- 61 -
However, the period beginning January 1, 1982, includes a
12-day period--June 16-28, 1982--during which respondent had the
money and for which respondent did not pay interest to
petitioners. On brief, each side vigorously disputes the other
side’s contentions as to this 12-day period. When we clear away
the parties’ language of conflict, it appears that both sides
contend that petitioners are not liable for any interest on
account of this 12-day period. We conclude that the “use of
money” principle leads to the result that both sides contend is
the correct result. The parties are to give effect to this
conclusion in the computations under Rule 155.
We hold for respondent that interest on the 1979
underpayment begins to accrue on January 1, 1982, but does not
accrue for the period June 16-28, 1982.
2. 1982
Petitioners’ refund for 1982 was not attributable to a
carryback. Accordingly, the date of petitioners’ overpayment for
1982 is the first date when the amount of petitioners’ payments
in respect of 1982 exceeds the amount of their liabilities for
1982. Sec. 301.6611-1(b), Proced. & Admin. Regs.24 Petitioners’
24 Sec. 301.6611-1, Proced. & Admin. Regs., provides, in
pertinent part, as follows:
SEC. 301.6611-1. Interest on overpayments.--
* * * * * * *
(continued...)
Page: Previous 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 NextLast modified: May 25, 2011