Page:United States Statutes at Large Volume 95.djvu/372

 95 STAT. 346

PUBLIC LAW 97-34—AUG. 13, 1981 "In the case of taxable years beginning in: 1981 1982 1983 1984 1985 and thereafter

26 USC 6654.

The amount is: $100 200 300 400 500."

(b) No PENALTY FOR FAILURE TO PAY ESTIMATED TAX IN CERTAIN

CASES.—Section 6654 (relating to failure by individual to pay estimated tax) is amended by redesignating subsections (f) and (g) as subsections (g) and (h), respectively, and by inserting after subsection (e) the following new subsection: "(f) EXCEPTION WHERE TAX IS SMALL AMOUNT.—

"(1) IN GENERAL.—No addition to tax shall be imposed under subsection (a) for any taxable year if the tax shown on the return for such taxable year (or, if no return is filed, the tax) is less than the amount determined under the following table:

"In the case of taxable years beginning in: 1981 1982 1983 1984 1985 and thereafter

The amount Is: $100 200 300 400 500.

"(2) SPECIAL RULE.—For purposes of subsection (b), the amount of any installment required to be paid shall be determined without regard to subsection (b) of section 6015." 26 USC 871. 26 USC 6015. 26 USC 6153. 26 USC 7701. Supra. 26 USC 6015 ^°^-

(c) TECHNICAL AMENDMENTS.—

(1) Paragraph (6) of section 871(g) is amended by striking out "6015(i)" and inserting in lieu thereof "6015(j)". (2) Subsection (a) of section 6015 is amended by striking out the last sentence. (3) Subsection (a) of section 6153 is amended by striking out "6015(c)" and inserting in lieu thereof "6015(d)". (4) Subparagraph (A) of section 7701(a)(34) is amended by striking out "6015(c)" and inserting in lieu thereof "6015(d)'\ (5) Subsection (g) of such section 6654 (as redesignated by subsection (b)) is amended by striking out "subsections (b) and (d)" and inserting in lieu thereof "subsections (b), (d), and (f)". (d) EFFECTIVE DATE.—The amendments made by this section shall apply to estimated tax for taxable years beginning after December 31, 1980.

Subtitle D—Cash Management 26 USC 6655.

SEC. 731. CASH MANAGEMENT. (a) IN GENERAL.—Paragraph (1) of section 6655(h) (relating to large corporations required to pay at legist 60 percent of current year tax) is amended to read as follows: "(1) MINIMUM PERCENTAGE.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), in the case of a large corporation, paragraphs (1) and (2) of subsection (d) shall not apply. "(B) TRANSITION RULE.—For taxable years beginning before 1984, in the case of a large corporation, the amount treated as the estimated tax for the taxable year under >aragraphs (1) and (2) of subsection (d) shall in no event be ess than the applicable percentage of^

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