comi 4466 Corporation Application for Quick Refund

of Overpayment of Estimated Tax 1971
Department of the Treasury For calendar year 1971 or other taxable year beginning
Internal Revenue Service
., 1971, ending ..... ~ 2 19 a
Name Employer Identification Number
Number and street : Check type of return to be filed:
_ OO Form 1120

City or town, State, and ZIP code CO Form 1120-F

(Form 1120-L
NOTE: Prepare this form in duplicate. File the original with the Internal Revenue Service CO Form 1120-M

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

PART |.—Computation of Expected Income Tax Liability

Taxable income expected in taxable year

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

Line 1 less line 2

22% of line 1 .

26% of lime 3. ..... .
If multiple surtax exemption is elected under section 1562, enter 6% o of line 2 .
Total of lines 4, 5 and 6

Enter tax from line 7 or alternative tax from mn separate Schedule D (see instruction n 8) se ee

Re

CaONanaw

Tax from recomputing a prior year investment credit Se
10 Total tax—Add lines 8and9 . . . . oe .
11 Estimated foreign tax credit, investment credit, "special fuels, nonhighway gas and lube oil tax credit .

12 Expected income tax liability—Line 10 less line 11. Enter here and on line 2, Part II

PART [l.—Computation of Overpayment of Estimated Tax

1 1971 estimated tax payments: Ginclude 1970 overpayment allowed as a credit against 1971 esti-
mated tax). . - . +e Co ee

2 Expected income tax liability for the taxable year «©. 6 6 ee ee ee ee ee

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 ‘Amount Serial number Date of

of Form 503 deposit of Form 503 deposit Amount

Under penalties of perjury, | declare that | have examined this application, including any accompanying | The Internal Reve.

schedules and statements, and to the best of my knowledge and belief it is true, correct, and complete. not rogue a sel
ote ‘is used,
please place it
here.

‘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 overpay-
ment 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 sep-
arate 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 2144
months after the end of the taxable year and before the
corporation files its income tax return. An extension of time
to file the return 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 is filing
before July 1, 1972 and its
principal business, office, or
agency in the U.S. is located
in

Vv

Use this address

v

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

Internal Revenue Service Center
11601 Roosevelt Boulevard
Philadelphia, Pa. 19155

Alabama, Florida, Georgia,
Mississippi, North Caroli
South Carolina, Tennessee

Internal Revenue Service Center
4800 Buford Highway
Chamblee, Georgia 30006

Indiana, Kentucky,
Michigan, Ohio, West Virginia

Internal Revenue Service Center
Cincinnati, Ohio 45298

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

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

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

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

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

Internal Revenue Service Center
2306 E. Bannister Road
Kansas City, Missouri 64170

Connecticut, Maine,
Massachusetts, New Hampshire,
New York, Rhode Island, Vermont

Internal Revenue Service Center
310 Lowell Street
Andover, Mass. 01812

If the corporation is filing
after June 30, 1972 and its
principal business, office, or
agency in the U.S. is located

Use this address

in

Vv Vv
New York City and counties of Internal Revenue Service Center
Nassau, Rockland, Suffolk, and 1040 Waverly Avenue

Westchester.

Holtsville, New York 11799

New York (ail other counties),
Connecticut, Maine, Massachusetts,
New Hampshire, Rhode Island,
Vermont.

Internal Revenue Service Center
310 Lowell Street
Andover, Mass. 01812

‘Alabama, Florida, Georgia,
Mississippi, South Carolina,

internal Revenue Service Center
4800 Buford Highway
Chamblee, Georgia 30006

Michigan, Ohio

Internal Revenue Service Center
Cincinnati, Ohio 45298

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

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

‘Alaska, Arizona, Colorado,
Idaho, Minnesota, Montana,
Nebraska, Nevada, North
Dakota, Oregon, South Dakota,
Utah, Washington, Wyoming

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

# ULS.

GOVERNMENT PRINTING OFFICE:

Internal Revenue Service Center
2306 E. Bannister Road
Kansas City, Missouri 64170
Internal Revenue Service Center
5045 East Butler Avenue
Fresno, California 93730
Internal Revenue Service Center
3131 Democrat Road

Memphis, Tennessee 38110
Internal Revenue Service Center

Illinois, towa, Missouri,
Wisconsin

California, Hawaii

indiana, Kentucky, North

Carolina, Tennessee,

Virginia, West Virginia

Delaware, District of Columbia,

Maryland, Pennsylvania, 11601 Roosevelt Boulevard

New Jersey * Philadelphia, Pa.__19155

* New Jersey returns filed after September 30, 1972 should
be mailed to 1040 Waverly Avenue, Holtsville, New York

11799.

NOTE: Foreign corporations are to file this application
with the Director of International Operations, Internal Reve-
nue 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
disallow, without further action, any application that con-
tains 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.—If 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 cor-
poration’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 con-
trolled group of corporations.—Under the provisions of sec-
tion 1561, the surtax exemption for component members
of a controlled group (see section 1563) is either $25,000
divided by the number of component members or that portion
of $25,000 determined in accordance with an apportionment
plan.

A controlled group may elect under section 1562 to claim
multiple surtax exemptions. 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 $16,667.

See section 1564 for special rules relating to dividends-
received deduction for corporations that elect multiple sur-
tax exemptions under section 1562.

8. Alternative tax—lIf 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 result-
ing tax is less than the tax computed using the regular
method.

The alternative tax is the sum of (1) a partial tax com-
puted at the normal tax and surtax rates on the taxable
income decreased by the excess of net long-term capital
gain over any net short-term capital loss and (2) 30% of
such excess.

An alternative tax rate of 25%, however, is to apply to
certain binding contracts 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. Minimum tax on tax preference items.—The minimum
tax under section 56 does not have to be considered for
purposes of this form.

1971-A-6311/418-113