[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: 26CFR301.7507-7]

[Page 557]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                          Judicial Proceedings
 
Sec. 301.7507-7  Establishment of immunity.

    (a) The mere allegation of insolvency, or that depositors have 
claims against segregated or other assets or earnings, will not of 
itself secure immunity from tax collection. It must be affirmatively 
established to the satisfaction of the district director that collection 
of tax will be contrary to section 7507. See also Sec. 301.7507-8.
    (b) Any claim, by a bank, of immunity under section 7507(b), shall 
be supported by a statement, under oath or affirmation, which shall 
show: (1) The total of depositors' claims outstanding, and (2) 
separately and in detail, the amount of each of the following, and the 
amount of depositors' claims properly chargeable against each: (i) 
Segregated or transferred assets; (ii) unsegregated assets; (iii) 
estimated future average annual earnings and profits; (iv) amount 
collectible from shareholders; and (v) any other resources available for 
payment of depositors' claims. The detail shall show the full amount of 
depositors' claims chargeable against each of the items in subdivisions 
(i) to (v), inclusive, of this subparagraph even though part or all of 
the amount chargeable against a particular item is also chargeable 
against some other item or items. There shall also be filed a copy of 
any agreement between the bank and its depositors, and any other 
agreement or document bearing on the claim of immunity. The statement 
shall show the basis, as ``book,'' ``market,'' etc., of valuation of the 
assets.