IRC 6503 – Actions that Toll, or Extend, the Collection Statute

IRC 6503 of the Internal Revenue Code addresses the suspension of the running of the period of limitations for assessment and collection of tax In general the Code sets time limits statutes of limitation for the IRS to assess and collect taxes but 6503 provides for the suspension pausing of these periods under certain circumstances Here is a summary of the key provisions and legal details Issuance of Statutory Notice of Deficiency 6503a Assets in Control or Custody of Court 6503b Taxpayer Outside the United States 6503c Extensions for Estate Tax Payment 6503d Extensions for Foreign Expropriation Losses 6503e Wrongful Seizure or Lien on ThirdParty Property 6503f Suspension Pending Correction 6503g Bankruptcy Cases 6503h Undistributed PFIC Earnings Tax Liability 6503i Designated Summonses 6503j