Internal Revenue Code:Sec. 2016. Recovery of taxes claimed as credit

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle B - Estate and Gift Taxes
       CHAPTER 11 - ESTATE TAX
        Subchapter A - Estates of Citizens or Residents
         PART II - CREDITS AGAINST TAX
       

Statute

    Sec. 2016. Recovery of taxes claimed as credit
 
      If any tax claimed as a credit under section 2011 or 2014 is
    recovered from any foreign country, the executor, or
    any other person or persons recovering such amount, shall give
    notice of such recovery to the Secretary at such time and in such
    manner as may be required by regulations prescribed by him, and the
    Secretary shall (despite the provisions of section 6501)
    redetermine the amount of the tax under this chapter and the
    amount, if any, of the tax due on such redetermination, shall be
    paid by the executor or such person or persons, as the case may be,
    on notice and demand.  No interest shall be assessed or collected
    on any amount of tax due on any redetermination by the Secretary
    resulting from a refund to the executor of tax claimed as a credit
    under section 2014, for any period before the receipt of such
    refund, except to the extent interest was paid by the foreign
    country on such refund.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 380; Pub. L. 94-455, title XIX,
    Sec. 1902(a)(12)(C), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1806,
    1834; Pub. L. 107-16, title V, Sec. 532(c)(4), June 7, 2001, 115
    Stat. 74.)
 

Amendment of Section

                            AMENDMENT OF SECTION
        Pub. L. 107-16, title V, Sec. 532(c)(4), (d), title IX, Sec.
      901, June 7, 2001, 115 Stat. 74, 75, 150, provided that,
      applicable to estates of decedents dying, and generation-skipping
      transfers, after Dec. 31, 2004, this section is temporarily
      amended by striking out ''2011 or'' before ''2014 is
      recovered''.  See Effective and Termination Dates of 2001
      Amendment note below.
 

Miscellaneous

                                 AMENDMENTS


      2002 - Pub. L. 107-147, Sec. 411(h); Section 2016 is 
       amended by striking ``any State, any possession of the United States,
       or the District of Columbia,''.

      1976 - Pub. L. 94-455 struck out ''Territory or'' after ''any
    State, any'' and ''or his delegate'' after ''Secretary''.
             EFFECTIVE AND TERMINATION DATES OF 2001 AMENDMENT
      Amendment by Pub. L. 107-16 applicable to estates of decedents
    dying, and generation-skipping transfers, after Dec. 31, 2004, see
    section 532(d) of Pub. L. 107-16, set out as a note under section
    2011 of this title.
      Amendment by Pub. L. 107-16 inapplicable to estates of decedents
    dying, gifts made, or generation skipping transfers, after Dec. 31,
    2010, and the Internal Revenue Code of 1986 to be applied and
    administered to such estates, gifts, and transfers as if such
    amendment had never been enacted, see section 901 of Pub. L.
    107-16, set out as a note under section 1 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6040, 6213, 6501 of this
    title.