Source: http://www.law.cornell.edu/uscode/text/26/6405?quicktabs_8=3
Timestamp: 2014-07-31 01:57:49
Document Index: 746569565

Matched Legal Cases: ['§ 6405', '§ 6405', '§ 6405', '§ 2', '§ 203', '§ 1210', '§ 1906', '§ 4', '§ 711', '§ 1879', '§ 11801', '§ 1', '§ 305', '§ 11834', '§ 11801', '§ 1210', '§ 1210', '§ 1', '§ 305', '§ 11834', '§ 1210', '§ 2', '§ 2']

26 U.S. Code § 6405 - Reports of refunds and credits | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle F › Chapter 65 › Subchapter A › § 6405 26 U.S. Code § 6405 - Reports of refunds and credits
By Treasury to Joint Committee No refund or credit of any income, war profits, excess profits, estate, or gift tax, or any tax imposed with respect to public charities, private foundations, operators’ trust funds, pension plans, or real estate investment trusts under chapter 41, 42, 43, or 44, in excess of $2,000,000 shall be made until after the expiration of 30 days from the date upon which a report giving the name of the person to whom the refund or credit is to be made, the amount of such refund or credit, and a summary of the facts and the decision of the Secretary, is submitted to the Joint Committee on Taxation.
Tentative adjustments Any credit or refund allowed or made under section 6411 shall be made without regard to the provisions of subsection (a) of this section. In any such case, if the credit or refund, reduced by any deficiency in such tax thereafter assessed and by deficiencies in any other tax resulting from adjustments reflected in the determination of the credit or refund, is in excess of $2,000,000, there shall be submitted to such committee a report containing the matter specified in subsection (a) at such time after the making of the credit or refund as the Secretary shall determine the correct amount of the tax.
Refunds attributable to certain disaster losses If any refund or credit of income taxes is attributable to the taxpayer’s election under section 165
(i) to deduct a disaster loss for the taxable year immediately preceding the taxable year in which the disaster occurred, the Secretary is authorized in his discretion to make the refund or credit, to the extent attributable to such election, without regard to the provisions of subsection (a) of this section. If such refund or credit is made without regard to subsection (a), there shall thereafter be submitted to such Joint Committee a report containing the matter specified in subsection (a) as soon as the Secretary shall determine the correct amount of the tax for the taxable year for which the refund or credit is made.
(Aug. 16, 1954, ch. 736, 68A Stat. 792; Pub. L. 92–418, § 2(b),Aug. 29, 1972, 86 Stat. 657; Pub. L. 92–512, title II, § 203(a),Oct. 20, 1972, 86 Stat. 944; Pub. L. 94–455, title XII, § 1210(a), (b), title XIX, § 1906(b)(13)(A),Oct. 4, 1976, 90 Stat. 1711, 1834; Pub. L. 95–227, § 4(d)(3),Feb. 10, 1978, 92 Stat. 23; Pub. L. 98–369, div. A, title VII, § 711(c)(3),July 18, 1984, 98 Stat. 946; Pub. L. 99–514, title XVIII, § 1879(e),Oct. 22, 1986, 100 Stat. 2906; Pub. L. 101–508, title XI, §§ 11801(c)(21)(A), 11834(a),Nov. 5, 1990, 104 Stat. 1388–528, 1388–560; Pub. L. 106–554, § 1(a)(7) [title III, § 305(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–634.)
2000—Subsecs. (a), (b). Pub. L. 106–554substituted “$2,000,000” for “$1,000,000”.
1990—Subsecs. (a), (b). Pub. L. 101–508, § 11834(a) substituted “$1,000,000” for “$200,000”.
Subsec. (d). Pub. L. 101–508, § 11801(c)(21)(A), struck out subsec. (d) which read as follows: “For purposes of this section, a refund or credit made under subchapter E of chapter 64 (relating to Federal collection of qualified State individual income taxes) for a taxable year shall be treated as a portion of a refund or credit of the income tax for that taxable year.”
1986—Subsecs. (b) to (e). Pub. L. 99–514redesignated subsecs. (c) to (e) as (b) to (d), respectively, and struck out former subsec. (b) which read as follows: “A report to Congress shall be made annually by such committee of such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credited or paid to each.”
1984—Subsec. (d). Pub. L. 98–369substituted “section 165
(i)” for “section 165
1978—Subsec. (a). Pub. L. 95–227inserted provisions relating to applicability to public charities, operators’ trust funds, or real estate investment trusts, and references to chapters 41 and 44.
1976—Subsec. (a). Pub. L. 94–455, § 1210(a), inserted reference to any tax imposed with respect to private foundations and pensions under chapters 42 and 43, substituted $200,000 for $100,000 and struck out “or his delegate” after “Secretary”.
Subsec. (c). Pub. L. 94–455, §§ 1210(b), 1906(b)(13)(A), substituted “$200,000” for “$100,000” and struck out “or his delegate” after “Secretary”.
1972—Subsec. (d). Pub. L. 92–418added subsec. (d).
Subsec. (e). Pub. L. 92–512added subsec. (e).
Pub. L. 106–554, § 1(a)(7) [title III, § 305(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–634, provided that: “The amendment made by subsection (a) [amending this section] shall take effect on the date of the enactment of this Act [Dec. 21, 2000], except that such amendment shall not apply with respect to any refund or credit with respect to a report that has been made before such date of the enactment under section 6405 of the Internal Revenue Code of 1986.”
Pub. L. 101–508, title XI, § 11834(b),Nov. 5, 1990, 104 Stat. 1388–560, provided that: “The amendment made by subsection (a) [amending this section] shall take effect on the date of the enactment of this Act [Nov. 5, 1990], except that such amendment shall not apply with respect to any refund or credit with respect to a report has been made before such date of enactment under section 6405 of the Internal Revenue Code of 1986.”
Pub. L. 94–455, title XII, § 1210(d)(1),Oct. 4, 1976, 90 Stat. 1711, as amended by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendments made by subsections (a) and (b) [amending this section] shall take effect on the date of enactment of this Act [Oct. 4, 1976], except that such amendments shall not apply with respect to any refund or credit with respect to which a report has been made before the date of enactment of this Act [Oct. 4, 1976] under subsection (a) or (c) ofsection 6405 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954].”
Pub. L. 92–418, § 2(c),Aug. 29, 1972, 86 Stat. 657, provided in part that: “The amendment made by subsection (b) [amending this section] shall apply with respect to refunds or credits made after July 1, 1972.”
For provisions that nothing in amendment by section 11801(c)(21)(A) ofPub. L. 101–508be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) ofPub. L. 101–508, set out as a note under section 45K of this title.