26 U.S.C. § 139H — Interest received in action to recover property seized by the Internal Revenue Service based on structuring transaction

submitted 7 years ago by Pub. L. 116-25 to r/title-26-INTERNAL-REVENUE-CODE · 49 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the IRS seizes your property over a claimed money-structuring violation, and you win it back through a lawsuit against the federal government, any interest you get on that recovery is not taxed as income.

This section makes one specific type of interest payment tax-free. If a person recovers property that the IRS seized based on a claimed violation of the anti-structuring law (section 5324 of title 31), and that recovery happens through an action against the federal government under section 5317(c)(2) of title 31, any interest the person receives from the federal government as part of that recovery is not counted as taxable income.

the actual law source: uscode.house.gov ↗public domain

Gross income shall not include any interest received from the Federal Government in connection with an action to recover property seized by the Internal Revenue Service pursuant to section 5317(c)(2) of title 31, United States Code, by reason of a claimed violation of section 5324 of such title.

Source credit: (Added Pub. L. 116–25, title I, § 1202(a), July 1, 2019, 133 Stat. 987.)

history & why it existsrecord from the source credit

2019Enacted · Pub. L. 116-25 · 133 Stat. 987

A history note hasn’t been published yet. The record shows enactment by Pub. L. 116-25 on 2019-07-01.

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