(1)a determination by the Secretary whether interest on prospective obligations will be excludable from gross income under section
(2)a failure by the Secretary to make a determination with respect to any matter referred to in paragraph (1),
upon the filing of an appropriate pleading, the Tax Court may make a declaration whether interest on such prospective obligations will be excludable from gross income under section
103(a). Any such declaration shall have the force and effect of a decision of the Tax Court and shall be reviewable as such.
A pleading may be filed under this section only by the prospective issuer.
(2) Exhaustion of administrative remedies
The court shall not issue a declaratory judgment or decree under this section in any proceeding unless it determines that the petitioner has exhausted all available administrative remedies within the Internal Revenue Service. A petitioner shall be deemed to have exhausted its administrative remedies with respect to a failure of the Secretary to make a determination with respect to an issue of obligations at the expiration of 180 days after the date on which the request for such determination was made if the petitioner has taken, in a timely manner, all reasonable steps to secure such determination.
(3) Time for bringing action
If the Secretary sends by certified or registered mail notice of his determination as described in subsection (a)(1) to the petitioner, no proceeding may be initiated under this section unless the pleading is filed before the 91st day after the date of such mailing.
1988—Subsec. (a). Pub. L. 100–647substituted “whether interest on prospective obligations will be excludable from gross income under section
103(a)” for “whether prospective obligations are described in section
103(a)” in par. (1) and “whether interest on such prospective obligations will be excludable from gross income under section
103(a)” for “whether such prospective obligations are described in section
103(a)” in concluding provisions.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–647effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) ofPub. L. 100–647, set out as a note under section
1 of this title.
Pub. L. 95–600, title III, § 336(d),Nov. 6, 1978, 92 Stat. 2842, provided that: “The amendments made by this section [enacting this section and amending sections
7482 of this title] shall apply to requests for determinations made after December 31, 1978.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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