22-U.S.C.-1631K
§1631K – Taxes
Pathway
Title 22 > Chapter 21 > Subchapter II > Section 1631k
Details
- Reference: Section 1631k
- Legend: §1631K – Taxes
- USCode Year: 2013
Provision Content
(a) Liability
The vesting in any officer or agency designated by the President under this subchapter of any property or the receipt by such designee of any earnings, increment, or proceeds thereof shall not render inapplicable any Federal, State, Territorial, or local tax for any period before or after such vesting.
(b) Payment by designee; liability of former owner; enforcement of tax liability; transfer of property
The officer or agency designated by the President under this subchapter shall, notwithstanding the filing of any claim or the institution of any suit under this subchapter, pay any tax incident to any such property, or the earnings, increment, or proceeds thereof, at the earliest time appearing to him to be not contrary to the interest of the United States. The former owner shall not be liable for any such tax accruing while such property, earnings, increment, or proceeds are held by such designee, unless they are returned pursuant to this subchapter without payment of such tax by the designee. Every such tax shall be paid by the designee to the same extent, as nearly as may be deemed practicable, as though the property had not been vested, and shall be paid only out of the property, or earnings, increment, or proceeds thereof, to which they are incident or out of other property acquired from the same former owner, or earnings, increment, or proceeds thereof. No tax liability may be enforced from any property or the earnings, increment, or proceeds thereof while held by the designee except with his consent. Where any property is transferred, otherwise than pursuant to section 1631f(a) or 1631f(b) of this title, the designee may transfer the property free and clear of any tax, except to the extent of any lien for a tax existing and perfected at the date of vesting, and the proceeds of such transfer shall, for tax purposes, replace the property in the hands of the designee.
(c) Computation; suspension of limitations
Subject to the provisions of subsection (b) of this section, the manner of computing any Federal taxes, including without limitation by reason of this enumeration, the applicability in such computation of credits, deductions, and exemptions to which the former owner is or would be entitled, and the time and manner of any payment of such taxes and the extent of any compliance by the designee with provisions of Federal law and regulations applicable with respect to Federal taxes, shall be in accordance with regulations prescribed by the Secretary of the Treasury to effectuate this section. Statutes of limitations on assessments, collection, refund, or credit of Federal taxes shall be suspended with respect to any vested property or the earnings, increment, or proceeds thereof, while vested and for six months thereafter; but no interest shall be paid upon any refund with respect to any period during which the statute of limitations is so suspended.
(d) Tax defined
The word tax as used in this section shall include, without limitation by reason of this enumeration, any property, income, excess-profits, war-profits, excise, estate, and employment tax, import duty, and special assessment; and also any interest, penalty, additional amount, or addition thereto not arising from any act, omission, neglect, failure, or delay on the part of the designee.
(Mar. 10, 1950, ch. 54, title II, §212, as added Aug. 9, 1955, ch. 645, §3, 69 Stat. 569.)
U.S. Encyclopedia of Law Coverage
22-U.S.C.-1622F in the Legal Encyclopedia: Foreign Relations
In this entry about 22-U.S.C.-1622F, find legal reference material, bibliographies and premiere content related to foreign relations in the American Encyclopedia of Law, presenting a comprehensive view of the United States foreign relations-specific issues, written by authorities in the field.
22-U.S.C.-1622E in the Legal Encyclopedia: Settlement
In this entry about 22-U.S.C.-1622E, find legal reference material, bibliographies and premiere content related to settlement in the American Encyclopedia of Law, presenting a comprehensive view of the United States settlement-specific issues, written by authorities in the field.
22-U.S.C.-1622B in the Legal Encyclopedia: International Claims
In this entry about 22-U.S.C.-1622B, find legal reference material, bibliographies and premiere content related to international claims in the American Encyclopedia of Law, presenting a comprehensive view of the United States international claims-specific issues, written by authorities in the field.
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