Page:United States Statutes at Large Volume 75.djvu/165

 75 S T A T. ] "(2)

PUBLIC LAW 87.61-JUNE 29, 1961 CROSS REFERENCE.—

"For privilege of paying tax imposed by this section in installments, see section 6156." (C) Subsection (c) of section 4482 of such Code is amended by adding at the end thereof the following new paragraph: "(4) TAXABLE PERIOD.—The term 'taxable period' means any year beginning before July 1, 1972, and the period which begins on July 1, 1972, and ends at the close of September 30, 1972." (c)

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je use 4482.

INSTALLMENT PAYMENTS OF T A X. —

(1) Subchapter A of chapter 62 of such Code (relating to ^^^^ Stat. 7S7, time and place for paying tax) is amended by renumbering sec- 26 USC eise. tion 6156 as 6157, and by inserting after section 6155 the following new section: "SEC. 6156. INSTALLMENT PAYMENTS OF TAX ON USE OF HIGHWAY MOTOR VEHICLES. " (a) PRIVILEGE To P A Y TAX I N INSTALLMENTS.—If the taxpayer files a return of the tax imposed by section 4481 on or before the date prescribed for the filing of such return, he may elect to pay the tax shown on such return in equal installments in accordance with the following table: The number of installments "If liability is incurred in— shall be— July, August, or September 4 October, November, or December 3 January, February, or March 2 " (b) DATES FOR PAYING INSTALLMENTS.—In the case of any tax payable in installments by reason of an election under subsection (a) — " (1) the first installment shall be paid on the date prescribed for payment of the tax, "(2) the second installment shall be paid on or before the last day 01 the third month following the calendar quarter in which the liability was incurred, "(3) the third installment (if any) shall be paid on or before the last day of the sixth month following the calendar quarter in which the liability was incurred, and "(4) the fourth installment (if any) shall be paid on or before the last day of the ninth month following the calendar quarter in which the liability was incurred. "(c) PRORATION OF ADDITIONAL TAX TO INSTALLMENTS.—If an election has been made under subsection (a) in respect of tax reported on a return filed by the taxpayer and tax required to be shown but not shown on such return is assessed before the date prescribed for payment of the last installment, the additional tax shall be prorated equally to the installments for which the election was made. That part of the additional tax so prorated to any installment the date for payment of which has not arrived shall be collected at the same time as and as part of such installment. That part of the additional tax so prorated to any installment the date for payment of which has arrived shall be paid upon notice and demand from the Secretary or his delegate. " (d) ACCELERATION OF PAYMENTS.—If the taxpayer does not pay any installment under this section on or before the date prescribed for its payment, the whole of the unpaid tax shall be paid upon notice and demand from the Secretary or his delegate.

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