om 4466

(Rev. October 1987)

Department of the Treasury
Internal Revenue Service

Corporation Application for Quick Refund
of Overpayment of Estimated Tax

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OMB No. 1545-0170

Expires 09-30-90

Name

‘Employer identification number

Number and street

Check type of return to be filed.

Form 1120

City or town, state, and ZIP code

Form 1120-A
Form 1120F

Telephone number (optional)

¢ )

Form 1120L
Form 1120-PC

Note: Prepare this form in duplicate. File the original with the Internal Revenue Service Center where the corporation

files its tax return. Attach the duplicate to the corporation's income tax return.

Form 990-C
Other (see instructions)

OOOoOo0o0oO

1. Estimated payments for the tax year.

2. Overpayment from prior year allowed as a credit .

3  Total—Add lines 1 and 2

4 Enter tax from Form 1120, Schedule J, line 10, or + comparable line from other returns

5a Personal holding company tax included inline 4.

b Estimated refundable tax credit for Federal tax on gasoline and cd special fuels

6 Addlines5aand5b .

5a

5b

7 Expected income tax liability Subtract fine 6 from line 4 .

8 Overpayment of estimated tax—Subtract line 7 from line 3. If this amount is at least 10% of line 7 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 deposit

Amount.

Date of deposit |

Amount

Under penalties of penury, | declare that | have examined this application, including any accompanying schedules and statements, and to the best of my knowledge and

belief, its true, correct, and complete.

Date

Signature

Title

Instructions

(Section references are to the Internal Revenue
Code.)

Paperwork Reduction Act Notice.—We
ask for this information to carry out the
Internal Revenue laws of the United
States. We need it to ensure that
taxpayers are complying with these laws
and to allow us to figure and collect the
right amount of tax. You are required to
give us this information.

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 during
the tax year over the final income tax
liability it expects to have when this
application is filed.

If members of an affiliated group paid
their estimated income tax on a
consolidated basis, the common parent
corporation must file the Form 4466. If
members of the group paid estimated
income tax separately, the member who
claims the overpayment must file Form
4466 separately.

The “Other” block may be used in
certain cases by S corporations who have
made protective estimated tax payments
in their first taxable year. It may also be
used by taxpayers who file Forms 1120-
DF, 1120-FSC, 1120-H, 1120-ND,
1120-REIT, and 1120-RIC. Enter the
form number of the return to be filed in
the space below the “Other” block.

When to file.-—File Form 4466 within
2¥2 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.

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 the
corporation’s tax return.

Overpayment credited or refunded.—
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.

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.
Excessive refund or credit.—If the
refund or credit is later found to be
excessive, the law provides an additional
charge upon the excessive amount. See
section 6655(h).
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
charge is figured from the date the refund
was paid or the credit was made, until the
original due date of the corporation’s
return. The additional charge is not
deductible for income tax purposes.

Form 4466 (Rev. 10-87)