4466 Corporation Application for Quick Refund
Form of Overpayment of Estimated Tax

1980

Department of the Treasury For calendar year 1980 or other tax year beginning
Internal Revenue Service
sesso senses - , 1980 ending .. ee |e
Name Employer Identification Number
Number and street Check type of return to be filed:
1 Form 1120

City or town, State, and ZIP code

NOTE: Prepare this form in duplicate. File the original with the Internal Revenue Service Center
specified in instruction C. Attach the duplicate to your income tax return.

[J Form 1120F
[ Form 11201

(CO Form 1120m
(] Form 990-c

Computation of Expected Income Tax Liability

1 Taxable income expected in tax year .

2 Enter line 1 or $25,000, whichever is less. (Members of a a controlled g group, see . instruction @).

3 Subtract line 2 fromlinel. . . . oa

4 Enter line 3 or $25,000, whichever is less. s. (Members of 2 a controlled g group, see instruction G) .

5 Subtract line 4 from line3. . . 2 eee sone .

6 Enter line 5 or $25,000, whichever is less. (Members ofa a controlled group, see instruction @).

7 Subtract line 6 from line5. 2. . . wee soe eee

8 Enter line 7 or $25,000, whichever is less. (Members ofa controlled g group, see 2 instruction G). .

9 Subtract line 8 from line 7. 2 6 ee ee ee et

10.17% of linme2. 6 6 ew ee .

11 20% of line4.

12 30% of line6. 6 oe

13 40% ofline Be  e

14 46% ofline9. . 2. a

15 Income tax (Sum of lines 10 through “ or alternative tax from schedule D, whichever is less. See instruction H) .

16 Estimated tax credits: Foreign tax credit, possessions tax credit, investment credit, WIN credit, jobs credit,
alcohol fuel credit, and nonconventional source fuel credit. ©. - - - 2 © + ee es es toe oe

17 Subtract line 16 from line 15... . . woe ee

18 Tax from recomputing prior year investment credit. . 0 0 ee

19 Total tax—Add lines 17 and 18. . .
20 Estimated refundable tax credits: Federal tax on special fuels and oils .
21 Expected income tax liability—Subtract line 20 from line 19.

Computation of Overpayment of Estimated Tax

22 1980 estimated tax payments (include 1979 overpayment allowed as a credit against 1980 estimated tax)

23 Expected income tax liability from line 21. . . .

24 Overpayment of estimated tax—Subtract line 23 from line 22, ‘it this amount i is at least 10% of line 23
AND at least $500, the corporation is eligible for the quick refund. Otherwise, do not file this form .

Record of Estimated Tax Deposits

Date of Date of Date of
deposit Amount deposit Amount deposit

Amount

Under penalties of perjury, | declare that 1 have examined this application, including any accompanying schedules and statements, and to the best of my knowledge and belief it is

true, correct, and complete.

Date

313-170-1

Form 4466 (1980)


Instructions

(References are to the Internal Revenue Code.)

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

The overpayment is the excess of the
estimated tax the corporation paid dur-
ing the tax year over the final income tax
liability it expects to have when this ap-
plication is filed.

If members of an affiliated group paid
their estimated income tax on a con-
solidated basis, the common parent cor-
poration must file the Form 4466. If
members of the group paid estimated in-
come tax separately, the member who
claims the overpayment must file Form
4466 separately.

B. When to file—File Form 4466
within 214 months after the end of the
tax 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.

C. How and where to file-—Complete
this form in duplicate. File the original
with the Internal Revenue Service Center
where the corporation will file its income
tax return and attach the duplicate to
your tax return.

