Page:United States Statutes at Large Volume 68A.djvu/800

 760

INTERNAL REVENUE CODE OF 1954

SEC. 6154. INSTALLMENT PAYMENTS OF ESTIMATED INCOME TAX BY CORPORATIONS. (a) AMOUNT OF ESTIMATED INCOME T A X REQUIRED TO BE P A I D. —

The amount of estimated tax (as defined in section 6016(b)) with respect to which a declaration is required under section 6016 shall be paid as follows: The amount required to be paid shall be the following percentage of the estimated

If the taxable year ends—

On or after December 31, 1955 and before 31, 1956 On or after December 31, 1956 and before 31, 1957 On or after December 31, 1957 and before 31, 1958 On or after December 31, 1958 and before 31, 1959 On or after December 31, 1959

December December December December

10 20 30 40 50

(b) T I M E FOR PAYMENT OF INSTALLMENT.—If the declaration is filed on or before the 15th day of the 9th month of the taxable year, the amount determined under subsection (a) shall be paid in two equal installments. The first installment shall be paid on or before the 15th day of the 9th month of the taxable year, and the second installment shall be paid on or before the 15th day of the 12th month of the taxable year. If the declaration is filed after the 15th day of the 9th month of the taxable year, the amount determined under subsection (a) shall be paid in full on or before the 15th day of the 12th month of the taxable year. (c) AMENDMENT OF DECLARATION.—If any amendment of a declaration is filed, installments payable on the 15th day of the 12th month, if any, shall be ratably increased or decreased, as the case may be, to reflect the increase or decrease, as the case may be, in the estimated tax by reason of such amendment. (d) APPLICATION TO SHORT TAXABLE Y E A R. — The application of this section to taxable years of less than 12 months shall be in accordance with regulations prescribed by the Secretary or his delegate. (e) INSTALLMENTS PAID IN ADVANCE.—At the election of the corpo-

ration, any installment of the estimated tax may be paid prior to the date prescribed for its payment. SEC. 6155. PAYMENT ON NOTICE AND DEMAND. (a) GENERAL RULE. — Upon receipt of notice and demand from the

Secretary or his delegate, there shall be paid at the place and time stated in such notice the amount of any tax (including any interest, additional amounts, additions to tax, and assessable penalties) stated in such notice and demand.

§6154

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