(a) Extension permittedIf the value of a reversionary or remainder interest in property is included under chapter 11 in the value of the gross estate, the payment of the part of the tax under chapter 11 attributable to such interest may, at the election of the executor, be postponed until 6 months after the termination of the precedent interest or interests in the property, under such regulations as the Secretary may prescribe.
(b) Extension for reasonable causeAt the expiration of the period of postponement provided for in subsection (a), the Secretary may, for reasonable cause, extend the time for payment for a reasonable period or periods not in excess of 3 years from the expiration of the period of postponement provided in subsection (a).
(c) Cross referenceFor authority of the Secretary to require security in the case of an extension under this section, see section 6165.
Structure US Code
Title 26— INTERNAL REVENUE CODE
Subtitle F— Procedure and Administration
CHAPTER 62— TIME AND PLACE FOR PAYING TAX
Subchapter B— Extensions of Time for Payment
§ 6161. Extension of time for paying tax
§ 6164. Extension of time for payment of taxes by corporations expecting carrybacks
§ 6165. Bonds where time to pay tax or deficiency has been extended