Page:United States Statutes at Large Volume 92 Part 3.djvu/306

 92 STAT. 2938

26 USC 6323.

26 USC 6323

"ote.

26 USC 6323.

PUBLIC LAW 95-600—NOV. 6, 1978 public index at the place of filing in such a manner that a reasonable inspection of the index will reveal the existence of the deed, and "(B) there is maintained (at the applicable office under paragraph (1)) an adequate system for the public indexing of Federal tax liens, then the notice of lien referred to in subsection (a) shall not be treated as meeting the filing requirements under paragraph (1) unless the fact of filing is entered and recorded in the index referred to in subparagraph (B) in such a manner that a reasonable inspection of the index will reveal the existence of the lien." (2) REFILING OF NOTICE OF UEN.—Section 6323(g)(2)(A) (relating to refiling of notice of lien) is amended to read as follows: "(A)if— "(i) such notice of lien is refiled in the office in which the prior notice Of lien was filed, and "(ii) in the case of real property, the fact of refiling is entered and recorded in an index to the extent required by subsection (f)(4); and", (3) EFFECTIVE DATE.—

(A) The amendments made by this subsection shall apply with respect to liens, other security interests, and other interests in real property acquired after the date of the enactment of this Act. (B) If, after the date of the enactment of this Act, there is a change in the application (or nonapplication) of section 6323(f)(4) of the Internal Revenue Code of 1954 (as amended by paragraph (1)) with respect to any filing jurisdiction, such change shall apply only with respect to liens, other security interests, and other interests in real property acquired after the date of such change, (r) CLERICAL AMENDMENTS.— (1) CLERICAL AMENDMENTS WITH RESPECT TO SECTION

26 USC 6694. 26 USC 6698.

6694.— (A) IN GENERAL.—Section 6694 (relating to failure to file information with respect to carryover basis property) which was added by section 2005(d)(2) of the Tax Reform Act of 1976 is redesignated as section 6698. (B) DEFICIENCY PROCEDURES NOT TO APPLY.—Section 6698 (as redesignated by subparagraph (A)) is amended by adding at the end thereof the following new subsection:

"(c) DEFICIENCY PROCEDURES NOT TO APPLY.—Subchapter B of

26 USC 6211 ef

chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by subsection (a)." (C) TABLE OF SECTIONS.—The table of sections for sub-

26 USC 6671 et

chapter B of chapter 68 is amended by striking out "Sec. 6694. Failure to file information with respect to carryover basis property."

and inserting in lieu thereof the following: 26 USC 2051.

26 USC 1016.

"Sec. 6698. Failure to file information with respect to carryover basis property." (2) CLERICAL AMENDMENT TO SECTION 2051.—Section 2051 (de-

fining taxable estate) is amended by striking out "exemption and". (3) CLERICAL AMENDMENT TO SECTION 1016(a).—Subsection (a) of section 1016 (relating to adjustments to basis) is amended by redesignating paragraph (23) as paragraph (21).

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