2011 US Code
Title 26 - Internal Revenue Code
Subtitle F - Procedure and Administration (§§ 6001 - 7874)
Chapter 62 - TIME AND PLACE FOR PAYING TAX (§§ 6151 - 6167)
Subchapter B - Extensions of Time for Payment (§§ 6161 - 6167)
Section 6163 - Extension of time for payment of estate tax on value of reversionary or remainder interest in...
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle F - Procedure and Administration CHAPTER 62 - TIME AND PLACE FOR PAYING TAX Subchapter B - Extensions of Time for Payment Sec. 6163 - Extension of time for payment of estate tax on value of reversionary or remainder interest in property |
Contains | section 6163 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
Source Credit | Aug. 16, 1954, ch. 736, 68A Stat. 763; Pub. L. 85-866, title I, §66(b)(1), Sept. 2, 1958, 72 Stat. 1658; Pub. L. 88-272, title II, §240(a), Feb. 26, 1964, 78 Stat. 129; Pub. L. 93-625, §7(d)(1), Jan. 3, 1975, 88 Stat. 2115; Pub. L. 94-455, title XIX, §1906(b)(13)(A), title XX, §2004(c)(3), Oct. 4, 1976, 90 Stat. 1834, 1868. |
Statutes at Large References | 72 Stat. 1658 78 Stat. 129 88 Stat. 2115 90 Stat. 1834 100 Stat. 2095 |
Public Law References | Public Law 85-866, Public Law 88-272, Public Law 93-625, Public Law 94-455, Public Law 99-514 |
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If the value of a reversionary or remainder interest in property is included under chapter 11 in the value of the gross estate, the payment of the part of the tax under chapter 11 attributable to such interest may, at the election of the executor, be postponed until 6 months after the termination of the precedent interest or interests in the property, under such regulations as the Secretary may prescribe.
(b) Extension for reasonable causeAt the expiration of the period of postponement provided for in subsection (a), the Secretary may, for reasonable cause, extend the time for payment for a reasonable period or periods not in excess of 3 years from the expiration of the period of postponement provided in subsection (a).
(c) Cross referenceFor authority of the Secretary to require security in the case of an extension under this section, see section 6165.
(Aug. 16, 1954, ch. 736, 68A Stat. 763; Pub. L. 85–866, title I, §66(b)(1), Sept. 2, 1958, 72 Stat. 1658; Pub. L. 88–272, title II, §240(a), Feb. 26, 1964, 78 Stat. 129; Pub. L. 93–625, §7(d)(1), Jan. 3, 1975, 88 Stat. 2115; Pub. L. 94–455, title XIX, §1906(b)(13)(A), title XX, §2004(c)(3), Oct. 4, 1976, 90 Stat. 1834, 1868.)
Amendments1976—Subsec. (a). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (b). Pub. L. 94–455, §2004(c)(3), substituted provisions relating to extension of time for payment for a reasonable cause for provisions relating to extension of time for payment for undue hardship to the estate.
Subsec. (c). Pub. L. 94–455, §1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
1975—Subsec. (c). Pub. L. 93–625 struck out par. (1) cross reference to interest provisions of section 6601(b) of this title and struck out par. (2) designation of cross reference to security, now incorporated in present subsec. (c) provision.
1964—Subsec. (b). Pub. L. 88–272 substituted “or periods not in excess of 3” for “not in excess of 2”.
1958—Subsecs. (b), (c). Pub. L. 85–866 added subsec. (b) and redesignated former subsec. (b) as (c).
Effective Date of 1976 AmendmentAmendment by section 2004(c)(3) of Pub. L. 94–455 applicable to estates of decedents dying after Dec. 31, 1976, see section 2004(g) of Pub. L. 94–455, set out as an Effective Date note under section 6166 of this title.
Effective Date of 1975 AmendmentAmendment by Pub. L. 93–625 effective on July 1, 1975, and applicable to amounts outstanding on such date or arising thereafter, see section 7(e) of Pub. L. 93–625, set out as an Effective Date note under section 6621 of this title.
Effective Date of 1964 AmendmentSection 240(c) of Pub. L. 88–272, as amended by Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“(1) The amendment made by subsection (a) [amending this section] shall apply in the case of any reversionary or remainder interest only if the time for payment of the tax under chapter 11 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] attributable to such interest, including any extensions thereof, has not expired on the date of the enactment of this Act [Feb. 26, 1964].
“(2) The amendment made by subsection (b) [amending section 925 of I.R.C. 1939] shall apply in the case of any reversionary or remainder interest only if the time for payment of the tax under chapter 3 of the Internal Revenue Code of 1939 attributable to such interest, including any extensions thereof, has not expired on the date of the enactment of this Act [Feb. 26, 1964].”
Effective Date of 1958 AmendmentSection 66(b)(3) of Pub. L. 85–866 provided that: “The amendments made by paragraphs (1) and (2) [amending this section and sections 925 and 926 of I.R.C. 1939] shall apply in the case of any reversionary or remainder interest only if the precedent interest or interests in the property did not terminate before the beginning of the 6-month period which ends on the date of the enactment of this Act [Sept. 2, 1958].”
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