Page:United States Statutes at Large Volume 78.djvu/70

 28

26 USC 6016.

PUBLIC LAW 88-272-FEB. 26, 1964

[78 STAT.

"SEC. 6074. TIME FOR FILING DECLARATIONS OF ESTIMATED INCOME TAX BY CORPORATIONS. " (a) GENERAL RULE. — The declaration of estimated tax required of corporations by section 6016 shall be filed as follows: "If the requirements of section 6016 are first met—

before the 1st day of the 4th month of the taxable year after the last day of the 3d month and before the 1st day of the 6th month of the taxable year after the last day of the 5th month and before the 1st day of the 9th month of the taxable year after the last day of the 8th month and before the 1st day of the 12th month of the taxable year

The declaration shall be filed on or before—

the 15th day of the 4th month of the taxable year the 15th day of the 6th month of the taxable year the 15th day of the 9th month of the taxable year the 15th day of the 12th month of the taxable year

" (b) AMENDMENT.—An amendment of a declaration may be filed in any interval between installment dates prescribed for the taxable year, but only one amendment may be filed in each such interval. "(c) SHORT TAXABLE YEAR.—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." (c) FAILURE BY CORPORATIONS TO P A Y ESTIMATED INCOME T A X. — 68A Stat. 8 2 5. 26 USC 6655.

(1) The last sentence of section 6655(c)(2) (relating to period of underpayment) is amended to read as follows: "For purposes of this paragraph, a payment of estimated tax on any installment date shall be coiisidered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subsection (b)(1) for such installment date." (2) Paragraph (3) of section 6655(d) (relating to exception) is amended to read as follows: "(3)(A) An amount equal to 70 percent of the tax for the taxable year computed by placing on an annualized basis the taxable income: " (i) for the first 3 months of the taxable year, in the case of the installment required to be paid in the Jrth month, "(ii) for the first 3 months or for the first 5 months of the taxable year, in the case of the installment required to be paid in the 6th month, "(iii) for the first 6 months or for the firet 8 months of the taxable year in the case of the installment required to be paid in the 9th month, and (iv) for the first 9 months or for the first 11 months of the taxable year, in the case of the installment require<l to be paid in the 12t]i month of the taxable year. " (B) For purposes of this paragraph, the taxable income shall be placed on an annualized basis by— " (i) multiplying by 12 the taxable income referred to in subparagraph (A), and "(ii) dividing the resulting amount by the number of months in the taxable year (3, 5, 6, 8, 9, or 11, as the case may be) referred to in subparagraph (A)."'

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