§7486 — Refund, credit, or abatement of amounts disallowed
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Statute Text — 26 U.S.C. §7486
In cases where assessment or collection has not been stayed by the filing of a bond, then if the amount of the deficiency determined by the Tax Court is disallowed in whole or in part by the court of review, the amount so disallowed shall be credited or refunded to the taxpayer, without the making of claim therefor, or, if collection has not been made, shall be abated.
5 Citing Cases
Although this Court has not previously addressed the issue, other courts have held that section 7486 does not apply in the present situation.
that further proceedings in this Court might result in an estate tax deficiency in the same amount that was previously decided. P filed a Motion To Restrain Collection, Abate Assessment, And Order A Refund Of Amount Collected. P’s motion is based on sec. 7486, I.R.C. Held: Sec. 7486, I.R.C., provides that “if the amount of the deficiency determined by the Tax Court is disallowed in whole or in part by the court of review, the amount so disallowed shall be credited or refunded - 2 - to the taxpay
Section 7486 provides that “if the amount of the deficiency determined by the Tax Court is disallowed in whole or in part by the court of review, the amount so disallowed shall be credited or refunded to the taxpayer”. The sole issue for decision is whether the amount of the deficiency previously determined by this Court was disallowed in whole or
We agree with respondent that the proper disposition of the estate's motion is governed by section 7486, which addresses assessment and collection of tax deficiencies that have not been stayed by the filing of an appeal bond.
In addition, we requested that the parties analyze how these cases are affected by section 7486, which provides for the abatement of amounts assessed pursuant to section 7485(a) but later disallowed on appeal, and Estate of Smith v.