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(b) DEED OF REAL PROPERTY.-In the case of the sale of real property pursuant to section 6335
(1) DEED AS EVIDENCE.-The deed of sale given pursuant to section 6338 shall be prima facie evidence of the facts therein stated; and
(2) DEED AS CONVEYANCE OF TITLE. If the proceedings of the Secretary or his delegate as set forth have been substantially in accordance with the provisions of law, such deed shall be considered and operate as a conveyance of all the right, title, and interest the party delinquent had in and to the real property thus sold at the time the lien of the United States attached thereto. SEC. 6340 RECORDS OF SALE.
(a) REQUIREMENT.-The Secretary or his delegate shall, for each internal revenue district, keep a record of all sales of real property under section 6335 and of redemptions of such property. The record shall set forth the tax for which any such sale was made, the dates of seizure and sale, the name of the party assessed and all proceedings in making such sale, the amount of expenses, the names of the purchasers, and the date of the deed.
(b) COPY AS EVIDENCE.-A copy of such record, or any part thereof, certified by the Secretary or his delegate shall be evidence in any court of the truth of the facts therein stated.
SEC. 6341. EXPENSE OF LEVY AND SALE.
The Secretary or his delegate shall determine the expenses to be allowed in all cases of levy and sale.
SEC. 6342. APPLICATION OF PROCEEDS OF LEVY.
(a) COLLECTION OF LIABILITY.-Any money realized by proceedings under this subchapter (whether by seizure, by surrender under section 6332, or by sale of seized property) shall be applied as follows: (1) EXPENSE OF LEVY AND SALE.-First, against the expenses of the proceedings under this subchapter;
(2) SPECIFIC TAX LIABILITY ON SEIZED PROPERTY.-If the property seized and sold is subject to a tax imposed by any internal revenue law which has not been paid, the amount remaining after applying paragraph (1) shall then be applied against such tax liability (and, if such tax was not previously assessed, it shall then be assessed);
(3) LIABILITY OF DELINQUENT TAXPAYER.-The amount, remaining after applying paragraphs (1) and (2) shall then be applied against the liability in respect of which the levy was made. (b) SURPLUS PROCEEDS. Any surplus proceeds remaining after the application of subsection (a) shall, upon application and satisfactory proof in support thereof, be credited or refunded by the Secretary or his delegate to the person or persons legally entitled thereto.
SEC. 6343. AUTHORITY TO RELEASE LEVY.
It shall be lawful for the Secretary or his delegate, under regulations prescribed by the Secretary or his delegate, to release the levy upon all or part of the property or rights to property levied upon where the Secretary or his delegate determines that such action will facilitate the collection of the liability, but such release shall not operate to prevent any subsequent levy.
SEC. 6344. CROSS REFERENCES.
(a) LENGTH OF PERIOD.
For period within which levy may be begun in case of—
(1) Income, estate, and gift taxes, see sections 6502 (a) and 6503 (a) (1).
(2) Employment and miscellaneous excise taxes, see section 6502 (a).
(b) DELINQUENT COLLECTION OFFICERS.
For distraint proceedings against delinquent internal revenue officers, see section 7803 (d).
(c) OTHER REFERENCES.
For provisions relating to
(1) Stamps, marks and brands, see section 6807.
(2) Administration of real estate acquired by the United States, see section 7506.
CHAPTER 65-ABATEMENTS, CREDITS, AND
SUBCHAPTER A. Procedure in general.
Subchapter A-Procedure in General
Sec. 6401. Amounts treated as overpayments.
Sec. 6402. Authority to make credits or refunds.
Sec. 6403. Overpayment of installment.
Sec. 6404. Abatements.
Sec. 6405 Reports of refunds and credits.
Sec. 6406. Prohibition of administrative review of decisions.
Sec. 6407. Date of allowance of refund or credit.
SEC. 6401. AMOUNTS TREATED AS OVERPAYMENTS.
(a) ASSESSMENT AND COLLECTION AFTER LIMITATION PERIOD.The term "overpayment" includes that part of the amount of the payment of any internal revenue tax which is assessed or collected after the expiration of the period of limitation properly applicable thereto.
