1162

Length of period\n(a) Where the assessment of any internal revenue tax imposed by this subtitle or the Virgin Islands income tax law 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—\n(1) within 10 years after the assessment of the tax, or\n(2) prior to the expiration of any period for collection agreed upon in writing by the Director and the taxpayer before the expiration of such 10-year period (or, if there is a release of levy under section 1063 of this title after such 10-year period, then before such release).\nThe period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.\nDate when levy is considered made\n(b) 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 1055(a) of this title is given.