[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.