An Act to provide for abatement of jeopardy assessments when jeopardy does not exist
PL 83-274 (H.R.6402), enacted 08/14/1953

67 S T A T . ] 
PUBLIC LAW 274-AUG. 14, 19S3 
583 
SEC. 2. Section 7 of such Act is hereby amended to read as follows: 
"SEC. 7. On or before the first day of April of each year the cor-
poration shall make and transmit to Congress a report of its proceed-
ings for the preceding fiscal year, including a full, complete and 
itemized report of receipts and expenditures of whatever kind." 
Approved August 14, 1953. 
36 u s e 37. 
Report. 
Public Law 273 
CHAPTER 487 
AN ACT 
To authorize the utilization of a limited amount of storage space in Lake Texoma 
for the purpose of water supply for the City of Denison, Texas. 
August 14, 1953 
[H. R. 6813] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Chief of 
Engineers is hereby authorized to contract with the City of Denison, 
Texas, upon such terms and for such period, not exceeding fifty years, 
as he may deem reasonable, for the use of not to exceed 21,300 acre-feet 
of storage space in Lake Texoma, for the purpose of providing said 
city a regulated water supply in an amount not to exceed 13,000 acre-
feet annually: Provided, That the project for Denison Dam authorized 
by the Flood Control Act of June 28, 1938, as modified by section 4 
of the River and Harbor Act of October 17, 1940, is hereby further 
modified accordingly: Provided 
further, 
That all moneys received 
shall be deposited in the Treasury of the United States as miscellaneous 
receipts: Provided further. That nothing in this Act shall affect water 
rights under State law. 
Approved August 14, 1953. 
Denison, Tex. 
Water 
s t o r a g e 
space. 
52 Stat. 1219. 
54 Stat. 1200. 
Public Law 274 
CHAPTER 488 
^^ -^^"^ 
August 14, 1953 
To provide for abatement of jeopardy assessments when jeopardy does not exist. 
[H. R. 6402] 
Be it enacted hy the Senate and. House of Representatives 
of the 
United States of America in Congress assembled, That (a) section 273 
of the Internal Revenue Code (relating to the abatement of jeopardy 
assessments of income taxes) is hereby amended by adding at the end 
thereof the following new subsection: 
" (a) ABATEMENT IF JEOPARDY DOES NOT EXIST.—The Secretary may 
abate the jeopardy assessment if he finds that jeopardy does not exist. 
Such abatement may not be made after a decision of The Tax Court of 
the United States in respect of the deficiency has been rendered, or, if 
no petition is filed with The Tax Court of the United States, after the 
expiration of the period for filing such petition. 
The period of limita-
tion on the making of assessments and the beginning of distraint or a 
proceeding in court for collection, in respect of any deficiency, shall be 
determined as if the jeopardy assessment so abated had not been made, 
except that the running of such period shall in any event be suspended 
for the period from the date of such jeopardy assessment until the 
expiration of the tenth day after the day on which such jeopardy 
assessment is abated." 
(b) Sections 872 and 1013 (relating to the abatement of jeopardy 
assessments of estate and gift taxes, respectively) are hereby amended 
by adding at the end of each of such sections the following new sub-
section : 
53 Stat. 84. 
26 u s e 273. 
26 u s e 
1013. 
872,