Document ID: chunk:federal_register_of_legislation:C2024C00458:section:123yp:p2
Version: federal_register_of_legislation:C2024C00458
Segment Type: section
Provision Reference: s 123YP (pt 2/2)
Character Range: 690271–691589

a stored value card, the Income Management Record is debited by an amount equal to the monetary value stored on the card.

First person's income management account to be debited
 (6) If the Secretary pays an amount under paragraph (2)(a), (b), (c), (d), (e) or (f), the first person's income management account is debited by an amount equal to the amount paid.
 (7) If, under paragraph (2)(g) or (h), the Secretary gives the Part 3B payment nominee or the first person a stored value card, the first person's income management account is debited by an amount equal to the monetary value stored on the card.

Tax consequences
 (8) If the Secretary makes a payment under paragraph (2)(a), (c) or (e), the payment does not have consequences under the income tax law for the Part 3B payment nominee or the first person.
 (9) If the Secretary makes a payment under paragraph (2)(b), (d) or (f), the payment does not have consequences under the income tax law for the Part 3B payment nominee, the first person or the third person.
 (10) If, under paragraph (2)(g) or (h), the Secretary gives the Part 3B payment nominee or the first person a stored value card, the giving of the card does not have consequences under the income tax law for the Part 3B payment nominee or the first person.

Subdivision D—Miscellaneous action