- 23 -
We are not persuaded that the absence of a specific
statutory counterpart to section 6611(g) dealing with interest on
overpayments (which was specifically amended by TEFRA) provides a
sufficient basis for reaching the opposite result in respect of
the applicable date when an underpayment is involved. Such a
consequence, at the very least, suggests eccentric action by the
Congress, a concept we are not prepared to adopt under the
circumstances herein. See J.C. Penney Co. v. Commissioner, 312
F.2d 65, 68 (2d Cir. 1962), affg. 37 T.C. 1013 (1962). In short,
with all due respect to the Court of Appeals for the Federal
Circuit, we opt for the same symmetrical disposition of the
cutoff date in respect of interest as was accorded the obligation
to pay interest where an excess foreign tax carryback is
involved.
Petitioner has excess foreign tax carrybacks from 1981 and
1982 to reduce its deficiencies for 1979 and 1980. The interest
on the 1981 carryback is not affected by the TEFRA amendments.
The carryback from 1981 became effective as of the last day of
the taxable year 1981 (December 31, 1981), and the carryback from
1982 became effective as of the due date of the return for that
year (March 15, 1983). We hold that the interest accrues until
such dates as computed by respondent.
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011