Page:United States Statutes at Large Volume 94 Part 1.djvu/296

 94 STAT. 246

PUBLIC LAW 96-223—APR. 2, 1980 "(7) ELECTION FOR PURCHASER AND OPERATOR TO HAVE OPERATOR TAKE PLACE OF PURCHASER.—

26 USC 6001.

"(A) IN GENERAL.—If the purchaser of domestic crude oil and the operator of the property from which the crude oil was produced make a joint election under this paragraph with respect to such property (or portion thereof)— "(i) the operator shall be substituted for the purchaser for purposes of applying this subsection and subsection (b) (and so much of subtitle F as relates to such subsections), and "(ii) if the operator is not an integrated oil company, the operator shall be treated as having the same status as the purchaser for purposes of applying subsection (b) with respect to amounts withheld by the operator by reason of such election. "(B) REGULATIONS MAY LIMIT ELECTION.—The Secretary

26 USC 6212.

may by regulations limit the circumstances under which an election under this paragraph may be made to situations where substituting the operator for the purchaser is administratively more practicable. "(8) No ASSESSMENTS OR REFUNDS BEFORE CLOSE OF THE YEAR.— Except to the extent provided in regulations prescribed by the Secretary, in the case of any oil subject to withholding under this subsection— "(A) no notice of any deficiency with respect to the tax imposed by section 4986 may be mailed under section 6212, and "(B) no proceeding in any court for the refund of the tax imposed by section 4986 may be begun, before the last day of the first February after the calendar year in which such oil was removed from the premises. "(b) DEPOSITARY REQUIREMENTS.— "(1) INTEGRATED OIL COMPANIES.—In the case of an integrated

oil company, deposit of the estimated amount of— "(A) withholding under subsection (a) by such company, and "(B) such company's liability for the tax imposed by section 4986 with respect to oil for which withholding is not required, shall be made twice a month. "(2) PERSONS WHO ARE NOT INTEGRATED OIL COMPANIES.—In the

case of a person, other than an integrated oil company— "(A)

DEPOSITS OF WITHHELD AMOUNTS.—Deposit of

the

amounts required to be withheld under subsection (a) shall be made not later than— "(i) except as provided in clause (ii), 45 days after the close of the month in which the oil was removed, or "(ii) in the case of oil purchased under a contract therefor by an independent refiner under which no payment is required to be made before the 46th day after the close of the month in which the oil is purchased, before the first day of the 3rd month which begins after the close of the month in which such oil was removed. "(B) ESTIMATED SECTION 4986 TAX.—Deposits of the estimated amount of such person's liability for the tax imposed by section 4986 with respect to oil for which withholding is not required shall be made not later than 45 days after the

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