Department of the Treasury

Internal Revenue Service

Underpayment of Estimated Tax by Corporations

© See separate instructions.

© Attach to the corporation’s tax return.

OMB No. 1545-0142

Name Employer identification number

Note: In most cases, the IRS will figure the penalty and the corporation will not have to complete this form. See the

instructions for more information.

Figuring the Underpayment

1

2a

c

d

3

4a

5

6

a

7

8

9

10

11

12

13

14

b

c

Total tax (see instructions)

Personal holding company tax included on line 1 (Schedule PH (Form 1120), line 26)

Credit for Federal tax paid on fuels (see instructions)

Total. Add lines 2a through 2c

Subtract line 2d from line 1. If the result is less than $500, do not complete or file this form. The corporation

does not owe the penalty

If the corporation’s tax year began before July 1, 1992, multiply line 3 by 93%.

Otherwise, multiply line 3 by 97%

Enter the tax shown on the corporation’s 1991 income tax return. (CAUTION: See

instructions before completing this line.)

Enter the smaller of line 4a or line 4b. If the corporation is required to skip line 4b, enter the amount from line

4a on line 4c

Installment due dates. Enter in columns (a) through (d) the

15th day of the 4th, 6th, 9th, and 12th months of the

corporation’s tax year ©

Required installments. Enter 25% of line 4c in columns (a)

through (d) unless a or b below applies to the corporation:

If the corporation uses the annualized income installment

method and/or the adjusted seasonal installment method,

complete the worksheet in the instructions and enter on line

6 the amounts from line 45 of the worksheet. Also check

this box © and attach a copy of the worksheet.

If the corporation is a “large corporation,” check this

box © and see the instructions for the amount to enter

in each column of line 6

Complete lines 8 through 14 of one column before going

to the next column.

Estimated tax paid or credited for each period (see

instructions). For column (a) only, enter the amount from

line 7 on line 11 

Enter amount, if any, from line 14 of the preceding column

Add lines 7 and 8

Add amounts on lines 12 and 13 of the preceding column

Subtract line 10 from line 9. If zero or less, enter -0-. For

column (a) only, enter the amount from line 7 

If the amount on line 11 is zero, subtract line 9 from line 10.

Otherwise, enter -0-

Underpayment. If line 11 is less than or equal to line 6,

subtract line 11 from line 6. Then go to line 8 of the next

column. Otherwise, go to line 14 (see instructions)

Overpayment. If line 6 is less than line 11, subtract line 6

from line 11. Then go to line 8 of the next column

Go to Part II on the back of this form to figure the penalty. If there are no entries on line 13, no penalty is owed.

(a) (b) (c) (d)

For Paperwork Reduction Act Notice, see page 1 of instructions. Form 2220 (1992)

b

1

3

2a

4a

2c

4b

2d

4c

5

6

7

8

9

10

11

12

13

14

Form 2220

Cat. No. 11746L

2b

b Interest due under the look-back method of section 460(b)(2) for completed long-term

contracts included on line 1

Part I
Form 2220 (1992) Page 2

Figuring the Penalty

(a) (b) (c) (d)

15 Enter the date of payment or the 15th day of the 3rd month

after the close of the tax year, whichever is earlier (see

instructions). (Form 990-PF and Form 990-T filers: Use 5th

month instead of 3rd month.) 15

16 Number of days from due date of installment on line 5 to the

date shown on line 15 16

17 Number of days on line 16 after 4/15/92 and before 10/1/92 17

18 18

19 19

20 Number of days on line 16 after 3/31/93 and before 7/1/93 20

21 Number of days on line 16 after 6/30/93 and before 10/1/93 21

22 Number of days on line 16 after 9/30/93 and before 1/1/94 22

Number of days on line 17 × 8%

23 23

366

24 24

Number of days on line 20

25 25

365

Number of days on line 21

26 26

365

Number of days on line 22

27 27

365

Number of days on line 23

28

32

365

Add lines 24 through 30

PENALTY. Add columns (a) through (d), line 31. Enter here and on line 33, Form 1120; line 29, Form 1120-A; or

comparable line for other income tax returns

*If the corporation’s tax year ends after December 31, 1992, see the Instructions for lines 27 through 30.

Number of days on line 16 after 12/31/92 and before 4/1/93

Number of days on line 16 after 12/31/93 and before 2/16/94

Number of days on line 19 × 7%

365

29

30

28

29

Underpayment on line 13 ×

× *%

× *%

× *%

× *%

Underpayment on line 13 ×

Underpayment on line 13 ×

Underpayment on line 13 ×

Underpayment on line 13 ×

Underpayment on line 13 ×

$ $ $ $

$ $ $ $

$

Part II

$ $ $ $

$ $ $ $

$ $ $ $

$ $ $ $

$ $ $ $

Number of days on line 16 after 9/30/92 and before 1/1/93

$ $ $ $

Number of days on line 18

366

Underpayment on line 13 × × 7%

31

32

30

31