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clearly “2 percentage points in the case of a corporation”.
While we agree with petitioner that “corporation” in the flush
language means C corporation as a result of the cross-reference
to subsection (c)(3), we do not find that cross-reference
applicable to the operation of subsection (a)(1)(B) and are left
with the word “corporation” with no cross-reference. The general
definition of “corporation” in section 7701(a)(3) and section
301.7701-2(b)(1), Proced. & Admin. Regs., does not distinguish
between C and S corporations. Accordingly, we find petitioner is
entitled to an additional 2 percentage points interest, rather
than the 3 percentage points for noncorporate taxpayers.
To reflect the foregoing,
An appropriate order
will be entered.
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Last modified: May 25, 2011