Corporation Application for Quick Refund
om 4466 Of Overpayment of Estimated Tax 1974

Department of the Treasury For calendar year 1974 or other taxable year beginning
Internal Revenue Service
——— = .., 1974, ending ------- ---» 19____.

Name ition Number

Number and street Check type of return to be filed:
(J Form 1120

City or town, State, and ZIP code {] Form 1120F
] Form 1120L

NOTE: Prepare this form in duplicate. File the original with the Internal Revenue Service [J Form 1120M

Center specified in instruction C, Attach the duplicate to your income tax return. | [©] Form 990-c

MEISE Computation of Expected Income Tax Liability
(Fiscal year corporations claiming multiple surtax exemptions under section 1562,
omit lines 1-7. Compute your tax on Form 1120-FY and enter on line 8 below.)

1 Taxable income expected in taxable year .

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

3 Line 1 less line 2.

4 22% of line 1.

5 26% of line 3. :

6 If multiple surtax exemption is elected under section 1562, enter 6% ofline 2.

7 Total of lines 4,5 and 6. :

B Enter tax from line 7 or alternative tax from separate Schedule D, whichever is lesser "(see in instruction

H), or if applicable, from Form 1120-FY
9 Tax from recomputing a prior year investment credit
10 Tax from recomputing a prior year work incentive (WIN) credit .
11 Total tax—Add lines 8,9and10. . . . . soe
12 Estimated foreign tax credit, investment credit, WIN | credit, and special fuels, nonhighway gas and
lubricating oil tax credit

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

Part Il Computation of Overpayment of Estimated Tax

1 1974 estimated tax payments (include 1973 overpayment allowed as a credit against 1974 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

Sertal number Date of Serial number Date of
of Form 503 | deposit Amount of Form 503 deposit Amount

Under penalties of perjury, | declare that | have examined this application, including any accompanying schedules and The Internal Reve
statements, and to the best of my knowledge and belief it is true, correct, and complete. fot require a seal

on this form, but
if one is ‘used,
please place it
here.

Signature

Date

Title p> _.



Instructions

(References are to the Internal Revenue Code.)

A. 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 what the
corporation expects its final income tax
liability to be at the time this applica-
tion is filed. (See section 6425.)

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

B. When to file—This form must be
filed within 214 months after the end of
the taxable year and before the corpora-
tion files its income tax return. An exten-
sion 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 Cen-
ter specified below. Attach the duplicate
to your income tax return.

We the corporation's

pal bi
agency is located. in

Vv

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

Use this address

Internal Revenue Service

Center
1040 Waverly Avenue
Haltayille, New York

New York (all other Internal Revenue Service
counties), Connecticut,
Maine, Massachusetts, New
Hampshire, Rhode Island,
Vermont

Alabama, Florida, Georgia,
Mississippi, South Carolina

310 Lowell Street
Andover, Massachusetts

intemal Revenue Service

Center
4800 Buford Highway
Chamblee, Georgia 30006

Internal Revenue Service
enter
Cincinnati, Ohio 45298

Internal Revenue Service

Michigan, Ohio

Arkansas, Kansas,

Louisiana, New Mexico, Ceni

Oklahoma, Texas 365i "Interregional
i

Austin, Texas 78740
Internal Revenue Service —

Alaska, Arizona, Colorado,
Idaho,’ Minnesota,
Montana, Nebraska, Ne
vada, North Dakota,
Oregon, South Dakota,
Utah, Washington, Wyoming
iMlinois, Towa, Missouri,
Wisconsin

Center
1180 West 1200 South

treet
Ogden, Utah 84201

Internal Revenue Service

‘enter

2306 E. Bannister Road

Kansas City, Missouri
64170

California, Hawaii Intemal Revenue Service

enter
5045 East Butler Avenue
Fresno, California 93888

Internal Revenue Service

indiana, Kentucky, North
Carolina, Tennessee,
Virginia, West Virginia 3151 Democrat Road
Memphis, Tennessee
38110

internal Revenue Service

Delaware, District of
Columbia, Maryland, Center
Pennsylvania 11601 Roosevelt Boulevard

Philadelphia, Pa. 19155

U.S. corporations having their princi-
pal place of business outside the U.S.,
corporations claiming the benefits of
section 931, foreign corporations filing
Form 1120F, and organizations filing
Form 990-C, should file Form 4466
with the Internal Revenue Service Cen-
ter, 11601 Roosevelt Boulevard, Phila-
delphia, Pennsylvania 19155.

lf 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 man-
aging corporation that keeps all the
books and records is located, then such
corporations should 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.—In-
ternal 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 con-
stitute a claim for credit or refund.

F. Excessive refund or credit.—lf
the refund or credit is subsequently de-
termined to be excessive, the law pro-
vides 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 de-
fined 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

‘y ULS. GOVERNMENT PRINTING OFFICE: 1976~O-548-143

to the original due date of the corpora-
tion's return. The additional charge is
not deductible for income tax purposes.

G. Surtax exemption for component
members of a controlled group of cor-
Porations.—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 number of compo-
nent 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 pro-
vides that only one member of the group
may claim a full $25,000 surtax exemp-
tion with the others being limited to
a reduced amount. For calendar year
1974, this reduced amount is $4,167.
Fiscal year members should see Form
1120-FY and section 1.21—1(n), ex-
ample 7, of the regulations for special
tax computation rules.

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

H. Alternative tax.—If 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 (sec-
tion 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
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%, how-
ever, is to apply to certain binding con-
tracts and installment sales (referred to
as ‘‘subsection ¢d) gains'’).

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

Special tax computation rules apply
to fiscal year corporations electing sec-
tion 1562—see Form 1120-FY.

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

EI 430814328