
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC6164]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
                CHAPTER 62--TIME AND PLACE FOR PAYING TAX
 
              Subchapter B--Extensions of Time for Payment
 
Sec. 6164. Extension of time for payment of taxes by 
        corporations expecting carrybacks
        

(a) In general

    If a corporation, in any taxable year, files with the Secretary a 
statement, as provided in subsection (b), with respect to an expected 
net operating loss carryback from such taxable year, the time for 
payment of all or part of any tax imposed by subtitle A for the taxable 
year immediately preceding such taxable year shall be extended, to the 
extent and subject to the conditions and limitations hereinafter 
provided in this section.

(b) Contents of statement

    The statement shall be filed at such time and in such manner and 
form as the Secretary may by regulations prescribe. Such statement shall 
set forth that the corporation expects to have a net operating loss 
carryback, as provided in section 172(b), from the taxable year in which 
such statement is made, and shall set forth, in such detail and with 
such supporting data and explanation as such regulations shall require--
        (1) the estimated amount of the expected net operating loss;
        (2) the reasons, facts, and circumstances which cause the 
    corporation to expect such net operating loss;
        (3) the amount of the reduction of the tax previously determined 
    attributable to the expected carryback, such tax previously 
    determined being ascertained in accordance with the method 
    prescribed in section 1314(a); and such reduction being determined 
    by applying the expected carryback in the manner provided by law to 
    the items on the basis of which such tax was determined;
        (4) the tax and the part thereof the time for payment of which 
    is to be extended; and
        (5) such other information for purposes of carrying out the 
    provisions of this section as may be required by such regulations.

The Secretary shall, upon request, furnish a receipt for any statement 
filed, which shall set forth the date of such filing.

(c) Amount to which extension relates and installment payments

    The amount the time for payment of which may be extended under 
subsection (a) with respect to any tax shall not exceed the amount of 
such tax shown on the return, increased by any amount assessed as a 
deficiency (or as interest or addition to the tax) prior to the date of 
filing the statement and decreased by any amount paid or required to be 
paid prior to the date of such filing, and the total amount of the tax 
the time for payment of which may be extended shall not exceed the 
amount stated under subsection (b)(3). For purposes of this subsection, 
an amount shall not be considered as required to be paid unless shown on 
the return or assessed as a deficiency (or as interest or addition to 
the tax), and an amount assessed as a deficiency (or as interest or 
addition to the tax) shall be considered to be required to be paid prior 
to the date of filing of the statement if the 10th day after notice and 
demand for its payment occurs prior to such date. If an extension of 
time under this section relates to only a part of the tax, the time for 
payment of the remainder shall be the date on which payment would have 
been required if such remainder had been the tax.

(d) Period of extension

    The extension of time for payment provided in this section shall 
expire--
        (1) on the last day of the month in which falls the last date 
    prescribed by law (including any extension of time granted the 
    taxpayer) for the filing of the return for the taxable year of the 
    expected net operating loss, or
        (2) if an application for tentative carryback adjustment 
    provided in section 6411 with respect to such loss is filed before 
    the expiration of the period prescribed in paragraph (1), on the 
    date on which notice is mailed by certified mail or registered mail 
    by the Secretary to the taxpayer that such application is allowed or 
    disallowed in whole or in part.

(e) Revised statements

    Each statement filed under subsection (a) with respect to any 
taxable year shall be in lieu of the last statement previously filed 
with respect to such year. If the amount the time for payment of which 
is extended under a statement filed is less than the amount under the 
last statement previously filed, the extension of time shall be 
terminated as to the difference between the two amounts.

(f) Termination

    The Secretary is not required to make any examination of the 
statement, but he may make such examination thereof as he deems 
necessary and practicable. The Secretary shall terminate the extension 
as to any part of the amount to which it relates which he deems should 
be terminated because, upon such examination, he believes that, as of 
the time such examination is made, all or any part of the statement 
clearly is in a material respect erroneous or unreasonable.

(g) Payments on termination

    If an extension of time is terminated under subsection (e) or (f) 
with respect to any amount, then--
        (1) no further extension of time shall be made under this 
    section with respect to such amount, and
        (2) the time for payment of such amount shall be considered to 
    be the date on which payment would have been required if there had 
    been no extension with respect to such amount.

(h) Jeopardy

    If the Secretary believes that collection of the amount to which an 
extension under this section relates is in jeopardy, he shall 
immediately terminate such extension, and notice and demand shall be 
made by him for payment of such amount.

(i) Consolidated returns

    If the corporation seeking an extension of time under this section 
made or was required to make a consolidated return, either for the 
taxable year within which the net operating loss arises or for the 
preceding taxable year affected by such loss, the provisions of such 
section shall apply only to such extent and subject to such conditions, 
limitations, and exceptions as the Secretary may by regulations 
prescribe.

(Aug. 16, 1954, ch. 736, 68A Stat. 764; Pub. L. 85-866, title I, 
Sec. 89(b), Sept. 2, 1958, 72 Stat. 1665; Pub. L. 94-455, title XIX, 
Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 97-248, title 
II, Sec. 234(b)(2)(C), Sept. 3, 1982, 96 Stat. 503.)


                               Amendments

    1982--Subsec. (c). Pub. L. 97-248, Sec. 234(b)(2)(C)(i), substituted 
``shall be the date on which payment would have been required if such 
remainder had been the tax'' for ``shall be considered to be the dates 
on which payments would have been required if such remainder had been 
the tax and the taxpayer had elected to pay the tax in installments as 
provided in section 6152'' in last sentence.
    Subsec. (g)(2). Pub. L. 97-248, Sec. 234(b)(2)(C)(ii), substituted 
``date on which payment would have been required if there had been no 
extension with respect to such amount'' for ``dates on which payments 
would have been required if there had been no extension with respect to 
such amount and the taxpayer had elected to pay the tax in installments 
as provided in section 6152''.
    1976--Subsecs. (a), (b), (d), (f), (h), (i). Pub. L. 94-455 struck 
out ``or his delegate'' after ``Secretary'' wherever appearing.
    1958--Subsec. (d)(2). Pub. L. 85-866 inserted ``certified mail or'' 
before ``registered mail''.


                    Effective Date of 1982 Amendment

    Amendment by Pub. L. 97-248 applicable to taxable years beginning 
after Dec. 31, 1982, see section 234(e) of Pub. L. 97-248, set out as a 
note under section 6655 of this title.


                    Effective Date of 1958 Amendment

    Amendment by Pub. L. 85-866 applicable only if mailing occurs after 
Sept. 2, 1958, see section 89(d) of Pub. L. 85-866, set out as a note 
under section 7502 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 6040, 6411, 6864 of this 
title.
