C H. 6 2 — T I M E AND PLACE FOR PAYING TAX
765
taxpayer had elected to pay the tax in installments as provided in section 6152. (d) P E R I O D OF ExTENSiON.^-The extension of time for payment provided in this section shall expire— (1) on the last day of the month in which falls the last date prescribed by law (including any extension of time granted the taxpayer) for the filing of the return for the taxable year of the expected net operating loss, or (2) if an application for tentative carryback adjustment provided in section 6411 with respect to such loss is filed before the expiration of the period prescribed in paragraph (1), on the date on which notice is mailed by registered mail by the Secretary or his delegate to the taxpayer that such application is allowed or disallowed in whole or in part. (e) R E VI S E D STATEMENTS.—Each statement filed under subsection (a) with respect to any taxable year shall be in lieu of the last statement previously filed with respect to such year. If the amount the time for payment of which is extended under a statement filed is less than the amount under the last statement previously filed, the extension of time shall be terminated as to the difference between the two amounts. (f) TERMINATION.—The Secretary or his delegate is not required to make any examination of the statement, but he may make such examination thereof as he deems necessary and practicable. The Secretary or his delegate shall terminate the extension as to any part of the amount to which it relates which he deems should be terminated because, upon such examination, he believes that, as of the time such examination is made, all or any part of the statement clearly is in a material respect erroneous or unreasonable. (g) PAYMENTS ON TERMINATION.—If an extension of time is terminated under subsection (e) or (f) with respect to any amount, then— (1) no further extension of time shall be made under this section with respect to such amount, and (2) the time for payment of such amount shall be considered to be the dates on which payments would have been required if there had been no extension with respect to such amount and the taxpayer had elected to pay the tax in installments as provided in section 6152. (h) JEOPARDY.—If the Secretary or his delegate believes that collection of the amount to which an extension under this section relates is in jeopardy, he shall immediately terminate such extension, and notice and demand shall be made by him for payment of such amount. (i) CONSOLIDATED R E T U R N S. — I f the corporation seeking an extension of time under this section made or was required to make a consolidated return, either for the taxable year within which the net operating loss arises or for the preceding taxable year affected by such loss, the provisions of such 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.
§ 6164(i)
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