“A bill to amend the Internal Revenue Code of 1986 to provide for certain rules regarding determination of tax in the case of a receivership.”
No CRS summary available for this bill.
This section authorizes courts appointing a receiver in any federal or state receivership proceeding to determine the amount or legality of federal tax liabilities, fines, penalties, or additions to tax of the receivership estate, whether or not previously assessed or paid. It bars such determinations if already adjudicated before the receivership began, for refund claims until 120 days after a proper request or a Secretarial determination, and for expired ad valorem property tax contests; it also establishes request procedures that discharge the estate and related parties from liability upon timely payment or court determination and waives sovereign immunity for the Secretary of the Treasury in these proceedings.