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26 U.S.C. § 6167 — Extension of time for payment of tax attributable to recovery of foreign expropriation losses
Federal law — U.S. Code and appendices · legal_authorities
**(a) Extension allowed by election** If—
(1) a corporation has a recovery of a foreign expropriation loss to which section 1351 applies, and
(2) the portion of the recovery received in money is less than 25 percent of the amount of such recovery (as defined in section 1351(c)) and is not greater than the tax attributable to such recovery,
the tax attributable to such recovery shall, at the election of the taxpayer, be payable in 10 equal installments on the 15th day of the fourth month of each of the taxable years following the taxable year of the recovery. Such election shall be made at such time and in such manner as the Secretary may prescribe by regulations. If an election is made under this subsection, the provisions of this subtitle shall apply as though the Secretary were extending the time for payment of such tax.
**(b) Extension permitted by Secretary** If a corporation has a recovery of a foreign expropriation loss to which section 1351 applies and if an election is not made under subsection (a), the Secretary may, upon finding that the payment of the tax attributable to such recovery at the time otherwise provided in this subtitle would result in undue hardship, extend the time for payment of such tax for a reasonable period or periods not in excess of 9 years from the date on which such tax is otherwise payable.
**(c) Acceleration of payments** If—
(1) an election is made under subsection (a),
(2) during any taxable year before the tax attributable to such recovery is paid in full—
(A) any property (other than money) received on such recovery is sold or exchanged, or
(B) any property (other than money) received on any sale or exchange described in subparagraph (A) is sold or exchanged, and
(3) the amount of money received on such sale or exchan
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Stable record: federal_law:legal_authorities:record_usc_f9bd4b609e0531989c52b553
Source file: Laws/federal/codes/united-states-code/title-26/section-6167-extension-of-time-for-payment-of-tax-attributable-to-recovery-of-foreign--fab4300a83.md
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Source location: Title 26, Chapter 62, § 6167; chapter-062-time-and-place-for-paying-tax.md
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**(a) Extension allowed by election** If—
(1) a corporation has a recovery of a foreign expropriation loss to which section 1351 applies, and
(2) the portion of the recovery received in money is less than 25 percent of the amount of such recovery (as defined in section 1351(c)) and is not greater than the tax attributable to such recovery,
the tax attributable to such recovery shall, at the election of the taxpayer, be payable in 10 equal installments on the 15th day of the fourth month of each of the taxable years following the taxable year of the recovery. Such election shall be made at such time and in such manner as the Secretary may prescribe by regulations. If an election is made under this subsection, the provisions of this subtitle shall apply as though the Secretary were extending the time for payment of such tax.
**(b) Extension permitted by Secretary** If a corporation has a recovery of a foreign expropriation loss to which section 1351 applies and if an election is not made under subsection (a), the Secretary may, upon finding that the payment of the tax attributable to such recovery at the time otherwise provided in this subtitle would result in undue hardship, extend the time for payment of such tax for a reasonable period or periods not in excess of 9 years from the date on which such tax is otherwise payable.
**(c) Acceleration of payments** If—
(1) an election is made under subsection (a),
(2) during any taxable year before the tax attributable to such recovery is paid in full—
(A) any property (other than money) received on such recovery is sold or exchanged, or
(B) any property (other than money) received on any sale or exchange described in subparagraph (A) is sold or exchanged, and
(3) the amount of money received on such sale or exchange (reduced by the amount of the tax imposed under chapter 1 with respect to such sale or exchange), when added to the amount of money—
(A) received on such recovery, and
(B) received on previous sales or exchanges described in subparagraphs (A) and (B) of paragraph (2) (as so reduced),
exceeds the amount of money which may be received under subsection (a)(2),
an amount of the tax attributable to such recovery equal to such excess shall be payable on the 15th day of the fourth month of the taxable year following the taxable year in which such sale or exchange occurs. The amount of such tax so paid shall be treated, for purposes of this section, as a payment of the first unpaid installment or installments (or portion thereof) which become payable under subsection (a) following such taxable year.
**(d) Proration of deficiency to installments** If an election is made under subsection (a), and a deficiency attributable to the recovery of a foreign expropriation loss has been assessed, the deficiency shall be prorated to such installments. The part of the deficiency so prorated to any installment the date for payment of which has not arrived shall be collected at the same time as, and as part of, such installment. The part of the deficiency so prorated to any installment the date for payment of which has arrived shall be paid upon notice and demand from the Secretary. This subsection shall not apply if the deficiency is due to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax.
