Lapas attēli
PDF
ePub

Taxable Years Beginning in 1940

Taxable Years
Beginning in 1939

Taxable Years Beginning before 1939

Sec. 56. (c) Extension of time for payment.

Sec. 56. (c) Extension of time for payment.—

Sec. 56. (c) (1) General rule.— Sec. 56. (c) (1) General rule.At the request of the taxpayer, the At the request of the taxpayer, the Commissioner may extend the time Commissioner may extend the time for payment of the amount deter- for payment of the amount determined as the tax by the taxpayer, mined as the tax by the taxpayer, or any installment thereof, for a or any installment thereof, for a period not to exceed six months period not to exceed six months from the date prescribed for the from the date prescribed for the payment of the tax or an install-payment of the tax or an installment thereof. In such case the ment thereof. In such case the amount in respect of which the ex- amount in respect of which the extension is granted shall be paid on tension is granted shall be paid on or before the date of the expira- or before the date of the expiration of the period of the extension. tion of the period of the extension.

Sec. 56. (c) Extension of time for payment.

Sec. 56. (c) (1) General rule.
See p. 112, Eighth Edition.

See p. 112, Eighth Edition.

Sec. 56. (c) (2) Liquidation of Sec. 56. (c) (2) Liquidation of Sec. 56. (c) (2) Liquidation of personal holding companies.-At personal holding companies.-At personal holding companies. the request of the taxpayer, the the request of the taxpayer, the Commissioner may (under regula- Commissioner may (under regulations prescribed by the Commis- tions prescribed by the Commis1943 under subsections (b) and (c), shall be joint and several.

(3) FOREIGN TAX CREDIT AND APPLICATION OF SECTIONS 105, 106, AND 107.-The credit against the tax imposed by Chapter 1 of the Internal Revenue Code for the taxable year 1943 allowed by section 31 of such chapter (relating to taxes of foreign countries and of possessions of the United States), shall be determined without regard to subsections (a), (b), and (c). Sections 105, 106, and 107 of such chapter (relating to limitations on tax) shall be applied without regard to subsections (a), (b), and (c).

(4) SECTION 107 INCOME ATTRIBUTED TO BASE YEAR.That portion of the compensation which is received or accrued in the taxable year 1942 (if the tax for such year is not greater than that for the taxable year 1943), or in the taxable year 1943 (if the tax for such year is less than that for the taxable year 1942), and which under section 107 of the Internal Revenue Code is attributed to the base year, shall for the purposes of subsection (e) be excluded in computing the surtax net income for the taxable year 1942 or 1943, as the case may be, and be included in computing the surtax net income for the base year.

(5) PARTNERSHIP BUSINESS FORMERLY OPERATED AS CORPORATION.—If, during the base year of any individual,

such individual was a shareholder in a corporation and if substantially all of the assets of such corporation were at any time prior to May 1, 1943, acquired by such individual or a partnership of which he is a partner pursuant to the complete liquidation of such corporation, and if at all times after such liquidation up to and including the taxable year 1942 (if subsection (a) is applicable) or the taxable year 1943 (if subsection (b) is applicable) the trade or business of such corporation was carried on by such individual or partnership, for the purposes of subsection (c) such individual may compute his surtax net income for the base year as if the earnings and profits of the corporation for the taxable year ending with or within the base year had all been distributed as dividends at the end of such taxable year. If the interest of such individual in the partnership is proportionately less than his interest in the corporation, his distributive share of such dividends shall for the purposes of this paragraph be adjusted to reflect such difference.

(6) CERTAIN PORTIONS OF INCREASE IN 1943 TAX NOT PART OF ESTIMATED TAX.-The amount by which the tax for the taxable year 1943 is increased under subsection (a), (b) (2), or (c) shall not be considered to be a part of the tax for such taxable year for the purposes