If the corporation’
pal business, offi
agency is located

Vv

New Jersey, New York City
and counties of Nassau,
Rockland, Suffolk, and
Westchester

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

Alabama, Florida, Georgia,
Mississippi, South Carolina

Use this address
Internal Revenue Service
Center
Holtsville, NY 00501

Internal Revenue Service
enter
Andover, MA 05501

Internal Revenue Se
enter

Atlanta, GA 31101

Internal Revenue Service

Michigan, Ohio

enter
Cincinnati, OH 45999
Internal Revenue Service

enter
Austin, TX_73301

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

Alaska, Arizona, Colorado,
Idaho,’ Minnesota,
Montana, Nebraska, Ne-
vada, North Dakota,
Oregon, South Dakota,
Utah, Washington, Wyoming

Minois, Towa, Missouri,
Wisconsin

Internal Revenue Service
Center
Ogden, UT 84201

Internal Revenue Service

enter
Kansas City, MO
64999

California, Hawaii Internal Revenue Service
enter

Fresno, CA_ 93888

Internal Revenue Service
enter

Memphis, TN 37501

Internal Revenue Service
Center

Philadelphia, PA 19255

Indiana, Kentucky, North
enni

West Virginia

Delaware, District of
Columbia, Maryland,
Pennsylvania

U.S. corporations having their princi-
pal place of business outside the U.
corporations claiming the benefits of sec-
tion 936, and foreign corporations filing
Form 1120F should file Form 4466 with
the Internal Revenue Service Center,
Philadelphia, PA 19255.

If the separate income tax returns of a
group of corporations located in several
Service Center regions will be filed with
the Service Center for the area in which
the principal office of the managing cor-
poration that keeps all the books and
records is located, the corporations
should also file Form 4466 with that
Service Center.

D. Overpayment credited or re-
funded.—Internal Revenue Service 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.

E. Disallowance of application.—The
Internal Revenue Service may disallow,
without further action, any application
that contains material omissions or
errors that cannot be corrected within
the 45-day period. Form 4466 does not
constitute a claim for credit or refund.

F. Excessive refund or credit.—If the
refund or credit is later found to be ex-
cessive, the law provides an additional
charge upon the excessive amount. (Sec-
tion 6655(g).)

The excessive amount is the lesser
of:

(a) the credit or refund or
(b) the excess of
(1) the corporation's income tax
liability (as defined in section 6425(c))
as shown on its return over
(2) the estimated tax paid less
the refund or credit.

IRS will compute the additional charge

and bill the taxpayer. The additional

‘U.S. COVERIMENT PRINTING OFFICE: 1984 - 544-103/20023

charge is figured from the date the re-
fund was paid or the credit was made,
until the original due date of the corpora-
tion’s return. The additional charge is not
deductible for income tax purposes.

G. Members of a Controlled Group.—
For amounts to be entered on lines 2, 4,
6, and 8, the members of a controlled
group, as defined in section 1563, are
entitled to only one $25,000 amount in
each taxable income bracket.

Equal Apportionment Plan.—lf no ap-
portionment plan is adopted, the mem-
bers of the controlled group must divide
the $25,000 in each taxable income
bracket equally among themselves. For
example, controlled group AB consists of
corporation A and corporation B. They do
not elect an unequal apportionment plan.
Therefore, corporation A is entitled to
$12,500 (one-half of $25,000) in each
taxable income bracket. Corporation B is
also entitled to $12,500 in each taxable
income bracket.

Unequal Apportionment Plan.—Mem-
bers of a controlled group may elect an
unequal apportionment plan and divide
the $25,000 in each taxable income
bracket any way they want. There is no
need for consistency between taxable in-
come brackets. Any member of the con-
trolled group may be entitled to all, some,
or none of the $25,000 in a taxable in-
come bracket. (But the total amount for
all members of the controlled group can-
not be more than $25,000 in any taxable
income bracket.)

H. Alternative tax.—lf the net long-
term capital gain is more than the net
short-term capital loss, there is a net
capital gain. In that case, you may want
to complete Part IV of Schedule D (Form
1120) to determine if the resulting al-
ternative tax is less than the tax figured
using the regular method.

For more details and a computation
of alternative tax, see Schedule D (Form
1120).

1. Minimum tax on tax preference
items.—Do not consider the minimum
tax under section 56 for purposes of this
form.

313-170-1