(a) Extension permitted 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.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
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(b) Extension for reasonable cause At 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).
Amended 1958, 1964, 1976
- 1976 Pub. L. 94-455 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.
- 1964 Pub. L. 88-272 Pub. L. 88–272 substituted “or periods not in excess of 3” for “not in excess of 2”.
- 1958 Pub. L. 85-866 Pub. L. 85–866 added subsec. (b) and redesignated former subsec. (b) as (c).
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(c) Cross reference For authority of the Secretary to require security in the case of an extension under this section, see section 6165.
Amended 1958, 1975, 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
- 1975 Pub. L. 93-625 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.
- 1958 Pub. L. 85-866 Pub. L. 85–866 added subsec. (b) and redesignated former subsec. (b) as (c).