Page:United States Statutes at Large Volume 68A.djvu/857

 CH. 67—INTEREST

817

CHAPTER 67—INTEREST STJBCHAPTEE A. Interest on underpayments. SUBCHAPTER B. Interest on overpayments.

Subchapter A—Interest on Underpayments Sec. 6601. Interest on underpayment, nonpayment, or extensions of time for payment, of tax. Sec. 6602. Interest on erroneous refund recoverable by suit. SEC. 6601. INTEREST ON UNDERPAYMENT, NONPAYMENT, OR EXTENSIONS OF TIME FOR PAYMENT, OF TAX. (a) GENERAL RULE. — I f any amount of tax imposed by this title

(whether required to be shown on a return, or to be paid by stamp or by some other method) is not paid on or before the last date prescribed for payment, interest on such amount at the rate of 6 percent per annum shall be paid for the period from such last date to the date paid. (b) EXTENSIONS OF T I M E FOR PAYMENT OF ESTATE T A X. — I f

the

time for payment of an amount of tax imposed by chapter 11 is extended as provided in section 6161(a)(2) or if postponement of the payment of an amount of such tax is permitted by section 6163(a), interest shall be paid at the rate of 4 percent, in lieu of 6 percent as provided in subsection (a). (c) LAST D A T E PRESCRIBED FOR PAYMENT,—For purposes of this section, the last date prescribed for payment of the tax shall be determined under chapter 62 with the application of the following rules: (1) EXTENSIONS OF TIME DISREGARDED.—The last date prescribed for payment shall be determiaed without regard to any extension of time for payment. (2) INSTALLMENT PAYMENTS.—In the case of an election under section 6152(a) to pay the tax in installments— (A) The date prescribed for payment of each installment of the tax shown on the return shall be determined under section 6152 (b), and (B) The last date prescribed for payment of the first installment shall be deemed the last date prescribed for payment of any portion of the tax not shown on the return. (3) JEOPARDY.—The last date prescribed for payment shall be determined without regard to any notice and demand for payment issued, by reason of jeopardy (as provided in chapter 70), prior to the last date otherwise prescribed for such payment. (4) LAST DATE FOR PAYMENT NOT OTHERWISE PRESCRIBED.—In

the case of taxes payable by stamp and in all other cases in which the last date for payment is not otherwise prescribed, the last date for payment shall be deemed to be the date the hability for tax arises (and in no event shall be later than the date notice and demand for the tax is made by the Secretary or his delegate). § 6601(c)(4)

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