United States by such trustee or trustees or by such fraternal society. order or association. exclusively for religious, charitable. scientific literary or educational purposes or for the prevention of cruelty to children or animals. If the tax imposed by section 301. or any estate, succession, legacy or inheritance taxes, are either by the terms of the will, by the law of the jurisdiction under which the estate is administered or by the law of the jurisdiction imposing the particular tax, payable in whole or in part out of the bequests, legacies or devises otherwise deductible under this paragraph, then the amount deductible under this paragraph shall be the amount of such be

quests, legacies or devises reduced by the amount of such taxes.

(c) No deduction shall be allowed in the case of a nonresident unless the executor includes in the return required to be filed under section 304 the value at the time of his death of that part of the gross estate of the nonresident not situated in the United

States.

(d) For the purpose of part I. of this title, stock in a domestic corporation owned and held by a nonresident decedent shall be deemed property within the United States, and any property of which the decedent has made a transfer or with respect to which he ha created a trust, within the meaning of subdivision (c) or (d) of section 302, shall be deemed to be situated in the United States, if so situated either at the time of the transfer or the creation of the trust or at the time of the decedent's death.

(e) The amount receivable as insurance upon the life of a nonresident decedent, and any moneys deposited with any person carrying on the banking business, by or for a nonresident decedent who was not engaged in business in the United States at the time of his death, shall not, for the purpose of part I. of this title, be deemed property within the United States.

(f) Missionaries duly commissioned and serving under boards of foreign missions of the various religious denominations in the United States, dying while in the foreign missionary service of such boards, shall not. by reason merely of their intention to permanently remain in such foreign service, be deemed nonresidents of the United States, but shall be presumed to be residents of the state. the District of Columbia or the territories of Alaska or Hawaii wherein they respectively resided at the time of their commission and their departure for such foreign service.

Sec. 304. (a) The executor within two months after the decedent's death, or within a like period after qualifying as such, shall give written notice thereof to the collector. The executor shall also, at such times and in such manner as may be required by regulations made pursuant to law. file with the collector a return under oath in duplicate, setting forth (1) the value of the gross estate of the decedent at the time of his death, or, in case of a nonresident, of that part of his gross estate situated in the United States: (2) the deductions allowed under section 303; (3) the value of the net estate of the decedent as defined in section 303; and (4) the tax paid or payable thereon; or such part of such information as may at the time be ascertainable and such supplemental data as may be necessary to establish the correct tax.

(b) Return shall be made in all cases where the gross estate at the death of the decedent exceeds $50.000, and in the case of the estate of every nonresident any part of whose gross estate is situated in the United States. If the executor is unable to make a complete return as to any part of the gross estate of the decedent, he shall include in his return a description of such part and the name of every person holding a legal or beneficial interest therein, and upon notice from the collector such person shall in like manner make a return as to such part of the gross estate. Sec. 305. (a) The tax imposed by part I. of this title shall be due and payable one year after the decedent's death. and shall be paid by the executor to the collector.

(b) Where the commissioner finds that the payment on the due date of any part of the amount determined by the executor as the tax would impose undue hardship upon the estate, the commissioner may extend the time

for payment of any such part not to exceed five years from the due date. In such case the amount in respect of which the extension is granted shall be paid on or before th date of the expiration of the period of the extension.

(c) If the time for the payment is thus extended there shall be collected, as a part of such amount, interest thereon at the rate o 6 per centum per annum from the expiration of six months after the due date of the tax to the expiration of the period of the extension.

(d) The time for which the commissioner may extend the time for payment of the estate tax imposed by title IV. of the revenue act of 1921 is hereby increased from three to five years.

Sec. 306. As soon as practicable after the return is filed the commissioner shall examine it and shall determine the correct amount of the tax.

Sec. 307. As used in part I. of this title the term "deficiency" means

(1) The amount by which the tax imposed by part I. of this title exceeds the amount shown as the tax by the executor upon hi return; but the amount so shown on the return shall first be increased by the amounts previously assessed (or collected without assessment) as a deficiency, and decreased by the amounts previously abated, refunded or otherwise repaid in respect of such tax: or

(2) If no amount is shown as the tax by the executor upon his return or if no return is made by the executor, then the amount by which the tax exceeds the amounts previously assessed (or collected without assessment) as a deficiency; but such amounts previously assessed, or collected without assessment, shall first be decreased by the amount previously abated, refunded or otherwise repaid in respect of such tax.

Sec. 308. (a) If the commissioner determines that there is a deficiency in respect of the tax imposed by part I. of this title, the executor, except as provided in subdivision (d), shall be notified of such deficiency by registered mail, but such deficiency shall be assessed only as hereinafter provided. Within sixty days after such notice is mailed the executor may file an appeal with the board of tax appeals established by section 900.

(b) If the board determines that there is a deficiency, the amount so determined shall be assessed and shall be paid upon notice and demand from the collector. No part of the amount determined as a deficiency by the commissioner but disallowed as such by the board shall be assessed, but a proceeding in court may be begun, without assessment. for the collection of any part of the amount so disallowed. The court shall include in its judgment interest upon the amount thereof at the rate of 6 per centum per annum from the date prescribed for the payment of the tax to the date of the judgment. Such proceedings shall be begun within one year after the final decision of the board, and may be begun within such year even though the period of limitation prescribed in section 310 has expired.

(c) If the executor does not file an appeal with the board within the time prescribed in subdivision (a) of this section, the deficiency of which the executor has been notified shall be assessed, and shall be paid upon notice and demand from the collector.

(d) If the commissioner believes that the assessment or collection of a deficiency will be jeopardized by delay, such deficiency shall be assessed immediately and notice and demand shall be made by the collector for the payment thereof. In such case the assessment may be made (1) without giving the