26 USC 6425 - Adjustment of overpayment of estimated income tax by corporation

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

§ 6425.

Adjustment of overpayment of estimated income tax by corporation

(a)

Application of adjustment

(1)

Time for filing

(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

(1)

Limited examination of application

(2)

Adjustment credited or refunded

(3)

Limitation

(4)

Effect of adjustment

(c)

Definitions

For purposes of this section and section 6655(h) (relating to excessive adjustment)—

(1)

The term “income tax liability” means the excess of—

(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 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—

(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

(Added Pub. L. 90–364, title I, § 103(d)(1), June 28, 1968, 82 Stat. 262; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 99–499, title V, § 516(b)(4)(C), Oct. 17, 1986, 100 Stat. 1771; Pub. L. 99–514, title VII, § 701(d)(2), Oct. 22, 1986, 100 Stat. 2342; Pub. L. 100–203, title X, § 10301(b)(4), Dec. 22, 1987, 101 Stat. 1330–429; Pub. L. 113–295, div. A, title II, § 221(a)(12)(J), Dec. 19, 2014, 128 Stat. 4039; Pub. L. 114–41, title II, § 2006(a)(2)(E), July 31, 2015, 129 Stat. 457; Pub. L. 115–97, title I, §§ 12001(b)(17), 13001(b)(2)(P), 14401(d)(3), Dec. 22, 2017, 131 Stat. 2094, 2097, 2233; Pub. L. 115–141, div. U, title IV, § 401(a)(293), Mar. 23, 2018, 132 Stat. 1198; Pub. L. 117–169, title I, § 10101(a)(4)(F), Aug. 16, 2022, 136 Stat. 1822.)

cite as: 26 USC 6425