[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR70.76]

[Page 992]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--BUREAU OF ALCOHOL, TOBACCO AND FIREARMS, DEPARTMENT OF THE 
                                TREASURY
 
PART 70--PROCEDURE AND ADMINISTRATION--Table of Contents
 
     Subpart D--Collection of Excise and Special (Occupational) Tax
 
Sec. 70.76  Stay of collection of jeopardy assessment; bond to stay collection.

    (a) The collection of taxes assessed under 26 U.S.C. 6862 (referred 
to as a ``jeopardy assessment'' for purposes of this section) of any tax 
may be stayed by filing with the appropriate ATF officer a bond on the 
form to be furnished by ATF upon request.
    (b) The bond may be filed:
    (1) At any time before the time collection by levy is authorized 
under 26 U.S.C. 6331(a), or
    (2) After collection by levy is authorized and before levy is made 
on any property or rights to property, or
    (3) In the discretion of the appropriate ATF officer, after any such 
levy has been made and before the expiration of the period of 
limitations on collection.
    (c) The bond must be in an amount equal to the portion (including 
interest thereon to the date of payment as calculated by the appropriate 
ATF officer) of the jeopardy assessment collection of which is sought to 
be stayed. See 26 U.S.C. 7101 and Sec. 70.281, relating to the form of 
bond and the sureties thereon. The bond shall be conditioned upon the 
payment of the amount (together with interest thereon), for which the 
collection is stayed, at the time at which, but for the making of the 
jeopardy assessment, such amount would be due.
    (d) Upon the filing of a bond in accordance with this section, the 
collection of so much of the assessment as is covered by the bond will 
be stayed. The taxpayer may at any time waive the stay of collection of 
the whole or of any part of the amount covered by the bond. If as a 
result of such waiver any part of the amount covered by the bond is 
paid, or if any portion of the jeopardy assessment is abated by the 
appropriate ATF officer, then the bond shall (at the request of the 
taxpayer) be proportionately reduced.

(26 U.S.C. 6863)

[T.D. ATF-301, 55 FR 47613, Nov. 14, 1990]