Page:United States Statutes at Large Volume 82.djvu/306

 264

PUBLIC LAW 90-364-JUNE 28, 1968

ae'uscTees"

Ante,

p. 262.

Ante,

p. 263.

[82 STAT.

year, this section shall apply only to such extent and subject to such conditions, limitations, and exceptions as the Secretary or his delegate may by regulations prescribe." ^^^ AMENDMENT OF SECTION 6605.—Section 6655 is amended by adding at the end thereof the following new subsection: " (g) EXCESSIVE ADJUSTMENT UNDER SECTION 6425.— "(1) ADDITION TO TAX.—If the amount of an adjustment under section 6425 made before the 15th day of the third month following the close of the taxable year is excessive, there shall be added to the tax under chapter 1 for the taxable year an amount determined at the rate of 6 percent per annum upon the excessive amount from the date on which the credit is allowed or the refund i.s paid to such 15th day. "(2) EXCESSIVE AMOUNT.—For purposes of paragraph (1), the excessive amount is equal to the amount of the adjustment or (if smaller) the amount by which— " (A) the income tax liability (as defined in section 6425 (c)) for the taxable year as shown on the return for the taxable year, exceeds " (B) the estimated income tax paid during the taxable year, reduced by the amount of the adjustment." (e) CONFORMING AMENDMENTS.—

78 Stat. 5 3.

Anfe, pp. 260,

68A Stat. 740.

80 Stat. 64.

Ante. p. 260.

(1) Section 6655(d)(1) is amended by striking out "reduced by $100,000". _ (2) Section 243(b)(B)(C)(v) is amended to read as follows: " (v) surtax exemption, and one amount under sections 6154 {t) {'2.) aud (3) aud sections 6655(e)(2) and (3), for purposes of estimated tax payment requirements under section 6154 and the addition to the tax under section 6655 for failure to pay estimated tax." (3) Section 6020(b)(1) is amended by striking out "section 6015 or 6016)" and inserting in lieu thereof "section 6015)". (4) Section 6651(c) is amended by striking out "or section 6016". (5) Section 7203 is amended by striking out "section 6015 or section 6016)," and inserting in lieu thereof "section 6015),". ((.) Section 7701(a) (34)(B) is amended by striking out "section 6016(b)" and inserting in lieu thereof "section 6154(c)". (7) The table of sections for subpart B of part II of subchapter A of chapter 61 is amended by striking out the item relating to section 6016. (8) The table of sections for part V of subchapter A of chapter 61 is amended by striking out the item relating to section 6074. (9) The table of sections for subchapter B of chapter 65 is amended by adding at the end thereof the following: "Sec. 6425. Adjustment of overpayment of estimated income tax by corporation." (f) EFFECTIVE DATE.—Except as provided by section 104, the amendments made by this section shall apply with respect to taxable years beginning after December 31, 1967. SEC. 104. SPECIAL RULES FOR APPLICATION OF SECTIONS 102 AND 103. (a) PAYMENT OF ESTIMATED TAX FOR TAXABLE YEARS BEGINNING BEFORE DATE OF ENACTMENT.—In determining whether any taxpayer

is required to make a declaration or amended declaration of estimated tax, or to pay any amount or additional amount of estimated tax, by reason of the amendments made by sections 102 and 103— (1) such amendments shall apply (A) in the case of an individual, only if the taxable year ends on or after September 30,

