[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6502-1]

[Page 375]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Limitations
 
Sec. 301.6502-1  Collection after assessment.

    (a) Length of period--(1) General rule. In any case in which a tax 
has been assessed within the statutory period of limitation properly 
applicable thereto, a proceeding in court to collect such tax may be 
begun, or levy for the collection of such tax may be made, within 10 
years after the assessment thereof.
    (2) Extension by agreement. (i) The 10-year period of limitation on 
collection after assessment of any tax may, prior to the expiration 
thereof, be extended for any period of time agreed upon in writing by 
the taxpayer and the district director. The extension shall become 
effective upon execution of the agreement by both the taxpayer and the 
district director.
    (ii) The period of limitation on collection after assessment of any 
tax (including any extension of such period) may be extended after the 
expiration thereof if there has been a levy on any part of the 
taxpayer's property prior to such expiration and if the extension is 
agreed upon in writing prior to a release of the levy under the 
provisions of section 6343. An extension under this subdivision has the 
same effect as an agreement made prior to the expiration of the period 
of limitation on collection after assessment, and during the period of 
the extension collection may be enforced as to all property or rights to 
property owned by the taxpayer whether or not seized under the levy 
which was released.
    (iii) Any period agreed upon under the provisions of this 
subparagraph may be extended by subsequent agreements in writing made 
before the expiration of the period previously agreed upon.
    (3) If a proceeding in court for the collection of a tax is begun 
within the period provided in paragraph (a)(1) of this section (or 
within any extended period as provided in paragraph (a)(2) of this 
section), the period during which the tax may be collected by levy is 
extended until the liability for the tax or a judgment against the 
taxpayer arising from the liability is satisfied or becomes 
unenforceable.
    (b) Date when levy is considered made. The date on which a levy on 
property or rights to property is made is the date on which the notice 
of seizure provided in section 6335(a) is given.
    (c) Effective dates. (1) Paragraph (a)(1) of this section shall 
apply to--
    (i) Taxes assessed after November 5, 1990; and
    (ii) Taxes assessed on or before November 5, 1990, if the period 
prescribed in section 6502 of the Internal Revenue Code of 1986 
(determined without regard to the amendments made by the Omnibus Budget 
Reconciliation Act of 1990) for the collection of such taxes has not 
expired as of such date.
    (2) Paragraph (a)(3) of this section shall apply to levies issued 
after November 10, 1988.

[32 FR 15241, Nov. 3, 1967, as amended by T.D. 8391, 57 FR 4938, Feb. 
11, 1992; 57 FR 10290, Mar. 25, 1992]