§ 105-164.40. Jeopardy assessment.
§105‑164.40. Jeopardy assessment.
If the Secretary is of theopinion that the collection of any tax or any amount of tax required to becollected and paid to the State under this Article will be jeopardized bydelay, he shall make an assessment of the tax or amount of tax required to becollected and shall mail or issue a notice of such assessment to the taxpayertogether with a demand for immediate payment of the tax or of the deficiency intax declared to be in jeopardy including interest and penalties. In the case ofa tax for a current period, the Secretary may declare the taxable period of thetaxpayer immediately terminated and shall cause notice of such finding anddeclaration to be mailed or issued to the taxpayer together with a demand forimmediate payment of the tax based on the period declared terminated and suchtax shall be immediately due and payable, whether or not the time otherwiseallowed by law for filing a return and paying the tax has expired. Assessmentsprovided for in this section shall be immediately due and payable andproceedings for the collection shall commence at once and if any such tax,penalty or interest is not paid upon demand of the Secretary, he shallforthwith cause a levy to be made on the property of the taxpayer or, in hisdiscretion the Secretary may require the taxpayer to file such indemnity bondas in his judgment may be sufficient to protect the interest of the State. (1957,c. 1340, s. 5; 1973, c. 476, s. 193.)