**(e) Time for payment of interest** If the time for payment for any amount of tax has been extended under this section, interest payable under section 6601 on any unpaid portion of such amount shall be paid annually at the same time as, and as part of, each installment payment of the tax. Interest, on that part of a deficiency prorated under this section to any installment the date for payment of which has not arrived, for the period before the date fixed for the last installment preceding the assessment of the deficiency, shall be paid upon notice and demand from the Secretary.
**(f) Tax attributable to recovery of foreign expropriation loss** For purposes of this section, the tax attributable to a recovery of a foreign expropriation loss is the sum of—
(1) the additional tax imposed by section 1351(d)(1) on such recovery, and
(2) the amount by which the tax imposed under subtitle A is increased by reason of the gain on such recovery which under section 1351(e) is considered as gain on the involuntary conversion of property.
**(g) Failure to pay installment** If any installment under this section is not paid on or before the date fixed for its payment by this section (including any extension of time for the payment of such installment), the unpaid portion of the tax payable in installments shall be paid upon notice and demand from the Secretary.
**(h) Cross-references**
(1) **Security.—** — For authority of the Secretary to require security in the case of an extension under this section, see section 6165.
(2) **Period of limitation.—** — For extension of the period of limitation in the case of an extension under this section, see section 6503(e).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule**
(1) **Overpayment rate** — The overpayment rate established under this section shall be the sum of—
(A) the Federal short-term rate determined under subsection (b), plus
(B) 3 percentage points (2 percentage points in the case of a corporation).
To the extent that an overpayment of tax by a corporation for any taxable period (as defined in subsection (c)(3), applied by substituting “overpayment” for “underpayment”) exceeds $10,000, subparagraph (B) shall be applied by substituting “0.5 percentage point” for “2 percentage points”.
(2) **Underpayment rate** — The underpayment rate established under this section shall be the sum of—
(A) the Federal short-term rate determined under subsection (b), plus
(B) 3 percentage points.
**(b) Federal short-term rate** For purposes of this section—
(1) **General rule** — The Secretary shall determine the Federal short-term rate for the first month in each calendar quarter.
(2) **Period during which rate applies**
(A) *In general* — Except as provided in subparagraph (B), the Federal short-term rate determined under paragraph (1) for any month shall apply during the first calendar quarter beginning after such month.
(B) *Special rule for individual estimated tax* — In determining the addition to tax under section 6654 for failure to pay estimated tax for any taxable year, the Federal short-term rate which applies during the 3rd month following such taxable year shall also apply during the first 15 days of the 4th month following such taxable year.
(3) **Federal short-term rate** — The Federal short-term rate for any month shall be the Federal short-term rate determined during such month by the Secretary in accordance with section 1274(d). Any such rate shall be rounded to the nearest full
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6621
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of deduction**
(1) **General rule** — There shall be allowed as a deduction any charitable contribution (as defined in subsection (c)) payment of which is made within the taxable year. A charitable contribution shall be allowable as a deduction only if verified under regulations prescribed by the Secretary.
(2) **Corporations on accrual basis** — In the case of a corporation reporting its taxable income on the accrual basis, if—
(A) the board of directors authorizes a charitable contribution during any taxable year, and
(B) payment of such contribution is made after the close of such taxable year and on or before the 15th day of the fourth month following the close of such taxable year,
then the taxpayer may elect to treat such contribution as paid during such taxable year. The election may be made only at the time of the filing of the return for such taxable year, and shall be signified in such manner as the Secretary shall by regulations prescribe.
(3) **Future interests in tangible personal property** — For purposes of this section, payment of a charitable contribution which consists of a future interest in tangible personal property shall be treated as made only when all intervening interests in, and rights to the actual possession or enjoyment of, the property have expired or are held by persons other than the taxpayer or those standing in a relationship to the taxpayer described in section 267(b) or 707(b). For purposes of the preceding sentence, a fixture which is intended to be severed from the real property shall be treated as tangible personal property.
**(b) Percentage limitations**
(1) **Individuals** — In the case of an individual, the deduction provided in subsection (a) shall be limited as provided in the succeeding subparagra
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 170
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** If a tax on a gift has been paid under chapter 12 (sec. 2501 and following), or under corresponding provisions of prior laws, and thereafter on the death of the donor any amount in respect of such gift is required to be included in the value of the gross estate of the decedent for purposes of this chapter, then there shall be credited against the tax imposed by section 2001 the amount of the tax paid on a gift under chapter 12, or under corresponding provisions of prior laws, with respect to so much of the property which constituted the gift as is included in the gross estate, except that the amount of such credit shall not exceed an amount which bears the same ratio to the tax imposed by section 2001 (after deducting from such tax the unified credit provided by section 2010) as the value (at the time of the gift or at the time of the death, whichever is lower) of so much of the property which constituted the gift as is included in the gross estate bears to the value of the entire gross estate reduced by the aggregate amount of the charitable and marital deductions allowed under sections 2055, 2056, and 2106(a)(2).
