Treasury Regulations (26 C.F.R.)
26 CFR § 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 § 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.
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In this part (40 sections)
- 301.7456-1 · Administration of oaths and procurement of testimony;…
- 301.7457-1 · Witness fees.
- 301.7458-1 · Hearings.
- 301.7461-1 · Publicity of proceedings.
- 301.7476-1 · Declaratory judgments.
- 301.7477-1 · Declaratory judgments relating to the value of certain…
- 301.7481-1 · Date when Tax Court decision becomes final; decision…
- 301.7482-1 · Courts of review; venue.
- 301.7483-1 · Petition for review.
- 301.7484-1 · Change of incumbent in office.
- 301.7502-1 · Timely mailing of documents and payments treated as timely…
- 301.7503-1 · Time for performance of acts where last day falls on…
- 301.7505-1 · Sale of personal property acquired by the United States.
- 301.7506-1 · Administration of real estate acquired by the United…
- 301.7507-1 · Banks and trust companies covered.
- 301.7507-2 · Scope of section generally.
- 301.7507-3 · Segregated or transferred assets.
- 301.7507-4 · Unsegregated assets.
- 301.7507-5 · Earnings.
- 301.7507-6 · Abatement and refund.
- 301.7507-7 · Establishment of immunity.
- 301.7507-8 · Procedure during immunity.
- 301.7507-9 · Termination of immunity.
- 301.7507-10 · Collection of tax after termination of immunity.
- 301.7507-11 · Exception of employment taxes.
- 301.7508-1 · Time for performing certain acts postponed by reason of…
- 301.7508A-1 · Postponement of certain tax-related deadlines by reasons…
- 301.7510-1 · Exemption from tax of domestic goods purchased for the…
- 301.7512-1 · Separate accounting for certain collected taxes.
- 301.7513-1 · Reproduction of returns and other documents.
- 301.7514-1 · Seals of office.
- 301.7515-1 · Special statistical studies and compilations on request.
- 301.7516-1 · Training and training aids on request.
- 301.7517-1 · Furnishing on request of statement explaining estate or…
- 301.7601-1 · Canvass of districts for taxable persons and objects.
- 301.7602-1 · Examination of books and witnesses.
- 301.7602-2 · Third party contacts.
- 301.7603-1 · Service of summons.
- 301.7603-2 · Third-party recordkeepers.
- 301.7604-1 · Enforcement of summons.