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

sioner with the approval of the sioner with the approval of the sioner with the approval of the Secretary) extend (for a period Secretary) extend (for a period Secretary) extend (for a period not to exceed five years from the not to exceed five years from the not to exceed five years from the date prescribed for the payment date prescribed for the payment date prescribed for the payment of the tax) the time for the pay- of the tax) the time for the pay- of the tax) the time for the payment of such portion of the ment of such portion of the ment of such portion of the amount determined as the tax by amount determined as the tax by amount determined as the tax by the taxpayer as is attributable to the taxpayer as is attributable to the taxpayer as is attributable to the short-term or long-term capital the short-term or long-term capital the short-term or long-term capital gain derived by the taxpayer from gain derived by the taxpayer from gain derived by the taxpayer from the receipt by him of property the receipt by him of property the receipt by him of property other than money upon the com- other than money upon the com- other than money upon the complete liquidation (as defined in plete liquidation (as defined in plete liquidation (as defined in section 115 (c)) of a corporation. section 115 (c)) of a corporation. section 115 (c)) of a corporation. This paragraph shall apply only if This paragraph shall apply only if This paragraph shall apply only if the corporation, for its taxable the corporation, for its taxable the corporation, for its taxable year preceding the year in which year preceding the year in which year preceding the year in which occurred the complete liquidation occurred the complete liquidation occurred the complete liquidation (or the first of the series of distri- (or the first of the series of distri- (or the first of the series of distributions referred to in such sec- butions referred to in such sec-butions referred to in such section), was, under the law appli- tion), was, under the law appli- tion), was, under the law applicable to such taxable year, a cable to such taxable year, a cable to such taxable year, a personal holding company or a personal holding company or a personal holding company or foreign personal holding company. foreign personal holding company. foreign personal holding company. An extension under this paragraph An extension under this paragraph An extension under this paragraph shall be granted only if it is shown shall be granted only if it is shown shall be granted only if it is shown to the satisfaction of the Commis- to the satisfaction of the Commis- to the satisfaction of the Commissioner that the failure to grant it sioner that the failure to grant it sioner that the failure to grant it will result in undue hardship to will result in undue hardship to will result in undue hardship to the taxpayer. If an extension is the taxpayer. If an extension is the taxpayer. If an extension is granted the amount with respect granted the amount with respect granted the amount with respect to which the extension is granted to which the extension is granted to which the extension is granted shall be paid on or before the date shall be paid on or before the date shall be paid on or before the date of the expiration of the extension. of the expiration of the extension. of the expiration of the extension. If an extension is granted under If an extension is granted under If an extension is granted under this paragraph the Commissioner this paragraph the Commissioner this paragraph the Commissioner may require the taxpayer to fur- may require the taxpayer to fur- may require the taxpayer to furnish a bond in such amount, not nish a bond in such amount, not nish a bond in such amount, not exceeding double the amount with exceeding double the amount with exceeding double the amount with

of sections 58, 59, 60, and 294 (a), (3), (4) and (5) of the Internal Revenue Code.

(7) TAXPAYER DYING IN TAXABLE YEAR 1942.-If the individual dies during the taxable year 1942, subsections (a), (b), and (c) shall not apply.

(e) EXTENSION OF TIME FOR PAYMENT OF PORTIONS OF INCREASE IN 1943 TAX.

(1) TWENTY-FIVE PER CENTUM INCREASE UNDER SUBSECTION (A) OR (B).-At the election of the taxpayer, made under regulations prescribed by the Commissioner with the approval of the Secretary, the Commissioner shall, except as hereinafter provided, extend the time for the payment of the portion of the tax for the taxable year 1943 equal to one-half of the amount of the 25 per centum increase therein under subsection (a) or (b) (2) for the taxable year 1943, in which case such portion shall be paid on or before the fifteenth day of the fifteenth month following the close of the taxable year. The Commissioner may condition the extension upon the furnishing by the taxpayer of a bond in such amount, not exceeding the amount with respect to which the extension applies, with such surety or sureties, as the Commissioner deems necessary, conditioned upon the payment of such amount in accordance with the terms of the extension. If such amount is not paid on or before the date on which it is payable, it shall be paid upon notice and demand from the Collector. If such amount is not paid on or before the date on which it is payable,

a

there shall be collected, as a part of the tax, interest on such amount at the rate of 6 per centum per annum for the period beginning with the date on which such amount is payable and ending with the date on which it is paid. (2) INCREASE UNDER SUBSECTION (c).-At the elec tion of the taxpayer, made under regulations prescribed by the Commissioner with the approval of the Secretary, the Commissioner shall, except as hereinafter provided, extend the time for the payment of the portion of the tax for the taxable year 1943 equal to the increase therein under subsection (c), in which case such portion shall be paid in four equal annual installments, the first of which shall be paid on the fifteenth day of the fifteenth month following the close of the taxable year, and of the remaining installments one of which shall be paid on the last day of each succeeding twelve-month period, except that any installment may be paid prior to the date prescribed for its payment. The Commissioner may condition the extension upon the furnishing by the taxpayer of a bond in such amount, not exceeding the amount of such increase, with such surety or sureties, as the Commissioner deems necessary, conditioned upon the payment of such amount in accordance with the terms of the extension. If the time for the payment of such portion is extended, there shall be collected, as a part of the tax, interest on each installment at the rate of 4 per centum per annum for the period beginning with the date prescribed for the pay

