Page:United States Statutes at Large Volume 90 Part 2.djvu/402

 90 STAT. 1870

PUBLIC LAW 94-455—OCT. 4, 1976 "(C)

Ante, p. 1862.

REAL

PROPERTY

CONSTRUCTION

OR IMPROVEMENT

FINANCING AGREEMENT.—As against any security interest set forth in paragraph (3) of section 6328(c) (whether such security interest came into existence before or after tax lien filing), Subparagraph s (B) and (C) shall not apply to any security interest which came into existence after the date on which the Secretary filed notice (in a manner similar to notice filed under section 6323(f)) that payment of the deferred amount has been accelerated under section 6166(g) or 6166A (h). " (4) L I E N TO BE I N LIEU OF SECTION 6 3 24 L I E N. — I f the r e is a lien

under this section on any property with respect to any estate, there shall not be any lien under section 6324 on such property with respect to the same estate. " (5) ADDITIONAL LIEN PROPERTY REQUIRED I N CERTAIN CASES.—

I f a t any time the value of the property covered by the agreement is less than the unpaid portion of the deferred amount and the aggregate interest amount, the Secretary may require the addition of property to the agreement ( b u t he may not require under this paragraph that the value of the property covered by the agreement exceed such u n p a i d p o r t i o n). I f property having the required value is not added to the property covered by the agreement (or if other security equal to the required value is not furnished) within 90 days after notice and demand therefor by the Secretary, the failure to comply with the preceding sentence shall be treated as an act accelerating payment of the installments under section 6166(g) or 6166a (h). "(6)

L I E N TO BE I N LIEU OF BOND.—The Secretary may not

require under section 6165 the furnishing of any bond for the payment of any tax to which an agreement which meets the requirements of subsection (c) applies. " (e) DEFINITIONS. — For purposes of this section— " (1) DEFERRED AMOUNT.—The term 'deferred amount' means the aggregate amount deferred under section 6166 or 6166A (determined as of the date prescribed by section 6151(a) for payment of the tax imposed by chapter 11). " (2) AGGREGATE INTEREST A M O U N T. — The term ' a g g r e g a t e inter-

est amount' means the aggregate amount of interest which will be payable over the deferral period with respect to the deferred amount (determined as of the date prescribed by section 6151(a) for payment of the tax imposed by chapter 11). " (3) DEFERRAL PERIOD.—The term 'deferral period' means the period for which the payment of tax is deferred pursuant to the election under section 6166 or 6166A. " (4) APPLICATION OF DEFINITIONS I N CASE OF DEFICIENCIES.—In

the case of a deficiency, a separate deferred amount, aggregate interest amount, and deferral period shall be determined as of the due date of the first installment after the deficiency is prorated to installments under section 6166 or 6166A." (2) DISCHARGE OF EXECUTOR FROM PERSONAL LIABILITY.—Section

26 USC 2204.

2204 (relating to discharge of fiduciary from personal liability) is amended by a d d i n g at the end thereof the following new subsection: '*(c) SPECIAL L I E N U N D E R SECTION 6324A.—For purposes of the

Ante, p. 1868.

second sentence of subsection (a) and the last sentence of subsection (b), an agreement which meets the requirements of section 6324A (relating to special lien for estate tax deferred under section 6166 or 6166A) shall be treated as the furnishing of bond with respect to the

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