### Question
How is the term closely held business amount defined?


### Answer
The term **closely held business amount** is defined in *26 U.S.C. § 6166* as the following:

> the value of the interest in a closely held business which qualifies under subsection (a)(1)

#### Citation:
  - *26 U.S.C. § 6166*
  - Heading: **Subtitle F-Procedure and Administration > CHAPTER 62-TIME AND PLACE FOR PAYING TAX > Subchapter B-Extensions of Time for Payment**