[blocks in formation]

sioner with the approval of the sioner with the approval of the
Secretary) extend (for a period Secretary) extend (for a period
not to exceed five years from the not to exceed five years from the
date prescribed for the payment date prescribed for the payment
of the tax) the time for the pay- of the tax) the time for the pay-
ment of such portion of the ment of such portion of the
amount determined as the tax by amount determined as the tax by
the taxpayer as is attributable to the taxpayer as is attributable to
the short-term or long-term capital the short-term or long-term capital
gain derived by the taxpayer from gain derived by the taxpayer from
the receipt by him of property the receipt by him of property
other than money upon the com- other than money upon the com-
plete liquidation (as defined in plete liquidation (as defined in
section 115 (c)) of a corporation. section 115 (c)) of a corporation.
This paragraph shall apply only if This paragraph shall apply only if
the corporation, for its taxable the corporation, for its taxable
year preceding the year in which year preceding the year in which
occurred the complete liquidation occurred the complete liquidation
(or the first of the series of distri- (or the first of the series of distri-
butions referred to in such sec-butions referred to in such section),
tion), was, under the law appli- was, under the law applicable
cable to such taxable year, a to such taxable year, a per-
personal holding company or a sonal holding company or a for-
foreign personal holding company. eign personal holding company.
An extension under this paragraph An extension under this paragraph
shall be granted only if it is shown shall be granted only if it is shown
to the satisfaction of the Commis- to the satisfaction of the Commis-
sioner that the failure to grant it sioner that the failure to grant it
will result in undue hardship to will result in undue hardship to
the taxpayer. If an extension is the taxpayer. If an extension is
granted the amount with respect granted the amount with respect
to which the extension is granted to which the extension is granted
shall be paid on or before the date shall be paid on or before the date
of the expiration of the extension. of the expiration of the extension.
If an extension is granted under If an extension is granted under
this paragraph the Commissioner this paragraph the Commissioner
may require the taxpayer to fur- may require the taxpayer to fur-
nish a bond in such amount, not nish a bond in such amount, not
exceeding double the amount with exceeding double the amount with
ment of the tax for such taxable year and ending with
the date on which such installment is paid or the date
on which it is payable, whichever is the earlier. If any
installment is not paid on or before the date on which
it is payable, it and the remaining installments shall be
paid upon notice and demand from the Collector.
any installment is not paid on or before the date on
which it is payable, there shall be collected, as part of
the tax, interest on such installment at the rate of 6
per centum per annum for the period beginning with
the date on which such installment is payable and end-
ing with the date on which it is paid.

If

(f) TREATMENT OF PAYMENTS ON ACCOUNT OF 1942 TAX.--Any payment (other than interest and additions to the tax) made on account of the tax imposed by Chapter 1 of the Internal Revenue Code for the taxable year 1942 upon a taxpayer whose liability for such tax is discharged under subsection (a) or (b) shall be considered as payment on account of the estimated tax for the taxable year 1943. In the case of any extension of time for the payment of such tax granted by the Commissioner prior to September 1, 1943, payment of the portion thereof which if such extension had not been granted would have been payable under section 56 (b) prior to such date shall be made notwithstanding subsection (a) or (b), but the foregoing provisions of this subsection shall apply to any such payment. In case the taxpayer becomes delinquent prior to September 1,

Taxable Years

Beginning before 1939

1943, in the payment of such tax or any installment thereof, subsection (a) or (b) shall not relieve the taxpayer of his liability for the tax, but the foregoing provisions of this subsection shall be applicable to payment of such liability. If any payment on account of the tax imposed by such chapter for the taxable year 1942 is made pursuant to a joint return made by husband and wife for such taxable year, and such payment is considered as a payment on account of the estimated tax for the taxable year 1943, such payment may be treated as a payment on account of the estimated tax of either the husband or the wife for such taxable year or may be divided between them.

[ocr errors]

(g) USE OF TERM "TAXABLE YEAR".-For the purposes of this section the terms "taxable year 1937", taxable year 1938", "taxable year 1939", "taxable year 1940", "taxable year 1942", and "taxable year 1943" mean, respectively, the taxable year beginning in 1937, 1938, 1939, 1940, 1942, and 1943, respectively; and "taxable year" as applied to the taxable year 1942 or 1943 shall not include any period of less than twelve months unless occasioned by the death of the taxpayer or unless there is no taxable year of twelve months beginning in such calendar year.

(h) REGULATIONS.-This section shall be applied in accordance with regulations prescribed by the Commissioner with the approval of the Secretary.

