Corporation Application for Quick Refund
om 4466 of Overpayment of Estimated Tax 1970

Department of the Treasury For calendar year 1970 or other taxable year beginning
Internal Revenue Service

= ., 1970 ending . 19...
Name Employer Identification Number
Number and street 7 _ - : Check type of return to be filed:
_ _ _ _ : _ | ( Form 1120
City or town, State, and ZIP code ( Form 1120-F
\ Form 1120-L
NOTE: Prepare this form in duplicate. File the original with the Internal Revenue Service Center | ( Form 1120-M

specified in instruction 3. Attach the duplicate to your income tax return.

PART 1.—Computation of Expected Income Tax Liability

1 Taxable income expected in 1970 . . . ooo

2  Surtax exemption—Enter $25,000 or line 1, whichever is 5 lesser (component members of a controlled
corporate group see instruction 7 and enter your surtax exemption or line 1, whichever is lesser) |

3 Line 1 less line 2 2. 1 1 1 ee ee ee

4 22% of linel . . . .

5 26% of line 3 +

6 If multiple surtax exemption is elected under section 1562, enter 21 6% of fine 2.

7 Total of lines 4, 5 and 6 woe . .

8 Enter tax from line 7 or alternative tax from m separate Schedule D (see instruction 8)

9 Tax surcharge—Enter 21% of line 8 (fiscal year corporations see instruction 9) .

10 Tax from recomputing a prior year investment credit

11 Total tax—Add lines 8, 9 and 10

12 Estimated foreign tax credit, investment credit, special fuels, ; nenhighway gas $ and lube oil tax credit
13 Expected income tax liability—Line 11 less line 12. Enter here and on line 2, Part Il

PART Il.—Computation of Overpayment of Estimated Tax

1 1970 estimated tax payments (include 1969 overpayment allowed as a credit against 1970 esti-
mated tax) .

2 Expected income tax liability for the taxable year

3 Overpayment of estimated tax—Line 1 less line 2. Unless this amount is at least 10% of line 2 AND
at least $500, the corporation is not eligible for the quick refund and this form should not be filed _-

Record of Form 503 Estimated Tax Deposits

Serial number Date of
of Form 503 deposit

Serial number Date of

Amount ‘of Form 503 deposit

Under penalties of perjury, | declare that | have examined this application, including any accompanying schedules and state-
ments, and to the best of my knowledge and belief it is true, correct, and complete. CORPORATE,
SEAL

Date’ - Signature of officer


Instructions

1. Who may file an application.—Any corporation that has
overpaid its estimated tax for the taxable year may file an
application for a quick refund (adjustment) of the overpayment
if it is (1) at least 10% of the expected tax liability and (2) at
least $500.

The overpayment is the excess of the estimated tax paid
over the amount that the corporation expects to be, at the
time of filing this application, its final income tax liability.
(See section 6425 of the Code.)

If members of an affiliated group paid their estimated income
tax on a consolidated basis, then application on Form 4466
shall be made by the common parent corporation. If members
of the group paid estimated income tax on a separate basis, the
application shall be made on a separate basis by the member
which claims the overpayment.

2. When to file—This form must be filed within 21/ months
after the end of the taxable year and before the corporation
files its income tax return. An extension of time to file the re
turn will not extend the time for filing Form 4466.

3. How and where to file—Complete this form in dupli-
cate. File the original with the Internal Revenue Service Center
specified below. Attach the duplicate to your income tax return.

If the corporation's principal
business, office, or agency in
the U.S. is located in

Vv v
Internal Revenue Service Center

11601 Roosevelt Boulevard
Philadelphia, Pa. 19155

Use this address

Delaware, District of Columbia,
Maryland, New Jersey,
Pennsylvania, Virginia

Internal Revenue Service Center
4800 Buford Highway

Alabama, Florida, Georgia,
Mississippi, North Carolina,

South Carolina, Tennessee Chamblee, Georgia 30006
Indiana, Kentucky, Internal Revenue Service Center
Michigan, Ohio, West Virginia Cincinnati, Ohio 45298

Internal Revenue Service Center
3651 S. Interregional Highway
Austin, Texas 78740

Arkansas, Colorado, Kansas,
Louisiana, New Mexico,
Oklahoma, Texas, Wyoming

Internal Revenue Service Center
1160 West 1200 South Street
Ogden, Utah 84405

Internal Revenue Service Center
2306 E. Bannister Road
Kansas City, Missouri

Alaska, Arizona, California,
Hawaii, Idaho, Montana, Nevada,
Oregon, Utah, Washington

Illinois, lowa, Minnesota, Missouri,
Nebraska, North Dakota,

South Dakota, Wisconsin 64170

‘Internal Revenue Service Center
310 Lowell Street
Andover, Mass.

