26 USC 6164 - Extension of time for payment of taxes by corporations expecting carrybacks

U.S Code last checked for updates: Nov 22, 2024

§ 6164.

Extension of time for payment of taxes by corporations expecting carrybacks

(a)

In general

(b)

Contents of statement

The statement shall be filed at such time and in such manner and form as the Secretary may by regulations prescribe. Such statement shall set forth that the corporation expects to have a net operating loss carryback, as provided in section 172(b), from the taxable year in which such statement is made, and shall set forth, in such detail and with such supporting data and explanation as such regulations shall require—

(1)

the estimated amount of the expected net operating loss;

(2)

the reasons, facts, and circumstances which cause the corporation to expect such net operating loss;

(3)

the amount of the reduction of the tax previously determined attributable to the expected carryback, such tax previously determined being ascertained in accordance with the method prescribed in section 1314(a); and such reduction being determined by applying the expected carryback in the manner provided by law to the items on the basis of which such tax was determined;

(4)

the tax and the part thereof the time for payment of which is to be extended; and

(5)

such other information for purposes of carrying out the provisions of this section as may be required by such regulations.

The Secretary shall, upon request, furnish a receipt for any statement filed, which shall set forth the date of such filing.

(c)

Amount to which extension relates and installment payments

(d)

Period of extension

The extension of time for payment provided in this section shall expire—

(1)

on the last day of the month in which falls the last date prescribed by law (including any extension of time granted the taxpayer) for the filing of the return for the taxable year of the expected net operating loss, or

(2)

if an application for tentative carryback adjustment provided in section 6411 with respect to such loss is filed before the expiration of the period prescribed in paragraph (1), on the date on which notice is mailed by certified mail or registered mail by the Secretary to the taxpayer that such application is allowed or disallowed in whole or in part.

(e)

Revised statements

(f)

Termination

(g)

Payments on termination

If an extension of time is terminated under subsection (e) or (f) with respect to any amount, then—

(1)

no further extension of time shall be made under this section with respect to such amount, and

(2)

the time for payment of such amount shall be considered to be the date on which payment would have been required if there had been no extension with respect to such amount.

(h)

Jeopardy

(i)

Consolidated returns

(Aug. 16, 1954, ch. 736, 68A Stat. 764; Pub. L. 85–866, title I, § 89(b), Sept. 2, 1958, 72 Stat. 1665; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 97–248, title II, § 234(b)(2)(C), Sept. 3, 1982, 96 Stat. 503.)

cite as: 26 USC 6164