(b) EXCESSIVE WITHHOLDING.-If the amount allowable as a credit under section 31 (relating to credit for tax withheld at the source under chapter 24) exceeds the taxes imposed by chapter 1 against which such credit is allowable, the amount of such excess shall be considered an overpayment.
(c) RULE WHERE NO TAX LIABILITY.-An amount paid as tax shall not be considered not to constitute an overpayment solely by reason of the fact that there was no tax liability in respect of which such amount was paid.
SEC. 6402. AUTHORITY TO MAKE CREDITS OR REFUNDS.
(a) GENERAL RULE. In the case of any overpayment, the Secretary or his delegate, within the applicable period of limitations, may credit the amount of such overpayment, including any interest allowed thereon, against any liability in respect of an internal revenue tax on the part of the person who made the overpayment and shall refund any balance to such person.
(b) CREDITS AGAINST ESTIMATED TAX.-The Secretary or his delegate is authorized to prescribe regulations providing for the crediting against the estimated income tax for any taxable year of the amount. determined by the taxpayer or the Secretary (or his delegate) to be an overpayment of the income tax for a preceding taxable year.
SEC. 6403. OVERPAYMENT OF INSTALLMENT.
In the case of a tax payable in installments, if the taxpayer has paid as an installment of the tax more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any. If the amount already paid, whether or not on the basis of installments, exceeds the amount determined to be the correct amount of the tax, the overpayment shall be credited or refunded as provided in section 6402.
SEC. 6404. ABATEMENTS.
(a) GENERAL RULE.-The Secretary or his delegate is authorized to abate the unpaid portion of the assessment of any tax or any liability in respect thereof, which
(1) is excessive in amount, or
(2) is assessed after the expiration of the period of limitation properly applicable thereto, or
(3) is erroneously or illegally assessed.
(b) No CLAIM FOR ABATEMENT OF INCOME, ESTATE, AND Gift TAXES.-No claim for abatement shall be filed by a taxpayer in respect of an assessment of any tax imposed under subtitle A or B.
(c) SMALL TAX BALANCES.-The Secretary or his delegate is authorized to abate the unpaid portion of the assessment of any tax, or any liability in respect thereof, if the Secretary or his delegate determines under uniform rules prescribed by the Secretary or his delegate that the administration and collection costs involved would not warrant collection of the amount due.
SEC. 6405. REPORTS OF REFUNDS AND CREDITS.
(a) BY TREASURY TO JOINT COMMITTEE.-No refund or credit of any income, war profits, excess profits, estate, or gift tax in excess of $100,000 shall be made until after the expiration of 30 days from the date upon which a report giving the name of the person to whom the refund or credit is to be made, the amount of such refund or credit, and a summary of the facts and the decision of the Secretary or his delegate, is submitted to the Joint Committee on Internal Revenue Taxation.
(b) BY JOINT COMMITTEE TO CONGRESS.-A report to Congress shall be made annually by such committee of such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credited or paid to each.
(c) TENTATIVE ADJUSTMENTS.-Any credit or refund allowed or made under section 6411 shall be made without regard to the provisions of subsection (a) of this section. In any such case, if the credit or refund, reduced by any deficiency in such tax thereafter assessed and by deficiencies in any other tax resulting from adjustments reflected in the determination of the credit or refund, is in excess of $100,000, there shall be submitted to such committee a report containing the matter specified in subsection (a) at such time after the making of the credit or refund as the Secretary or his delegate shall determine the correct amount of the tax.
SEC. 6406. PROHIBITION OF ADMINISTRATIVE REVIEW OF DECISIONS. In the absence of fraud or mistake in mathematical calculation, the findings of fact in and the decision of the Secretary or his delegate upon the merits of any claim presented under or authorized by the internal revenue laws and the allowance or nonallowance by the Secre tary or his delegate of interest on any credit or refund under the internal revenue laws shall not, except as provided in subchapters C and D of chapter 76 (relating to the Tax Court), be subject to review by any other administrative or accounting officer, employee, or agent of the United States.
SEC. 6407. DATE OF ALLOWANCE OF REFUND OR CREDIT.
The date on which the Secretary or his delegate first authorizes the scheduling of an overassessment in respect of any internal revenue tax shall be considered as the date of allowance of refund or credit in respect of such tax.