Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_5891
Timestamp: 2019-10-17 17:48:40
Document Index: 169201560

Matched Legal Cases: ['§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891', '§ 5891']

Internal Revenue Code, § 5891. Structured Settlement Factoring Transactions
I.R.C. § 5891(a) Imposition Of Tax —
I.R.C. § 5891(b) Exception For Certain Approved Transactions
I.R.C. § 5891(b)(1) In General —
I.R.C. § 5891(b)(2) Qualified Order —
I.R.C. § 5891(b)(2)(A) —
I.R.C. § 5891(b)(2)(A)(i) —
I.R.C. § 5891(b)(2)(A)(ii) —
I.R.C. § 5891(b)(2)(B) —
I.R.C. § 5891(b)(2)(B)(i) —
I.R.C. § 5891(b)(2)(B)(ii) —
I.R.C. § 5891(b)(3) Applicable State Statute —
For purposes of this section, the term ”applicable State statute” means a statute providing for the entry of an order, judgment, or decree described in paragraph (2)(A) which is enacted by—
I.R.C. § 5891(b)(3)(A) —
I.R.C. § 5891(b)(3)(B) —
I.R.C. § 5891(b)(4) Applicable State Court —
I.R.C. § 5891(b)(4)(A) In General —
I.R.C. § 5891(b)(4)(B) Special Rule —
I.R.C. § 5891(b)(5) Qualified Order Dispositive —
I.R.C. § 5891(c) Definitions —
I.R.C. § 5891(c)(1) Structured Settlement —
I.R.C. § 5891(c)(1)(A) —
I.R.C. § 5891(c)(1)(A)(i) —
I.R.C. § 5891(c)(1)(A)(ii) —
I.R.C. § 5891(c)(1)(B) —
I.R.C. § 5891(c)(1)(B)(i) —
I.R.C. § 5891(c)(1)(B)(ii) —
I.R.C. § 5891(c)(2) Structured Settlement Payment Rights —
I.R.C. § 5891(c)(3) Structured Settlement Factoring Transaction
I.R.C. § 5891(c)(3)(A) In General —
I.R.C. § 5891(c)(3)(B) Exception —
I.R.C. § 5891(c)(3)(B)(i) —
I.R.C. § 5891(c)(3)(B)(ii) —
I.R.C. § 5891(c)(4) Factoring Discount —
I.R.C. § 5891(c)(4)(A) —
I.R.C. § 5891(c)(4)(B) —
I.R.C. § 5891(c)(5) Responsible Administrative Authority —
I.R.C. § 5891(c)(6) State —
I.R.C. § 5891(d) Coordination With Other Provisions
I.R.C. § 5891(d)(1) In General —
I.R.C. § 5891(d)(2) No Withholding Of Tax —
(Added by Pub. L. 107-134, title I, Sec. 115(a), Jan. 23, 2002, 115 Stat. 2427.)
Sec. 115(c) of Pub. L. 107-134 provided that:
“(1) In general.--The amendments made by this section (other than the provisions of section 5891(d) of the Internal Revenue Code of 1986, as added by this section) shall apply to structured settlement factoring transactions (as defined in section 5891(c) of such Code (as so added)) entered into on or after the 30th day following the date of the enactment of this Act [enacted: Jan. 23, 2002].
“(2) CLARIFICATION OF EXISTING LAW- Section 5891(d) of such Code (as so added) shall apply to structured settlement factoring transactions (as defined in section 5891(c) of such Code (as so added)) entered into before, on, or after such 30th day.
“(3) TRANSITION RULE- In the case of a structured settlement factoring transaction entered into during the period beginning on the 30th day following the date of the enactment of this Act and ending on July 1, 2002, no tax shall be imposed under section 5891(a) of such Code if--
“(A) the structured settlement payee is domiciled in a State (or possession of the United States) which has not enacted a statute providing that the structured settlement factoring transaction is ineffective unless the transaction has been approved by an order, judgment, or decree of a court (or where applicable, a responsible administrative authority) which finds that such transaction--
“(i) does not contravene any Federal or State statute or the order of any court (or responsible administrative authority), and
“(ii) is in the best interest of the structured settlement payee or is appropriate in light of a hardship faced by the payee, and