Page:United States Statutes at Large Volume 83.djvu/206

 178

PUBLIC LAW.91-106-OCT. 31, 1969

[83 STAT.

" (b) F A I L U R E BY CORPORATION OR UNiNCORPt)RATED B U S I N E S S TO PAY ESTIMATED TAX.— (1) ADDITION TO THE TAX.—In case of any

underpayment of estimated tax by a corporation or an unincorporated business, there shall be added to the tax for the taxable year an amount determined at the rate of 6 per centum per annum upon the amount of the underpayment (determined under paragraph (2) for the period of the underpayment (determined under paragraph (3)). " (2) AMOUNT or UNDERPAYMENT.—For purposes of paragraph (1),

61 Stat. 330.

82^stat^6i^2^^'

the amount of the underpayment shall be the excess of— " (A) the amount of the installment which would be required to be paid if the estimated tax were equal to 80 per centum of the tax shown on the return for the taxable year or, if no return was filed, 80 per centum of the tax for such year, over " (B) the amount, if any, of the installment paid on or before the last date prescribed for payment. "(3) PERIOD OF UNDERPAYMENT.—The period of the underpayment shall run from the date the installment was required to be paid to whichever of the following dates is the earlier— " (A) the 15th day of the fourth month following the close of the taxable year; or " (B) with respect to any portion of the underpayment, the date on which such portion is paid. For purposes of this paragraph, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under paragraph (2)(A) for such installment date. "(c) OVERPAYMENT; CREDIT or TAX.—Overpayment resulting from the payment of estimated tax for a taxable year in excess of the amount determined to be due upon the filing of a franchise tax return for such taxable year may be credited against the amount of estimated tax determined to be due on any declaration filed for the next succeeding taxable year or for any deficiency or nonpayment of tax for any previous taxable year. No refund shall be made of any estimated tax paid unless a complete return is filed." (b) That part of the table of contents of such article relating to title X II is amended— (1) by inserting after the item relating to section 13 the following: "SEC. 14. Declarations of estimated tax by corporations and unincorporated businesses. " (a) Declaration of estimated tax. " (b) Failure by corporation or unincorporated business to pay estimated tax. " (1) Addition to the tax. " (2) Amount of underpayment. " (3) Period of underpayment. " (c) Overpayment; credit of tax."; (2) by striking out "SEC. 14" and inserting in lieu thereof "SEC. 15"; and (3) by striking out "SEC. 15" and inserting in lieu thereof "SEC. 16". SEC. 604. (a)(1) Section 2 of title VII of article I of the District of Columbia Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47-1571a) is amended by adding at the end thereof the following new sentence: "The minimum tax payable shall be $25.00."

