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Inc. v. United States, 588 F.2d at 344. The last date prescribed
for payment of income tax is generally the due date for filing
the tax return without regard to any extension of time for
filing. See sec. 6601(b).
Petitioners did not owe any 1979 income tax as of the due
date for filing their 1979 tax return--April 15, 1980. On their
1981 tax return, petitioners claimed flowthrough items in respect
of their investment in TEA. Petitioners then carried back
“credits/losses” from 1981 to 1978 and then to 1979, which
resulted in an overpayment for 1979.19 Under subsections (a) and
(b)(2) of section 6611, interest on a refund of an overpayment is
calculated from the date of the overpayment. Section 6611(f)20
19 Respondent states that petitioners carried back from
1981 to 1978 “the investment credit”. Petitioners state they
carried back “actual losses”. The parties stipulate that
petitioners carried back “credits/losses”. The parties have not
favored us with petitioners’ 1981 tax return or claim for refund
for 1979, and so we do not have a basis in the record for greater
precision as to what was carried back. Although sec. 6611(f)
deals with net operating losses in par. (1) and credits in par.
(2)(A), infra note 20, we are fortunate in that for our purposes
the relevant rules of pars. (1) and (2)(A) are identical.
20 Sec. 6611(f) provides, in pertinent part, as follows:
SEC. 6611. INTEREST ON OVERPAYMENTS.
* * * * * * *
(f) Refund of Income Tax Caused by Carryback or
Adjustment for Certain Unused Deductions.--
(1) Net operating loss or capital loss carryback.
--For purposes of subsection (a), if any overpayment of
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