260
PUBLIC LAW 90-364-JUNE 28, 1968
[82 STAT.
(2) Insofar as they relate to corporations, to taxable years ending after I>ecember 81, 1967, and beginning before July 1, 1969. SEC. 103. PAYMENT OF ESTIMATED TAX BY CORPORATIONS. so^st^f *i563^*'
(^) REPEAL o r REQUIREMENT or DECLARATION.—Section 6016 (relat-
26 USC 6016. 78 Stat. 27.
ing to declarations of estimated income tax by corporations) and sectj^n 6074 (relating to time for filing declarations of estimated income tax by corporations) are repealed. (b) INSTALLMENT PAYMENTS or ESTIMATED INCOME TAX BY CORPO-
so'stare/^'
RATIONS.—Section 6154 "(relating to installment payments of estimated income tax by corporations) is amended to read as follows: "SEC. 6154. INSTALLMENT PAYMENTS OF ESTIMATED INCOME TAX BY CORPORATIONS. " (a) CORPORATIONS REQUIRED To P A Y ESTIMATED INCOME T A X. —
68A Stat. 320. 26 USC 801843
Every corporation subject to taxation under section 11 or 1201(a), or subchapter L of chapter 1 (relating to insurance companies), shall make payments of estimated tax (as defined in subsection (c)) during its taxable year as provided in subsection (b) if its estimated tax for such taxable year can reasonably be expected to be $40 or more. "(b) PAYMENT I N INSTALLMENTS.—Any corporation required under subsection (a) to make payments of estimated tax (as defined in subsection (c)) shall make such payments in installments as follows: "If the requirements of subsection (a) are first met—
The followlf'g percentage" of the estimated tax shall be paid on the 15th day of the— 4th 6th 9th 12th month month month month
Before the 1st day of the 4 h month of the taxable year After the la^t day of the 3d month and before the 1st day of the 6th month of the taxable ye r Af or the 1 ist day of the 5th month and before the 1st day of the 9th month of the taxable year _ After the 1 tst day of the 8th month and before the 1st day of the 12th month of the tixable year.
25
25
25
33J^
S3H
3ZM
50 -
25
50 100
" (c) ESTIMATED TAX DEFINED,—
26 USC 31-48.
"(1) IN GENERAL.—For purposes of this title, in the case of a corporation the term 'estimated tax' means the excess of— " (A) the amount which the corporation estimates as the amount of the income tax imposed by section 11 or 1201 (a), or subchapter L of chapter 1, whichever is applicable, over " (B) the sum of— " (i) the amount which the corporation estimates as the sum of the credits against tax provided by part IV Qf subchapter A of chapter 1, "(ii) in the case of a taxable year beginning after December 31, 1967, and before January 1, 1977, the amount of the corporation's temporary estimated tax exemption for such year, and "(iii) in the case of a taxable year beginning after December 31, 1967, and before January 1, 1972, the amount of the corporation's transitional exemption for such year. " (2) TEMPORARY ESTIMATED TAX EXEMPTION.—
" (A) IN GENERAL.—For purposes of clause (ii) of paragraph (1)(B), the amount of a corporation's temporary estimated tax exemption for a taxable year equals the applicable percentage (determined under subparagraph (B)) multiplied by the lesser of—
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