PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 635
SEC. 341. AUTHORITY TO DELAY DATE FOR FILING CERTAIN RETURNS RELATING TO FOREIGN CORPORATIONS AND FOREIGN TRUSTS. (a) FOREIGN CORPORATIONS.—Subsection (d) of section 6046 (relat- 26 USC 6046. ing to t i m e for filing r e t u r n s as to organization or reorganization of foreign corporations and as to acquisitions of the i r stock) is amended by inserting before the period a t the end thereof the following: "(or on or before such l a t e r day as the Secretary may by forms or regulations prescribe)". (b) FOREIGN TRUSTS.—Subsection (a) of section 6048 (relating to 26 USC 6048. r e t u r n s a s to certain foreign t r u s t s) is amended by inserting "(or on or before such l a t e r day a s the Secretary may by regulations prescribe)" after " the 90th d a y ". (c) EFFECTIVE D A T E. — The amendments m a d e by this section shall 26 USC 6046 apply to r e t u r n s filed after the date of the e n a c t m e n t of this Act. "°^®SEC. 342. WITHHOLDING OF TAX ON NONRESIDENT ALIENS AND FOREIGN . CORPORATIONS.
26 USC 1441 '^o*^®
Not l a t e r than 2 year s after the date of the e n a c t m e n t of t h i s Act, the Secretary of the Treasury or his delegate shall prescribe regulations establishing certification procedures, refund procedures, or other procedures which e n s u r e that any benefit of any t r e a t y relating to w i t h h o l d i n g of tax under sections 1441 and 1442 of the I n t e r n a l Revenue Code of 1954 is available only to persons entitled to such benefit. SEC.
343. TECHNICAL AMENDMENT RELATING TO PENALTY UNDER SECTION 905(c).
(a) GENERAL RULE.—Subsection (c) of section 905 (relating to adjustments on payment of accrued taxes) is amended by striking out the last sentence. (b) EFFECTIVE D A T E. — The amendment m a d e by subsection (a) shall h a v e the s a m e effect as if the last s e n t e n c e of section 905(c) h a d never been enacted.
26 USC 905. 26 USC 905 note,
Subtitle G—Modification of Interest Provisions SEC. 344. INTEREST COMPOUNDED DAILY. (a) IN GENERAL. — Subchapter C of chapter 67 (relating to determination of r a t e of interest) is amended by adding a t the end thereof the following new section: "SEC. 6622. INTEREST COMPOUNDED DAILY.
26 USC 6622.
"(a) GENERAL RULE. — I n c o m p u t i n g the a m o u n t of any interest required to be paid under t h i s title or sections 1961(c)(1) or 2411 of title 28, United States Code, by the Secretary or by the tax p a y e r, or any other a m o u n t determined by reference to such a m o u n t of interest, such interest and such a m o u n t shall be compounded daily. "(b)
EXCEPTION FOR P E N A L T Y FOR F A I L U R E TO F I L E ESTIMATED
TAX.—Subsection (a) shall not apply for purposes of computing the a m o u n t of any addition to tax under section 6654 or 6655." (b) CONFORMING AMENDMENTS. —
(1) Section 6601(e) (relating to applicable rules) is amended by striking out paragraph (2) and redesignating paragraph s (3) and (4) as paragraph s (2) and (3), respectively.
26 USC 6601.
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