§1494. Payment and collection

(a) Time for payment

The tax imposed by section 1491 shall, without assessment or notice and demand, be due and payable by the transferor at the time of the transfer, and shall be assessed, collected, and paid under regulations prescribed by the Secretary.

(b) Abatement or refund

Under regulations prescribed by the Secretary, the tax may be abated, remitted, or refunded if the taxpayer, after the transfer, elects the application of principles similar to the principles of section 367.

(Aug. 16, 1954, ch. 736, 68A Stat. 365 ; Oct. 4, 1976, Pub. L. 94–455, title XIX, §1906 (b)(13)(A), 90 Stat. 1834 ; July 18, 1984, Pub. L. 98–369, div. A, title I, §131(f)(2), 98 Stat. 665 .)

Amendments

1984-Subsec. (b). Pub. L. 98–369 substituted "the taxpayer, after the transfer, elects the application of principles similar to the principles of section 367" for "after the transfer it has been established to the satisfaction of the Secretary that such transfer was not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes".

1976-Subsecs. (a), (b). Pub. L. 94–455 struck out "or his delegate" after "Secretary".

Effective Date of 1984 Amendment

Amendment by Pub. L. 98–369 applicable to transfers or exchanges after Dec. 31, 1984, in taxable years ending after such date, with special rules for certain transfers and ruling requests before Mar. 1, 1984, see section 131(g) of Pub. L. 98–369, set out as a note under section 367 of this title.

Cross References

Confidentiality and disclosure of returns and return information, see section 6103 of this title.

Section Referred to in Other Sections

This section is referred to in section 6422 of this title.