Page:United States Statutes at Large Volume 69.djvu/177

 69 S T A T. ]

PUBLIC LAW 7 4 - J U N E 15, 1955

(2) The table of sections for subpart B of part II of subchapter E of chapter 1 (relating to taxable year for which items of gross income included) is amended by striking out

135 68AStat. 152.

"Sec. 4,">2u Prepaid income."

(^>) The table of sections for subpart C of such part II (relating to taxable year for which deductions are taken) is amended by striking out—

^^A Stat. 157.

"Sec. 462. Reserves for estimated expenses, etc." SEC. 3. EFFECTIVE DATE.

The amendments made by this Act shall apply with respect to taxable years beginning after December 31, 1953, and ending after August 16, 1954. SEC. 4. SAVING PROVISIONS. (a)

FILING OF STATEMENT.—If—

(1) the amount of any tax required to be paid for any taxable year ending on or before the date of the enactment of this Act is increased by reason of the enactment of this Act, and (2) the last date prescribed for payment of such tax (or any installment thereof) is before December 15, 1955, then the taxpayer shall, on or before December 15, 1955, file a statement which shows the increase in the amount of such tax required to be paid by reason of the enactment of this Act. (b) FOR M AND ErFECT OF STATEMENT. — (1) FORM OF STATEMENT, ETC.—The statement required by sub-

section (a) shall be filed at the place fixed for filing the return. Such statement shall be in such form, and shall include such information necessary or appropriate to show the increase in the amount of the tax required to be paid for the taxable year by reason of the enactment of this Act, as the Secretary of the Treasury or his delegate shall by regulations prescribe. (2) TREATMENT AS AMOUNT SHOWN ON RETURN.—The amount shown on a statement filed under subsection (a) as the increase in the amount of the tax required to be paid for the taxable year by reason of the enactment of this Act shall, for all purposes of the internal revenue laws, be treated as tax shown on the return. Notwithstanding the preceding sentence, that portion of the amount of increase in tax for any taxable year which is attributable to a decrease (by reason of the enactment of this Act) in the net operating loss for a succeeding taxable year shall not be treated as tax shown on the return. (3) WAIVER OF iNTiaiEST I N CASE OF PAYMENT ON OR BEFORE

DECEMBER 15, 1955.—If the taxpayer, on or before December 15, 1955, files the statement referred to in subsection (a) and pays in full that portion of the amount shown thereon for which the last date prescribed for payment is before December 15, 1955, then for purposes of computing interest (other than interest on overpayments) such portion shall be treated as having been paid on the last dat« prescribed for payment. This paragraph shall not apply if the amount shown on the statement as the increase in the amount of the tax required to be paid for the taxable year by reason of the enactment of this Act is greater than the actual increase unless the taxpayer establishes, to the satisfaction of the Secretary of the Treasury or his delegate, that his computation of the greater amount was based upon a reasonable interpretation and application of sections 452 and 462 of the Internal Revenue Code of 1954, as those sections existed before the enact- ,A^^ ^*®** ^^^' 158. ment of this Act.

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