[Code of Federal Regulations]
[Title 26, Volume 17]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR157.6161-1T]

[Page 465-466]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 157_EXCISE TAX ON STRUCTURED SETTLEMENT FACTORING TRANSACTIONS--Table of Contents
 
                 Subpart B_Procedure and Administration
 
Sec. 157.6161-1T  Extension of time for paying tax.

    (a) In general--(1) Tax shown or required to be shown on return. The 
Internal Revenue Service may, at the request of the taxpayer, grant a 
reasonable extension of time for payment of the amount of any tax 
imposed by

[[Page 466]]

chapter 55 (Structured Settlement Factoring Transactions) of the 
Internal Revenue Code (chapter 55) and shown or required to be shown on 
any return. The period of such extension shall not exceed 6 months from 
the date fixed for payment of such tax, except that in the case of a 
taxpayer that is abroad, such extension may exceed 6 months.
    (2) Extension of time for filing distinguished. The granting of an 
extension of time for filing a return does not extend the time for the 
payment of the tax or any part thereof unless so specified in the 
extension.
    (b) Certain rules relating to extension of time for paying income 
tax to apply. The provisions of Sec. 1.6161-1(b), (c), and (d) of this 
chapter (relating to a requirement for undue hardship, to the 
application for extension, and to payment pursuant to an extension) 
shall apply to extensions of time for payment of the tax imposed by 
chapter 55 of the Internal Revenue Code.