96 STAT. 536
PUBLIC LAW 97-248—SEPT. 3, 1982 account under section 809(d)(5) of the I n t e r n a l Revenue Code of 1954. (e) 3-YEAR INSTALLMENT P A Y M E N T OF T A X E S O W E D BY REINSURER RESULTING F R O M R E P E A L OF SECTION 820.—
26 USC 31.
(1) IN GENERAL.—That portion of any tax imposed under chapter 1 of such Code (reduced by the s u m of the credits allowable under subpart A of part IV of such chapter) on a reinsurer for taxable year 1982 which is a t t r i b u t a b l e to the excess (if any) of— (A) any decrease in reserves for such taxable year by reason of subsection (b), over (B) the a m o u n t allowable as a deduction for such taxable year by reason of subsection (d)(1)(A), may, a t the election of the reinsurer, be paid in 3 equal annual installments. (2) T I M E FOR PAYMENTS.—
(A) IN GENERAL.—The 3 installments under paragraph (1) shall be paid on March 15 of 1983, 1984, and 1985. (B) F I R S T INSTALLMENT MAY BE MADE IN 2 PAYMENTS.—The
reinsurer may elect to pay one-half of the installment d u e March 15, 1983, on June 15, 1983. (3) ACCELERATION OF PAYMENTS.—If—
(A) a n election is m a d e under paragraph (1), and (B) before the tax a t t r i b u t a b l e to such excess is paid in full any installment under this section is not paid on or before the date fixed by t h i s section for its payment, then the extension of time for payment of tax provided in this subsection shall cease to apply, and any portion of the tax payable in installments shall be paid on notice and d e m and from the Secretary of the Treasury or his delegate. (4) PRORATION OF DEFICIENCY TO INSTALLMENTS.—If a n election
is made under paragraph (1) and a deficiency a t t r i b u t a b l e to the excess has been assessed, the deficiency shall be prorated to such installments. The part of the deficiency so prorated to any installment the date for payment of which has not arrived shall be collected a t the same time as, and as part of, such installment. The part of the deficiency so prorated to any installment the date for payment of which has arrived shall be paid on notice and d e m and from the Secretary of the Treasury or his delegate. This paragraph shall not apply if the deficiency is d u e to negligence, to intentional disregard of rules and regulations, or to fraud with intent to evade tax. (5) BOND MAY BE REQUIRED.—If an election is made under this section, section 6165 of the I n t e r n a l Revenue Code of 1954 shall apply as though the Secretary of the Treasury or his delegate were extending the time for payment of the tax. (6) EXTENSION OF PERIOD OF LIMITATIONS.—The r u n n i n g of any
period of limitations for the collection of the tax with respect to which a n election is made under paragraph (1) shall be suspended for the period during which the r e a r e any unpaid installments of such tax. (7) INTEREST ON INSTALLMENTS.—Rules s i m i l a r to the r u l e s of
section 6601(b)(2) of such Code (without regard to the last sentence thereof) shall apply with respect to any tax for which a n election is made under paragraph (1). Ante, p. 533.
(f) SPECIAL RULE A L L O W I N G REINSURED TO REVOKE AN ELECTION U N D E R SECTION 820.—
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