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(a) Length of period. Where the assessment of any tax imposed
by this title has been made within the period of limitation properly applicable
thereto, such tax may be collected by levy or by a proceeding in court, but only
if the levy is made or the proceeding begun—
(1) within 10 years after the assessment of the
tax, or
(2) if—
(A) there is an installment agreement between
the taxpayer and the Secretary, prior to the date which is 90 days after the
expiration of any period for collection agreed upon in writing by the Secretary
and the taxpayer at the time the installment agreement was entered into; or
(B) there is a release of levy under section
6343 after such 10-year period, prior to the expiration of any period for
collection agreed upon in writing by the Secretary and the taxpayer before such
release.
If a timely proceeding in court for the collection of a tax is
commenced, the period during which such tax may be collected by levy shall be
extended and shall not expire until the liability for the tax (or a judgment
against the taxpayer arising from such 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 shall be the date on which the notice
of seizure provided in section 6335 (a) is given.
(Aug. 16, 1954,
ch. 736, 68A Stat. 806; Pub. L. 89-719, title I, § 113(b), Nov. 2, 1966,
80 Stat. 1146; Pub. L. 94-455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976,
90 Stat. 1834; Pub. L. 100-647, title I, § 1015(u)(1), Nov. 10, 1988, 102
Stat. 3573; Pub. L. 101-239, title VII, § 7811(k)(2), Dec. 19, 1989, 103
Stat. 2412; Pub. L. 101-508, title XI, § 11317(a), Nov. 5, 1990, 104
Stat. 1388-458; Pub. L. 105-206, title III, § 3461(a), July 22, 1998, 112
Stat. 764.)
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