Connecticut, Maine,
Massachusetts, New Hampshire,

New York, Rhode Island, Vermont 01812

NOTE: Foreign corporations are to file this application with
the Director of International Operations, Internal Revenue
Service, Washington, D.C. 20225.

4. Overpayment credited or refunded.—internal Revenue
will act on this application within 45 days from the date it is
filed, and may credit the overpayment against any Internal
Revenue tax owed and refund any balance.

5. Disallowance of application.—Internal Revenue may dis-
allow, without further action, any application that contains
material omissions or errors that cannot be corrected within
the 45-day period. This application does not constitute a claim
for credit or refund.

6. Excessive refund or credit.—lIf the refund or credit is
subsequently determined to be excessive, the law provides an
additional charge upon the excessive amount.

The excessive amount is the lesser of (a) the amount of
the credit or refund or (b) the amount by which (1) the corpora-
tion’s income tax liability (as defined in section 6425(c)) as
shown on its return exceeds (2) the estimated tax paid less the
amount of the refund or credit.

The additional charge is computed at the rate of 6% a year
from the date the refund was paid or credit was made to the

original due date of the corporation's return. The additional
charge is not deductible for income tax purposes.

7. Surtax exemption for component members of a controlled
group of corporations.—Under the provisions of section 1561,
the surtax exemption for component members of a controlled
group (see section 1563) is either $25,000 divided by the num-
ber of component members or that portion of $25,000 deter-
mined in accordance with an apportionment plan.

A controlled group may elect under section 1562 to claim
multiple surtax exemptions. For taxable years beginning in
1970, however, section 1564 provides that only one member
of the group may claim a full $25,000 surtax exemption with
the others being limited to $20,833.

See section 1564 for special rules relating to dividends re-
ceived deduction for corporations that elect multiple surtax
exemptions under section 1562.

8. Alternative tax.—lf the net long-term capital gain exceeds
the net short-term capital loss, or if there is only a net long-
term capital gain, compute the tax using the alternative method
(section 1201) to determine if the resulting tax is less than the
tax computed using the regular method.

The alternative tax is the sum of (1) a partial tax computed
at the normal tax and surtax rates on the taxable income de-
creased by the excess of net long-term capital gain over any
net short-term capital loss and (2) in the case of calendar year
corporations, 28% of such excess.

The alternative tax rate is 28% for taxable years beginning
in 1970 and 30% for taxable years beginning in 1971. Corpo-
rations with fiscal years beginning in 1970 and ending in 1971
must prorate their tax to reflect the rate change; that is, they
must compute a tax for the two periods for which a different
tax rate is effective. This applies regardless of the date the
assets were sold.

An alternative tax rate of 25%, however, is to apply to
certain binding contracts, distributions, and installment sales
(referred to as ‘‘subsection (d) gains’).

For further details and a computation of alternative tax, see
separate Schedule D, Form 1120.

9. Tax surcharge.—The tax surcharge is 5% for the period
beginning January 1, 1970, and ending June 30, 1970.

The rate for the calendar year 1970, therefore, is 214%.

Since the surcharge expired June 30, 1970, corporations
with taxable years beginning after that date will have no
surcharge.

Corporations with fiscal years beginning before July 1, 1970,
may compute their surcharge by multiplying line 8 by the
applicable rate in the following table:

Taxable year

— | Applicable
Beginning in 1970 Ending in 1971 | Rate
Feb. 1 Jan. 31 | 02054795
Mar. 1 Feb. 28 | .01671233
Apr. 1 Mar. 31 01246575
May 1 Apr. 30 00835616
June 1 May 31 { 00410959
July 1 and June 30 and
after after | -0-

If the corporation prefers, the surcharge may be computed
using the following formula:
No. days in taxable year before 7-1-70
No. days in taxable year

Fiscal year corporations having a 52-53 week taxable year
must use the formula to compute their surcharge.

10. Minimum tax on tax preference items.—The minimum
tax under section 56 does not have to be considered for pur-
poses of this form.

Amount on line 8 x 5% x

YCULS. GOVERNMENT PRINTING OFFICE : 1970—-O-370-121