PUBLIC LAWS-CH. 120 -JUNE 9, 1943 prescribed by the Commissioner with the approval of the Secre- tary, the Commissioner shall, except as hereinafter provided, extend the time for the payment of the portion of the tax for the taxable year 1943 equal to one-half of the amount of the 25 per centum increase therein under subsection (a) or (b) (2) for the taxable year 1943, in which case such portion shall be paid on or before the fifteenth day tf the fifteenth month following the close of the taxable year. The Commissioner may condition the exten- sion upon the furnishing by the taxpayer of a bond in such amount, not exceeding the amount with respect to which the extension applies, with such surety or sureties, as the Commis- sioner deems necessary, conditioned upon the payment of such amount in accordance with the terms of the extension. If such amount is not paid on or before the date on which it is payable, it shall be paid upon notice and demand from the Collector. If such amount is not paid on or before the date on which it is payable, there shall be collected, as a part of the tax, interest on such amount at the rate of 6 per centum per annum for the period beginning with the date on which such amount is payable and ending with the date on which it is paid. (2) INCREASE UNDER SUBSECTION (C).-At the election of the taxpayer, made under regulations prescribed by the Commissioner with the approval of the Secretary, the Commissioner shall, except as hereinafter provided, extend the time for the payment of the portion of the tax for the taxable year 1943 equal to the increase therein under subsection (c), in which case such portion shall be paid in four equal annual installments, the first of which shall be paid on the fifteenth day of the fifteenth month following the close of the taxable year, and of the remaining installments ene of which shall be paid on the last day of each succeeding twelve- month period, except that any installment may be paid prior to the date prescribed for its payment. The Conmissioner mav condition the extension upon the furnishing by the taxpayer of ia bond in such amount, not exceeding the amount of such increase, with such surety or sureties, as the Commissioner deems neces- sary, conditioned upon the payment of such amount in accord- ance with the termls of the extension. If the time for the pay- ment of such portion is extended, there shall be collected, as a part of the tax, interest on each installment at the rate of 4 per centum per annum for the period beginning with the date pre- scribed for the payment of the tax for such taxable year and ending with the date on which such installment is paid or the date on which it is payable, whichever is the earlier. If any installment is not paid on or before the date on which it is pay- able, it and the remaining installnlents shall be paid upon notice and demand from the Collector. If any installment is not paid on or before the date on which it is payable, there shall be col- lected, as part of the tax, interest on such installment at the rate of 6 per centum per annum for the period beginning with the date on which such installment is payable and ending with the date on which it is paid. (f) TREATMENT OF PAYMENTS ON ACCOUNT OF 1942 TAX.-Any payment (other than interest and additions to the tax) made on 26.S. .1 -396 account of the tax imposed by Chapter 1 of the Internal Revenue Supp. II § 3-476. Code for the taxable year 1942 upon a taxpayer whose liability for pote,p. 14984602 such tax is discharged under subsection (a) or (b) shall be considered as payment on account of the estimated tax for the taxable year 1943. In the case of any extension of time for the payment of such tax [5,7 STAT.
�
