26 U.S.C. § 6163
§ 6163. Extension of time for payment of estate tax on value of reversionary or remainder interest in property
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed October 4, 1976 by the Tax Reform Act of 1976.
Every change, newest first (5)
- October 4, 1976Tax Reform Act of 1976
- January 3, 1975Public Law 93-625
- February 26, 1964Public Law 88-272
- September 2, 1958Public Law 85-866
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.
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).
For authority of the Secretary to require security in the case of an extension under this section, see section 6165.