§1.6655-1   Addition to the tax in the case of a corporation.

(a) In general.

(b) Amount of underpayment.

(c) Period of the underpayment.

(d) Amount of required installment.

(1) In general.

(2) Exception.

(e) Large corporation required to pay 100 percent of current year tax.

(1) In general.

(2) May use last year's tax for first installment.

(f) Required installment due dates.

(1) Number of required installments.

(2) Time for payment of installments.

(i) Calendar year.

(ii) Fiscal year.

(iii) Short taxable year.

(iv) Partial month.

(g) Definitions.

(h) Special rules for consolidated returns.

(i) Overpayments applied to subsequent taxable year's estimated tax.

(1) In general.

(2) Subsequent examinations.

(j) Examples.

(k) Effective/applicability date.

§1.6655-2   Annualized income installment method.

(a) In general.

(b) Determination of annualized income installment—in general.

(c) Special rules.

(1) Applicable percentage.

(2) Partial month.

(3) Annualization period not a short taxable year.

(d) Election of different annualization periods.

(e) 52-53 week taxable year.

(f) Determination of taxable income for an annualization period.

(1) In general.

(i) Items of income.

(ii) Items of deduction.

(iii) Losses.

(2) Certain deductions required to be allocated in a reasonably accurate manner.

(i) In general.

(ii) Application of the reasonably accurate manner requirement to certain charitable contributions, recurring items, and 12-month rule items.

(iii) Reasonably accurate manner defined.

(iv) Special rule for certain real property tax liabilities.

(v) Examples.

(3) Special rules.

(i) Advance payments under Rev. Proc. 2004-34.

(ii) Extraordinary items.

(A) In general.

(B) De minimis extraordinary items.

(C) Special rules for net operating loss deductions and section 481(a) adjustments.

(iii) Credits.

(A) Current year credits.

(B) Credit carryovers.

(iv) Depreciation and amortization.

(A) Estimated annual depreciation and amortization.

(B) Safe harbors.

(1) Proportionate depreciation allowance.

(2) 90 percent of preceding year's depreciation.

(3) Safe harbor operational rules.

(C) Short taxable years.

(v) Distributive share of items

(A) Member of partnership.

(B) Treatment of subpart F income and income under section 936(h).

(1) General rule.

(2) Prior year safe harbor.

(i) General rule.

(ii) Special rule for noncontrolling shareholder.

(C) Dividends from closely held real estate investment trust.

(1) General rule.

(2) Closely held real estate investment trust.

(D) Other passthrough entities.

(vi) Alternative minimum taxable income exemption amount.

(vii) Examples.

(g) Items that substantially affect taxable income but cannot be determined accurately by the installment due date.

(1) In general.

(2) Example.

(h) Effective/applicability date.

§1.6655-3   Adjusted seasonal installment method.

(a) In general.

(b) Limitation on application of section.

(c) Determination of amount.

(d) Special rules.

(1) Base period percentage.

(2) Filing month.

(3) Application of the rules related to the annualized income installment method to the adjusted seasonal installment method.

(4) Alternative minimum tax.

(e) Example.

(f) Effective/applicability date.

§1.6655-4   Large corporations.

(a) Large corporation defined.

(b) Testing period.

(c) Computation of taxable income during testing period.

(1) Short taxable year.

(2) Computation of taxable income in taxable year when there occurs a transaction to which section 381 applies.

(d) Members of controlled group.

(1) In general.

(2) Aggregation.

(3) Allocation rule.

(4) Controlled group members.

(e) Effect on a corporation's taxable income of items that may be carried back or carried over from any other taxable year.

(f) Consolidated returns. [Reserved]

(g) Example.

(h) Effective/applicability date.

§1.6655-5   Short taxable year.

(a) In general.

(b) Exception to payment of estimated tax.

(c) Installment due dates.

(1) In general.

(i) Taxable year of at least four months but less than twelve months.

(ii) Exceptions.

(2) Early termination of taxable year.

(i) In general.

(ii) Exception.

(d) Amount due for required installment.

(1) In general.

(2) Tax shown on the return for the preceding taxable year.

(3) Applicable percentage.

(4) Applicable percentage for installment period in which taxpayer does not reasonably expect that the taxable year will be an early termination year.

(e) Examples.

(f) 52 or 53 week taxable year.

(g) Use of annualized income or seasonal installment method.

(1) In general.

(2) Computation of annualized income installment.

(3) Annualization period for final required installment.

(4) Examples.

(h) Effective/applicability date.

§1.6655-6   Methods of accounting.

(a) In general.

(b) Accounting method changes.

(c) Examples.

(d) Effective/applicability date.

§1.6655-7   Addition to tax on account of excessive adjustment under section 6425.