[1494. Repealed. Pub. L. 105-34, Sec. 1131(a) repealed section 1494, effective Aug. 5, 1997.]
(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
; Aug. 20, 1996, Pub. L. 104-188
, 1902, 110 Stat. 1755
Repealed Aug. 5, 1996, Pub. L. 105-34, title XI
, section 1131(a)
1997--Sec. 1494. Pub. L. 105-34, Sec. 1131(a) repealed section 1494. Prior to repeal it read as follows:
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.
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.
In the case of any failure to file a return required by the Secretary with respect
to any transfer described in section 1491, the person required to file such return
shall be liable for the penalties provided in section 6677 in the same manner as if
such failure were a failure to file a notice under section 6048(a).
1996--Subsec. (c). Pub. L. 104-188, 1902, added subsec. (c).
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
1976--Subsecs. (a), (b). Pub. L. 94-455 struck out “or his delegate” after “Secretary”.
EFFECTIVE DATE OF 1997 AMENDMENT
Repeal by Section 1131(a) of Pub. L. 105-34 effective Aug. 5, 1997.
Section 1144(d)(2) of Pub. L. 105-34 provided that:.
Section 1494(c) of the Internal Revenue Code
of 1986 shall not apply to any transfer after August 20, 1996, if all applicable
reporting requirements under section 6038B of such Code
(as amended by this section) are satisfied. The Secretary of the Treasury or his delegate
may prescribe simplified reporting requirements under the preceding sentence.
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L. 104-188 applicable to transfers after the date of the enactment of this Act [August 20, 1996].
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.