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prescribes the date interest begins to accrue on an overpayment
created by a “credits/losses” carryback. Section 6611(f) as in
effect for June 28, 1982, the date when respondent issued to
petitioners their refund for 1979,21 provided that for these
purposes the overpayment is deemed to have been made after the
last day of the taxable year in which the carryback arises. The
carryback which resulted in an overpayment for 1979 arose in
20(...continued)
tax imposed by subtitle A [relating to income taxes]
results from a carryback of a net operating loss or net
capital loss, such overpayment shall be deemed not to
have been made prior to the close of the taxable year
in which such net operating loss or net capital loss
arises.
(2) Certain credit carrybacks.--
(A) In general.--For purposes of subsection
(a), if any overpayment of tax imposed by subtitle
A results from a credit carryback, such
overpayment shall be deemed not to have been made
before the close of the taxable year in which such
credit carryback arises * * *.
Sec. 1055(b)(1) of the Taxpayer Relief Act of 1997 (TRA
1997), Pub. L. 105-34, 111 Stat. 788, 944, redesignated par. (2)
of sec. 6611(f) as par. (3).
21 Sec. 346(c)(1)(A) and (B) of TEFRA 1982, 96 Stat. at
637, substituted the phrase “the filing date for” for the phrase
“the close of” in each place the latter phrase appeared in pars.
(1) and (2)(A) of sec. 6611(f). The amendments were effective
for interest accruing after Oct. 3, 1982. See TEFRA 1982 sec.
346(d)(2), 96 Stat. at 638. Interest on petitioners’ overpayment
for 1979 accrued from Jan. 1 through June 16, 1982. Thus, the
amendments do not affect interest on petitioners’ overpayment for
1979.
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