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

respect to which the extension is respect to which the extension is respect to which the extension is granted, and with such sureties as granted, and with such sureties as granted, and with such sureties as the Commissioner deems necessary, the Commissioner deems necessary, the Commissioner deems necessary, conditioned upon the payment of conditioned upon the payment of conditioned upon the payment of the amount with respect to which the amount with respect to which the amount with respect to which the extension is granted in accord- the extension is granted in accord- the extension is granted in accordance with the terms of the exten- ance with the terms of the exten- ance with the terms of the extension. sion. sion.

[blocks in formation]

Sec. 56. (g) Fractional parts of Sec. 56. (g) Fractional parts of cent. In the payment of any tax cent.-In the payment of any tax under this chapter a fractional under this chapter a fractional part of a cent shall be disregarded part of a cent shall be disregarded unless it amounts to one-half cent unless it amounts to one-half cent or more, in which case it shall be or more, in which case it shall be increased to 1 cent. increased to 1 cent.

Sec. 56. (h) Receipts.-Every collector to whom any payment of any income tax is made shall upon request give to the person making such payment a full written or printed receipt therefor.

Sec. 57. Examination of return and determination of tax.

As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax.

See. 58. Additions to tax and penalties,

(a) For additions to tax in case of negligenee fraud in the nonpayment tax or failure to Aleret therefor, see Supplement

(b) For eriminal penaltie for nonpayment of tax or failure to Ale return ther fer, see section 145.

Sec. 56. (h) Receipts.-Every collector to whom any payment of any income tax is made shall upon request give to the person making such payment a full written printed receipt therefor.

or

Sec. 57. Examination of return and determination of tax.

As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax.

Sec. 58. Additions to tax and penalties.

(a) For additions to the tax in case of negligence or fraud in the nonpayment of tax or failure to file return therefor, see Supplement M. (b) For criminal penalties for nonpayment of tax or failure to file return therefor, see section 145.

Sec. 56. (d) Voluntary advance payment.-A tax imposed by this chapter, or any installment thereof, may be paid, at the election of the taxpayer, prior to the date prescribed for its payment.

Sec. 56. (e) Advance payment in case of jeopardy.—

For advance payment in case of jeopardy, see section 146.

Sec. 56. (f) Tax withheld at

source.

For requirement of withholding tax at the source in the case of non-resident aliens and foreign corporations, and in the case of socalled "tax-free covenant bonds", see sections 143 and 144.

Sec. 56. (g) Fractional parts of cent.-In the payment of any tax under this chapter a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent.

Sec. 56. (h) Receipts.-Every collector to whom any payment of any income tax is made shall upon request give to the person making such payment a full written or printed receipt therefor.

Sec. 57. Examination of return and determination of tax.

As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax.

Sec. 58. Additions to tax and penalties.

(a) For additions to the tax in case of negligence or fraud in the nonpayment of tax or failure to file return therefor, see Supplement M.

(b) For criminal penalties for nonpayment of tax or failure to file return therefor, see section 145.

[blocks in formation]

Sec. 56. (g) Fractional parts of

Sec. 56. (g) Fractional parts of Sec. 56. (g) Fractional parts of cent. In the payment of any tax cent.-In the payment of any tax cent. under this chapter a fractional under this chapter a fractional part of a cent shall be disregarded part of a cent shall be disregarded unless it amounts to one-half cent unless it amounts to one-half cent or more, in which case it shall be or more, in which case it shall be increased to 1 cent. increased to 1 cent.

Sec. 56. (h) Receipts.-Every collector to whom any payment of any income tax is made shall upon request give to the person making such payment a full written or printed receipt therefor.

Sec. 57. Examination of return and determination of tax.

As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax.

Sec. 58. Additions to tax and penalties.

(a) For additions to the tax in case of negligence or fraud in the nonpayment of tax or failure to file return therefor, see Supplement M.

(b) For criminal penalties for nonpayment of tax or failure to file return therefor, see section 145.

Sec. 56. (h) Receipts.-Every collector to whom any payment of any income tax is made shall upon request give to the person making such payment a full written or printed receipt therefor.

Sec. 57. Examination of return and determination of tax.

As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax.

Sec. 58. Additions to tax and penalties.

(a) For additions to the tax in case of negligence or fraud in the nonpayment of tax or failure to file return therefor, see Supplement M.

(b) For criminal penalties for nonpayment of tax or failure to file return therefor, see section 145.

See p. 114, Eighth Edition.

Sec. 56. (h) Receipts.

See p. 116, Eighth Edition.

Sec. 57. Examination of return and determination of tax.

See p. 118, Eighth Edition.

Sec. 58. Additions to tax and penalties.

See p. 118, Eighth Edition.

« iepriekšējāTurpināt »