Page:United States Statutes at Large Volume 68A.djvu/803

 CH. 62

TIME AND PLACE FOR PAYING TAX

763

ceedings, which is unpaid, may be had in the same manner and subject to the same provisions and hmitations as provided in subsection (b) in respect of a deficiency in such tax. (d) CROSS R E F E R E N C E S. — (1) PERIOD OF LIMITATION.— For extension of the period of limitation in case of an extension under subsection (a)(2) or subsection (b)(2), see section 6503(d). (2) S E C U R I T Y. — For authority of the Secretary or his delegate to require security in case of an extension under subsection (a)(2) or subsection (b), see section 6165. SEC. 6162. EXTENSION OF TIME FOR PAYMENT OF TAX ON GAIN ATTRIBUTABLE TO LIQUIDATION OF PERSONAL HOLDING COMPANIES. (a) EXTENSION PERMITTED.—The Secretary or his delegate may

(under regulations prescribed by the Secretary or his delegate) extend (for a period not to exceed 5 years from the date fixed for the payment of the tax) the time for the payment of such portion of the amount determined as the tax under chapter 1 by the taxpayer for any taxable year beginning before January 1, 1956, as is attributable to the short-term or long-term capital gain derived by the taxpayer from the receipt by him of property other than money on a complete liquidation of a corporation to which section 331(a)(1) or 342 applies. This section shall apply only if the corporation, for its taxable year preceding the year in which occurred the complete liquidation (or the first of the series of distributions in complete liquidation), was, under the law applicable to such taxable year, a personal holding company or a foreign personal holding company. An extension under this section shall be granted only if it is shown to the satisfaction of the Secretary or his delegate that the failure to grant the extension will result in undue hardship to the taxpayer. (b)

SECURITY.—

For authority of the Secretary or his delegate to require security in the case of such an extension, see section 6165. 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 or his delegate may prescribe. (b) CROSS R E F E R E N C E S. — (1) I N T E R E S T. — For provisions requiring the payment of interest for the period of such extension, see section 6601(b). (2)

SECURITY.— For authority of the Secretary or his delegate to require security in the case of such extension, see section 6165.

§ 6163(b)(2)

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