Page:United States Statutes at Large Volume 68A.djvu/802

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INTERNAL REVENUE CODE OF 1954

Subchapter B—Extensions of Time for Payment Sec. 6161. Extension of time for paying tax. Sec. 6162. Extension of time for payment of tax on gain attributable to liquidation of personal holding companies. Sec. 6163. Extension of time for payment of estate tax on value of reversionary or remainder interest in property. Sec. 6164. Extension of time for payment of taxes by corporations expecting carrybacks. Sec. 6165. Bonds where time to pay tax or deficiency has been extended. SEC. 6161. EXTENSION OF TIME FOR PAYING TAX. (a) AMOUNT DETERMINED BY TAXPAYER ON R E T U R N. — (1) GENERAL RULE.—The Secretary or his delegate, except as

otherwise provided in this title, may extend the time for payment of the amount of the tax shown, or required to be shown, on any return or declaration required under authority of this title (or any installment thereof), for a reasonable period not to exceed 6 months from the date fixed for payment thereof. Such extension may exceed 6 months in the case of a taxpayer who is abroad. (2) ESTATE TAX.—If the Secretary or his delegate finds that the payment on the due date of any part of the amount determined by the executor as the tax imposed by chapter 11 would result in undue hardship to the estate, he may extend the time for payment for a reasonable period not in excess of 10 years from the date fixed for payment of the tax. (b) AMOUNT DETERMINED AS DEFICIENCY.—Under regulations prescribed by the Secretary or his delegate, the Secretary or his delegate may extend, to the extent provided below, the time for payment of the amount determined as a deficiency: (1) In the case of a tax imposed by chapter I or 12, for a period not to exceed 18 months from the date fixed for payment of the deficiency, and, in exceptional cases, for a further period not to exceed 12 months; (2) In the case of a tax imposed by chapter 11, for a period not to exceed 4 years from the date otherwise fixed for payment of the deficiency. An extension under this subsection may be granted only where it is shown to the satisfaction of the Secretary or his delegate that the payment of a deficiency upon the date fixed for the payment thereof will result in undue hardship to the taxpayer in the case of a tax imposed by chapter 1, to the estate in the case of a tax imposed by chapter 11, or to the donor in the case of a tax imposed by chapter 12. No extension shall be granted if the deficiency is due to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax. (c) CLAIMS IN BANKRUPTCY OR RECEIVERSHIP PROCEEDINGS.—Ex-

tensions of time for payment of any portion of a claim for tax under chapter 1 or chapter 12, allowed in bankruptcy or receivership pro§6161

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