- 19 - effective date of the GATT amendment, all of petitioners’ then- remaining outstanding tax overpayments for each of the years in issue represented tax overpayments by petitioners in excess of $10,000, no portion of which qualifies for the exemption from the GATT rate. We agree. Under section 301.6611-1(b), Proced. & Admin. Regs., the date of overpayment of a tax is the date of payment of the first amount which, when added to previous payments, is in excess of the tax liability (including any interest, addition to tax, or additional amount). This regulation provides that tax overpayments are to be refunded beginning with the first payment that exceeds the tax liability. Accordingly, all of petitioners’ tax overpayments for the years in issue that remained outstanding after December 31, 1994, and that petitioners eventually received in 2004 and 2005 constituted overpayments “in excess of $10,000” and, beginning January 1, 1995, accrued interest at the reduced GATT rate. Appropriate orders will be entered.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Last modified: May 25, 2011