Page:United States Statutes at Large Volume 101 Part 2.djvu/1219

 PUBLIC LAW 100-203—DEC. 22, 1987 «

101 STAT. 1330-425

"(1) PAYABLE IN 4 INSTALLMENTS.—There shall be 4 required installments for each taxable year.

"(2) T I M E FOR PAYMENT OF INSTALLMENTS.— "In the case of the following required installments: 1st if> 2nd 3rd 4th

The due date is: April 15 June 15 September 15 December 15.

"(d) AMOUNT OF REQUIRED INSTALLMENTS.—For purposes of this section— .:

"(1) AMOUNT.—

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"(A) IN GENERAL.—Except as otherwise provided in this section, the amount of any required installment shall be 25 percent of the required annual payment. "(B) REQUIRED ANNUAL PAYMENT.—Except as otherwise

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provided in this subsection, the term 'required annual payoo ment' means the lesser of— g "(i) 90 percent of the tax shown on the return for the ^ taxable year (or, if no return is filed, 90 percent of the tax for such year), or •r -. "(ii) 100 percent of the tax shown on the return of the ^ corporation for the preceding taxable year. Clause (ii) shall not apply if the preceding taxable year was not . a taxable year of 12 months, or the corporation did not file a tax. "(2) LARGE CORPORATIONS REQUIRED TO PAY 90 PERCENT OF CURRENT YEAR TAX.—
 * return for such preceding taxable year showing a liability for



"(A) IN GENERAL.—Except as provided in subparagraph (B), clause (ii) of paragraph (I)(B) shall not apply in the case of a large corporation. "(B) MAY USE LAST YEAR'S TAX FOR 1ST INSTALLMENT.—

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Subparagraph (A) shall not apply for purposes of determining the amount of the 1st required installment for any taxable year. Any reduction in such 1st installment by reason of the preceding sentence shall be recaptured by increasing the amount of the next required installment determined under paragraph (1) by the amount of such reduction.

"(e) LOWER REQUIRED INSTALLMENT WHERE ANNUAUZED INCOME INSTALLMENT OR ADJUSTED SEASONAL INSTALLMENT Is LESS THAN AMOUNT DETERMINED UNDER SUBSECTION (d).—

"(1) IN GENERAL.—In the case of any required installment, if the corporation establishes that the annualized income installment or the adjusted seasonal installment is less than the amount determined under section (d)(1) (as modified by subsection (d)(2))— "(A) the amount of such required installment shall be the annualized income installment (or, if lesser, the adjusted <>j v seasonal installment), and "(B) any reduction in a required installment resulting from the application of this paragraph shall be recaptured by increasing the amount of the next required installment It. - determined under subsection (d)(1) (as so modified) by the amount of such reduction (and by increasing subsequent

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