
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: 26USC7478]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
                    CHAPTER 76--JUDICIAL PROCEEDINGS
 
                       Subchapter C--The Tax Court
 
                     PART IV--DECLARATORY JUDGMENTS
 
Sec. 7478. Declaratory judgments relating to status of certain 
        governmental obligations
        

(a) Creation of remedy

    In a case of actual controversy involving--
        (1) a determination by the Secretary whether interest on 
    prospective obligations will be excludable from gross income under 
    section 103(a), or
        (2) a failure by the Secretary to make a determination with 
    respect to any matter referred to in paragraph (1),

upon the filing of an appropriate pleading, the Tax Court may make a 
declaration whether interest on such prospective obligations will be 
excludable from gross income under section 103(a). Any such declaration 
shall have the force and effect of a decision of the Tax Court and shall 
be reviewable as such.

(b) Limitations

                           (1) Petitioner

        A pleading may be filed under this section only by the 
    prospective issuer.

              (2) Exhaustion of administrative remedies

        The court shall not issue a declaratory judgment or decree under 
    this section in any proceeding unless it determines that the 
    petitioner has exhausted all available administrative remedies 
    within the Internal Revenue Service. A petitioner shall be deemed to 
    have exhausted its administrative remedies with respect to a failure 
    of the Secretary to make a determination with respect to an issue of 
    obligations at the expiration of 180 days after the date on which 
    the request for such determination was made if the petitioner has 
    taken, in a timely manner, all reasonable steps to secure such 
    determination.

                    (3) Time for bringing action

        If the Secretary sends by certified or registered mail notice of 
    his determination as described in subsection (a)(1) to the 
    petitioner, no proceeding may be initiated under this section unless 
    the pleading is filed before the 91st day after the date of such 
    mailing.

(Added Pub. L. 95-600, title III, Sec. 336(a), Nov. 6, 1978, 92 Stat. 
2841; amended Pub. L. 100-647, title I, Sec. 1013(a)(42), Nov. 10, 1988, 
102 Stat. 3544.)


                               Amendments

    1988--Subsec. (a). Pub. L. 100-647 substituted ``whether interest on 
prospective obligations will be excludable from gross income under 
section 103(a)'' for ``whether prospective obligations are described in 
section 103(a)'' in par. (1) and ``whether interest on such prospective 
obligations will be excludable from gross income under section 103(a)'' 
for ``whether such prospective obligations are described in section 
103(a)'' in concluding provisions.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-647 effective, except as otherwise 
provided, as if included in the provision of the Tax Reform Act of 1986, 
Pub. L. 99-514, to which such amendment relates, see section 1019(a) of 
Pub. L. 100-647, set out as a note under section 1 of this title.


                             Effective Date

    Section 336(d) of Pub. L. 95-600 provided that: ``The amendments 
made by this section [enacting this section and amending sections 7456, 
7476, 7477, and 7482 of this title] shall apply to requests for 
determinations made after December 31, 1978.''

                  Section Referred to in Other Sections

    This section is referred to in section 7482 of this title.
