Cases: Phico Group, Inc. v. United States, 692 F. Supp. 437 (M.D. Penn. 1988)
Forms: Form 4466
Final rules 1
(a) Application of adjustment
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.
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(1) Time for filing A corporation may, after the close of the taxable year and on or before the 15th day of the fourth month thereafter, and before the day on which it files a return for such taxable year, file an application for an adjustment of an overpayment by it of estimated income tax for such taxable year. An application under this subsection shall not constitute a claim for credit or refund.
Amended 2015
- 2015 Pub. L. 114-41 Pub. L. 114–41 substituted “fourth month” for “third month”.
(2) Form of application, etc. An application under this subsection shall be verified in the manner prescribed by section 6065 in the case of a return of the taxpayer, and shall be filed in the manner and form required by regulations prescribed by the Secretary. The application shall set forth—
(A) the estimated income tax paid by the corporation during the taxable year,
(B) the amount which, at the time of filing the application, the corporation estimates as its income tax liability for the taxable year,
(C) the amount of the adjustment, and
(D) such other information for purposes of carrying out the provisions of this section as may be required by such regulations.
(b) Allowance of adjustment
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.
(1) Limited examination of application Within a period of 45 days from the date on which an application for an adjustment is filed under subsection (a), the Secretary shall make, to the extent he deems practicable in such period, a limited examination of the application to discover omissions and errors therein, and shall determine the amount of the adjustment upon the basis of the application and the examination; except that the Secretary may disallow, without further action, any application which he finds contains material omissions or errors which he deems cannot be corrected within such 45 days.
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(2) Adjustment credited or refunded The Secretary, within the 45-day period referred to in paragraph (1), may credit the amount of the adjustment against any liability in respect of an internal revenue tax on the part of the corporation and shall refund the remainder to the corporation.
(3) Limitation No application under this section shall be allowed unless the amount of the adjustment equals or exceeds (A) 10 percent of the amount estimated by the corporation on its application as its income tax liability for the taxable year, and (B) $500.
(4) Effect of adjustment For purposes of this title (other than section 6655), any adjustment under this section shall be treated as a reduction, in the estimated income tax paid, made on the day the credit is allowed or the refund is paid.
(c) Definitions For purposes of this section and section 6655(h) (relating to excessive adjustment)—
Amended 1987
- 1987 Pub. L. 100-203 Pub. L. 100–203 substituted “section 6655(h)” for “section 6655(g)”.
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(1) The term “income tax liability” means the excess of—
(A) the sum of—
Amended 1986, 2014, 2017, 2018, 2022
- 2022 Pub. L. 117-169 Pub. L. 117–169 amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows:
- 2022 “(A) the sum of—
“(i) the tax imposed by section 11, or subchapter L of chapter 1, whichever is applicable, plus
“(ii) the tax imposed by section 59A, over”.
- 2018 Pub. L. 115-141 Pub. L. 115–141, which directed amendment of subpar. (A) by substituting “the sum” for “The sum”, could not be executed because “The sum” no longer appeared after the amendments made by Pub. L. 115–97. See 2017 Amendment notes below.
- 2017 Pub. L. 115-97 Pub. L. 115–97, § 14401(d)(3), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the tax imposed by section 11 or subchapter L of chapter 1, whichever is applicable, over”.
- 2017 Pub. L. 115-97 Pub. L. 115–97, § 13001(b)(2)(P), struck out “or 1201(a),” after “by section 11”.
- 2017 Pub. L. 115-97 Pub. L. 115–97, § 12001(b)(17), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “The sum of—
“(i) the tax imposed by section 11 or 1201(a), or subchapter L of chapter 1, whichever is applicable, plus
“(ii) the tax imposed by section 55, over”.
- 2014 Pub. L. 113-295 Pub. L. 113–295 inserted “plus” at end of cl. (i), substituted “over” for “plus” at end of cl. (ii), and struck out cl. (iii) which read as follows: “the tax imposed by section 59A, over”.
- 1986 Pub. L. 99-514 Pub. L. 99–514 amended subpar. (A) generally, restating existing provisions as cl. (i) and adding cl. (ii).
- 1986 Pub. L. 99-499 Pub. L. 99–499 amended subsec. (c)(1)(A), as amended by the Tax Reform Act of 1986 (Pub. L. 99–514), by striking out “plus” at end of cl. (i), substituting “plus” for “over” at end of cl. (ii), and adding cl. (iii).
(i) the tax imposed by section 11 or subchapter L of chapter 1, whichever is applicable, plus
(ii) the tax imposed by section 55, plus
(iii) the tax imposed by section 59A, over
(B) the credits against tax provided by part IV of subchapter A of chapter 1.
(2) The amount of an adjustment under this section is equal to the excess of—
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(A) the estimated income tax paid by the corporation during the taxable year, over
(B) the amount which, at the time of filing the application, the corporation estimates as its income tax liability for the taxable year.
(d) Consolidated returns If the corporation seeking an adjustment under this section paid its estimated income tax on a consolidated basis or expects to make a consolidated return for the taxable year, this section shall apply only to such extent and subject to such conditions, limitations, and exceptions as the Secretary may by regulations prescribe.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.