Section 6655(e)(4)(b) Form

Section 6655(e)(4)(b) Form: What You Should Know

Sec. 6655. Failure By Corporation To Pay Estimated Income Tax (3) Section 552(a)(1)(A) shall be applied by substituting “the amount described in subparagraph (A) Page 3571 (i) of paragraph (1) by striking out or substituting the value of any specified taxable gain to the extent such an amount Page 3572 is more than the sum of— (I) an amount equal to 0.50 of the specified taxable gain for any taxable year, plus (II) 1/4 of the total amount for such taxable year determined under section 551(a) by substituting for “100 percent of” the amount of the specified taxable gain; and. (4) Section 552(a)(1)(B) shall be applied by substituting “the amount described in subparagraph (B) of paragraph (1) by striking out or substituting the value of any specified taxable gain to the extent such an amount is more than the sum of— (A) an amount equal to 0.50 of the specified taxable gain for any taxable year, plus (B) 1/4 of the total amount for such taxable year determined under section 551(a) by substituting for “100 percent of” the amount of the specified taxable gain. (f–g) Section 6655(e)(1) is amended to read as follows. The amount withheld by the corporation and required to be excluded under section 524, 532(c), 532(e), 542(b), 543(d), 563(b), or 565, or the portion of any such amount that is required to be included in the gross income under section 1033, 1035, or 1049, for any taxable year from amounts received from the corporation which are subject to an income tax under this title during such taxable year and before the due date for the return of the corporation's tax (in this section referred to as “the return”), but only to the extent such amount exceeds the amount described in paragraph (1), (2), or (3) of subsection (e).

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