Sec. 1202. Exclusion of interest received in action to recover property seized by the Internal Revenue Service based on structuring transaction
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/bill/116/hr/3151/eh/section-1202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Part III of subchapter B of chapter 1 is amended by inserting before section 140 the following new section: Gross income shall not include any interest received from the Federal Government in connection with an action to recover property seized by the Internal Revenue Service pursuant to section 5317(c)(2) of title 31, United States Code, by reason of a claimed violation of section 5324 of such title. . The table of sections for part III of subchapter B of chapter 1 is amended by inserting before the item relating to section 140 the following new item:
Sec. 139H. Interest received in action to recover property seized by the Internal Revenue Service based on structuring transaction. . The amendments made by this section shall apply to interest received on or after the date of the enactment of this Act.