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shows all of the transactions that affect the balance of
petitioner’s account for the year. These transactions are
shown in the appendix in the column designated “Other
Events” (col. G). Some “events” increase petitioner’s
liability, such as income tax assessments, refunds, and the
application of interim overpayments from the current year
to the tax liability for other years. These are shown as
positive numbers. Other “events” reduce petitioner’s
liability, such as tax payments, the carryback of a net
operating loss from a later year, or the carryback of a
foreign tax credit from a later year. These are shown as
negative numbers.
Each appendix shows the balance of petitioner’s
account as of various dates. The account balance on a
particular date may be a positive number, indicating an
interim underpayment, or a negative number, indicating an
interim overpayment.
The account balance on a particular date comprises
the prior transactions that were booked to the account,
such as tax payments by petitioner, refunds to petitioner,
and the like. The account balance also includes the
interest computed on prior balances as noted in the columns
designated overpayment interest (col. H) and underpayment
interest (col. I).
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Last modified: May 25, 2011