Page:United States Statutes at Large Volume 82.djvu/304

 262

PUBLIC LAW 90-364-JUNE 28, 1968 (c)

78^sfaf*28/^^' 26 USC 6655.

26 USC 31-48.

Ante, p. 2 6 1.

FAILURE BY CORPORATION TO P A Y ESTIMATED T A X. — (1) RAISING TO PERCENT REQUIREMENT TO SO PERCENT.—Sub-

sectioiis (b) and (d)(3) of section 6655 (relating to underpayments of estimated tax) are amended by striking out "70 percent" ejich pla<^e it appears therein and inserting in lieu thereof "80 percent". (2) DEFINITION OF TAX.—Subsection (e) of section 6655 (relating to definition of tax) is amended to read as follows: "(e)

68A'st'at^32o. 26 USC 8018^3-

[82 STAT.

DEFINITION OF T A X. —

"(1) IN GENERAL.—For purposes of subsections (b) and (d), the term 'tax' means the excess of— ''(-^) ^^^^ tax iuiposed by section 11 or 1201 (a), or subchapter L of chapter 1. whichever is applicable, over " (B) the sum of— " (i) the credits against tax provided by part IV of subchapter A of chapter 1, "(ii) in the case of a taxable year beginning after December 31, 1967, and before January 1, 1977, the amount of the corporation's temporary estimated tax exemption for such year, and "(iii) in the case of a taxable year beginning after December 31, 1967, and before January 1, 1972, the amount of the corporation's transitional exemption for such year. "(2) TEMPORARY ESTIMATED TAX EXEMPTION.—For purposes of clause (ii) of paragraph (1)(B), the amount of a corporations temporary estimated tax exemption for a taxable year equals the applicable percentage (determined under section 6154(c)(2)(B)) multiplied by the lesser of— " (A) an amount equal to 22 percent of the corporation's surtax exemption (as defined in section 11(d)) for such year, or " (B) the excess determined under paragraph (1) without regard to clauses (ii) and (iii) of paragraph (1)(B). "(3) TRANSITIONAL EXEMPTION.—For purposes of clause (iii)

of paragraph (1)(B), the amount of a corporation's transitional exemption for a taxable year equals the exclusion percentage (determined under section 6154(c)(3)(B)) multiplied by the lesser of— " (A) $100,000, reduced by the amount of the corporation's temporary estimated tax exemption for such j^ear, or " (B) the excess determined under paragraph (1) without regard to clause (iii) of paragraph (1)(B). "(4) SPECIAL RULE FOR SUBSECTION (d) ( D AND (2).—In applying this subsection for purposes of subsection (d)(1) and (2), the applicable percentage and the exclusion percentage shall be the percentage for the taxable year for which the underpayment is being determined." 26 USC 6411-

6424.

(d) ADJUSTMENT OF OVERPAYMENT.— (X) ALLOWANCE OF ADJUSTMENT.—Subchapter B of chapter 65

(relating to rules of special application) is amended by adding at the end thereof the following new section: '•SEC. 6425. ADJUSTMENT OF OVERPAYMENT OF ESTIMATED INCOME TAX BY CORPORATION. "(a)

APPLICATION FOR ADJUSTMENT.—

"(1) T I M E FOR FILING.—A corporation may, after the close of the taxable year and on or before the 15th day of the third month thereafter, and before the day on which it files a return for such taxable year, file an application for an adjustment of an overpay-

