Page:United States Statutes at Large Volume 94 Part 3.djvu/763

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PUBLIC LAW 96-000—MMMM. DD, 1980

PUBLIC LAW 96-589—DEC. 24, 1980

94 STAT. 3407

"(B) there is a deficit in the earnings and profits of the corporation, then such deficit shall be reduced by an amount equal to the paid-in capital which is allocable to the interest of the shareholder which is so terminated or extinguished." SEC. 6. CHANGES IN TAX PROCEDURES. (a) SUSPENSION OF RUNNING OF PERIOD OF LIMITATIONS DURING TITLE 11 CASES.—Section 6503 (relating to suspension of running of

n use loi et period of limitation) is amended by redesignating subsection (i) as le^usc 6503 subsection (j) and by inserting after subsection (h) the following new subsection: "(i) CASES UNDER TITLE 11 OF THE UNITED STATES CODE.—The

running of the period of limitations provided in section 6501 or 6502 on the making of assessments or collection shall, in a case under title 11 of the United States Code, be suspended for the period during which the Secretary is prohibited by reason of such case from making the assessment or from collecting and— "(1) for assessment, 60 days thereafter, and "(2) for collection, 6 months thereafter." (b) COORDINATION OF DEFICIENCY PROCEDURES WITH TITLE CASES.—

U

(1) IN GENERAL.—Section 6213 (relating to restrictions 26 USC 6213. applicable to deficiencies; petition to Tax Court) is amended by redesignating subsections (f) and (g) as subsections (g) and (h), respectively, and by inserting after subsection (e) the following new subsection: "(f) COORDINATION WITH TITLE 11.— "(1) SUSPENSION OF RUNNING OF PERIOD FOR FIUNG PETITION IN

TITLE 11 CASES.—In any case under title 11 of the United States Code, the running of the time prescribed by subsection (a) for filing a petition in the Tax Court with respect to any deficiency shall be suspended for the period during which the debtor is prohibited by reason of such case from filing a petition in the Tax Court with respect to such deficiency, and for 60 days thereafter. "(2) CERTAIN ACTION NOT TAKEN INTO ACCOUNT.—For purposes

of the second and third sentences of subsection (a), the filing of a proof of claim or request for payment (or the taking of any other action) in a case under title 11 of the United States Code shall not be treated as action prohibited by such second sentence." (2) CLERICAL AMENDMENT.—Subsection (d) of section 6404 26 USC 6404. (relating to abatements) is amended by striking out "section 6213(f)(2)(A)" and inserting in lieu thereof "section 6213(g)(2)(A)". Supra. (c) TRUSTEE OF DEBTOR'S ESTATE MAY INTERVENE IN TAX COURT PROCEEDING.—

(1) IN GENERAL.—Part II of subchapter C of chapter 76 (relating to Tax Court procedure) is amended by redesignating section 7464 as section 7465 and by inserting after section 7463 the following new section: "SEC. 7464. INTERVENTION BY TRUSTEE OF DEBTOR'S ESTATE.

"The trustee of the debtor's estate in any case under title 11 of the United States Code may intervene, on behalf of the debtor's estate, in any proceeding before the Tax Court to which the debtor is a party." (2) CLERICAL AMENDMENT.—The table of sections for part II of subchapter C of chapter 76 is amended by striking out the item relating to section 7464 and by inserting in lieu thereof the following:

26 USC 7464.