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Internal Revenue Code, § 1494. Payment And Collection [Repealed]

[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 Repealed.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 L. 105-34, Sec. 1131(a) repealed section 1494, effective Aug. 5, 1997.]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 L. 104-188, 1902, 110 Stat. 1755; Repealed Aug. 5, 1996, Pub.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), 111 Stat. 788.)
BACKGROUND NOTES
AMENDMENTS
1997--Sec. 1494. Pub. L. 105-34, Sec. 1131(a) repealed section 1494. Prior to repeal it read as follows:
“(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.
“(c) Penalty
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 income taxes”.
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.