
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC6163]

 
                     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
        

(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.

(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).

(c) Cross reference

            For 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, 
Sec. 66(b)(1), Sept. 2, 1958, 72 Stat. 1658; Pub. L. 88-272, title II, 
Sec. 240(a), Feb. 26, 1964, 78 Stat. 129; Pub. L. 93-625, Sec. 7(d)(1), 
Jan. 3, 1975, 88 Stat. 2115; Pub. L. 94-455, title XIX, 
Sec. 1906(b)(13)(A), title XX, Sec. 2004(c)(3), Oct. 4, 1976, 90 Stat. 
1834, 1868.)


                               Amendments

    1976--Subsec. (a). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck out 
``or his delegate'' after ``Secretary''.
    Subsec. (b). Pub. L. 94-455, Sec. 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, Sec. 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 Amendment

    Amendment 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 Amendment

    Amendment 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 Amendment

    Section 240(c) of Pub. L. 88-272, as amended by Pub. L. 99-514, 
Sec. 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 Amendment

    Section 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].''

                  Section Referred to in Other Sections

    This section is referred to in sections 163, 2015, 2204, 6503 of 
this title.
