- 10 -
to apply his 1994 overpayment against his 1995 liability without
regard to the period of limitations set forth under section 6511.
Section 6513(d) does not operate as petitioner argues. That
section’s purpose is: (i) To provide a rule for deeming when an
overpayment credited to the succeeding year’s estimated tax is
considered paid and (ii) to clarify that any claim for a credit
or refund of an overpayment credited against a subsequent year’s
tax liability must be made with respect to the subsequent year
rather than the year in which the overpayment arose.
Furthermore, contrary to petitioner’s contentions, section
6513(d) does not operate outside the limitations periods of
section 6511. Rather, it specifically incorporates them.
Section 6513(d) begins with the following conditional clause: “If
any overpayment of income tax is, in accordance with section
6402(b), claimed as a credit against estimated tax for the
succeeding taxable year”. Sec. 6513(d)(emphasis added). As
2(...continued)
PAID.
(d) Overpayment of Income Tax Credited to Estimated
Tax.--If any overpayment of income tax is, in accordance
with section 6402(b), claimed as a credit against estimated
tax for the succeeding taxable year, such amount shall be
considered as a payment of the income tax for the succeeding
taxable year (whether or not claimed as a credit in the
return of estimated tax for such succeeding taxable year),
and no claim for credit or refund of such overpayment shall
be allowed for the taxable year in which the overpayment
arises.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011