82 STAT. ]
PUBLIC LAW 90-364-JUNE 28, 1%8
261
" (i) an amount equal to 22 percent of the amount which the corporation estimates as its surtax exemption (as defined in section 11(d)) for such year, or " (ii) the excess determined under paragraph (1) without regard to clauses (ii) and (iii) of paragraph (1)(B).
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" (B) APPLICABLE PERCENTAGE.—For purposes of subpara-
graph (A) and section 6655(e)(2), the applicable percentage is— "In the case of a taxable year beginning in— 1968, 1969, 1970, 1971, and 1972 1973 1974 1975 1976
100 80 60 40 20
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percent percent percent percent percent.
" (3) TRANSITIONAL E X E M P T I O N. —
" (A) IN GENERAL.—For purposes of clause (iii) of paragraph (1)(B), the amount of a corporation's transitional exemption for a taxable year equals the exclusion percentage (determined under subparagraph (B)) multiplied by the lesser of— " (i) $100,000, reduced by the amount of the corporation's temporary estimated tax exemption for such year, or "(ii) the excess determined under paragraph (1) without regard to clause (iii) of paragraph (1)(B). " (B) EXCLUSION PERCENTAGE.—For purposes of subparagraph (A) and section 6655(e)(3), the exclusion percentage
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"In the case of a taxable year beginning In— 1968 80 percent 1969 60 percent 1970 40 percent 1971 20 percent. " (d) RECOMPUTATION OF ESTIMATED TAX.—If, after paying any installment of estimated tax, the taxpayer makes a new estimate, the amount of each remaining installment (if any) shall be the amount which would have been payable if the new estimate had been made when the first estimate for the taxable year was made, increased or decreased (as the case may be) by the amount computed by dividing— " (1) the difference between— " (A) the amount of estimated tax required to be paid before the date on which the new estimate is made, and " (B) the amount of estimated tax which would have been required to be paid before such date if the new estimate had been made when the first estimate was made, by "(2) the number of installments remaining to be paid on or after the date on which the new estimate is made. "(e) APPLICATION TO SHORT TAXABLE YEAR,—The application of this section to taxable years of less than 12 months shall be in accordance with regulations prescribed by the Secretary or his delegate. " (f) INSTALLMENTS PAID I N ADVANCE.—At the election of the corporation, any installment of the estimated tax may be paid before the date prescribed for its payment. " (g) CERTAIN FOREIGN CORPORATIONS.—For purposes of this section and section 6655, in the case of a foreign corporation subject to taxation under section 11 or 1201 (a), or under subchapter L of chap- je^uscTso^i^-" ter 1, the tax imposed by section 881 shall be treated as a tax imposed 843. by section 11." so Stat. iss.-;.
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