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26 U.S.C. § 7486 — Refund, credit, or abatement of amounts dis­allowed

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 68 words · no verdicts yet

in plain englishAI-generated · not legal advice

If assessment or collection has not been stayed by filing a bond, and a reviewing court disallows all or part of the deficiency determined by the Tax Court, the disallowed amount is credited or refunded to the taxpayer. If it has not been collected, the amount is abated without a claim.

If assessment or collection has not been stayed by filing a bond, and a court reviewing the Tax Court's decision disallows all or part of the deficiency the Tax Court determined, the disallowed amount must be credited or refunded to the taxpayer without the taxpayer making a claim. If the amount has not been collected, it must be abated.
the actual law source: uscode.house.gov ↗public domain

In cases where assessment or collection has not been stayed by the filing of a bond, then if the amount of the deficiency determined by the Tax Court is disallowed in whole or in part by the court of review, the amount so disallowed shall be credited or refunded to the taxpayer, without the making of claim therefor, or, if collection has not been made, shall be abated.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 891.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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