I.R.C. § 6164(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.
I.R.C. § 6164(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—
I.R.C. § 6164(b)(1) —
the estimated amount of the expected net operating loss;
I.R.C. § 6164(b)(2) —
the reasons, facts, and circumstances which cause the corporation to expect such
net operating loss;
I.R.C. § 6164(b)(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;
I.R.C. § 6164(b)(4) —
the tax and the part thereof the time for payment of which is to be extended; and
I.R.C. § 6164(b)(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.
I.R.C. § 6164(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.
I.R.C. § 6164(d) Period Of Extension —
The extension of time for payment provided in this section shall expire—
I.R.C. § 6164(d)(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
I.R.C. § 6164(d)(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.
I.R.C. § 6164(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.
I.R.C. § 6164(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.
I.R.C. § 6164(g) Payments On Termination —
If an extension of time is terminated under subsection
(e) or (f) with respect to any amount, then—
I.R.C. § 6164(g)(1) —
no further extension of time shall be made under this section with respect to such
amount, and
I.R.C. § 6164(g)(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.
I.R.C. § 6164(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.R.C. § 6164(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; Sept. 2, 1958,
Pub. L. 85-866, title I, 89(b), 72 Stat. 1665; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1906(b)(13)(A), 90 Stat. 1834; Sept. 3, 1982, Pub. L. 97-248, title II, 234(b)(2)(C), 96 Stat. 503.)
BACKGROUND NOTES
AMENDMENTS
1982--Subsec. (c). Pub. L. 97-248, 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, 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.
