
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC6622]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
                          CHAPTER 67--INTEREST
 
  Subchapter C--Determination of Interest Rate; Compounding of Interest
 
Sec. 6622. Interest compounded daily


(a) General rule

    In computing the amount of any interest required to be paid under 
this title or sections 1961(c)(1) or 2411 of title 28, United States 
Code, by the Secretary or by the taxpayer, or any other amount 
determined by reference to such amount of interest, such interest and 
such amount shall be compounded daily.

(b) Exception for penalty for failure to file estimated tax

    Subsection (a) shall not apply for purposes of computing the amount 
of any addition to tax under section 6654 or 6655.

(Added Pub. L. 97-248, title III, Sec. 344(a), Sept. 3, 1982, 96 Stat. 
635.)


                             Effective Date

    Section 344(c) of Pub. L. 97-248 provided that: ``The amendments 
made by this section [enacting this section and amending section 6601 of 
this title] shall apply to interest accruing after December 31, 1982.''