**(b) Valuation reductions** In applying, with respect to any gift, the ratio stated in subsection (a), the value at the time of the gift or at the time of the death, referred to in such ratio, shall be reduced—
(1) by such amount as will properly reflect the amount of such gift which was excluded in determining (for purposes of section 2503(a)), or of corresponding provisions of prior laws, the total amount of gifts made during the calendar quarter (or calendar year if the gift was made before January 1, 1971) in which the gift was made;
(2) if a deduction with respect to such gift is allowed under section 2056(a) (relating to marital d
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2012
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Election**
(1) **In general** — This section shall apply only to a recovery, by a domestic corporation subject to the tax imposed by section 11 or 801, of a foreign expropriation loss sustained by such corporation and only if such corporation was subject to the tax imposed by section 11 or 801, as the case may be, for the year of the loss and elects to have the provisions of this section apply with respect to such loss.
(2) **Time, manner, and scope** — An election under paragraph (1) shall be made at such time and in such manner as the Secretary may prescribe by regulations. An election made with respect to any foreign expropriation loss shall apply to all recoveries in respect of such loss.
**(b) Definition of foreign expropriation loss** For purposes of this section, the term “foreign expropriation loss” means any loss sustained by reason of the expropriation, intervention, seizure, or similar taking of property by the government of any foreign country, any political subdivision thereof, or any agency or instrumentality of the foregoing. For purposes of the preceding sentence, a debt which becomes worthless shall, to the extent of any deduction allowed under section 166(a), be treated as a loss.
**(c) Amount of recovery**
(1) **General rule** — The amount of any recovery of a foreign expropriation loss is the amount of money and the fair market value of other property received in respect of such loss, determined as of the date of receipt.
(2) **Special rule for life insurance companies** — The amount of any recovery of a foreign expropriation loss includes, in the case of a life insurance company, the amount of decrease of any item taken into account under section 807(c), to the extent such decrease is attributable to the release, by reason of such loss,
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1351
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Federal law — U.S. Code and appendices · legal_authorities
Page 3513
TITLE 26—INTERNAL REVENUE CODE
§ 6167
section and sections 303, 2011, 2204, 2621, 6161, 6324A,
6503, and 7403 of this title and repealing section 6166A of
this title] shall apply to the estates of decedents dying
after December 31, 1981.
‘‘(2)
ACCELERATION
BY
REASON
OF
SUBSEQUENT
DEATH.—The amendment made by subsection (c)(3)
[amending this section] shall apply to transfers after
December 31, 1981.’’
EFFECTIVE DATE OF 1978 AMENDMENT
Pub. L. 95–600, title V, § 512(c), Nov. 6, 1978, 92 Stat.
2883, provided that: ‘‘The amendments made by this
section [amending this section] shall apply with re-
spect to the estates of decedents dying after the date of
the enactment of this Act [Nov. 6, 1978].’’
EFFECTIVE DATE
Pub. L. 94–455, title XX, § 2004(g), Oct. 4, 1976, 90 Stat.
1872, provided that: ‘‘The amendments made by this
section [enacting this section and section 6324A of this
title and amending sections 303, 2011, 2204, 6136, 6161,
6503, 6601, and 7403 of this title] shall apply to the es-
tates of decedents dying after December 31, 1976.’’
LAND DIVERTED UNDER 1983 PAYMENT-IN-KIND
PROGRAM
Land diverted from production of agricultural com-
modities under a 1983 payment-in-kind program to be
treated, for purposes of this section, as used during the
1983 crop year by qualified taxpayers in the active con-
duct of the trade or business of farming, with qualified
taxpayers who materially participate in the diversion
and devotion to conservation uses under a 1983 pay-
ment-in-kind program to be treated as materially par-
ticipating in the operation of such land during the 1983
crop year, see section 3 of Pub. L. 98–4, set out as a note
under section 61 of this title.
[§ 6166A. Repealed. Pub. L. 97–34, title IV,
§ 422(d), Aug. 13, 1981, 95 Stat.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6167
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