1 1561 (relating to surtax exemptions in case of certain con2 trolled corporations) applies for the taxable year, the surtax 3 exemption for the taxable year is the amount determined under 4 such section. 5 "(e) EXCEPTIONS.-Subsection (a) shall not apply to 6 a corporation subject to a tax imposed by— 7 8 9 10 11 12 13 14 15 "(1) section 594 (relating to mutual savings banks conducting life insurance business), "(2) subchapter L (sec. 801 and following, relat ing to insurance companies), "(3) subchapter M (sec. 851 and following, relating to regulated investment companies and real estate investment trusts), or "(4) section 881 (a) (relating to foreign corporations not engaged in business in United States)." 16 SEC. 122. CURRENT TAX PAYMENTS BY CORPORATIONS. 17 (a) INSTALLMENT PAYMENTS OF ESTIMATED INCOME 18 TAX BY CORPORATIONS.-Section 6154 (relating to install 19 ment payments of estimated income tax by corporations) 20 is amended to read as follows: 1 “SEC. 6154. INSTALLMENT PAYMENTS OF ESTIMATED IN 2 3 COME TAX BY CORPORATIONS. "(a) AMOUNT AND TIME FOR PAYMENT OF EACH 4 INSTALLMENT.-The amount of estimated tax (as defined 5 in section 6016 (b)) with respect to which a declaration is 6 required under section 6016 shall be paid as follows: 7 8 9 10 11 12 "(1) PAYMENT IN 4 INSTALLMENTS.-If the declaration is filed on or before the 15th day of the 4th month of the taxable year, the estimated tax shall be paid in 4 installments. The amount and time for payment of each installment shall be determined in accordance with the following table: "(2) PAYMENT IN 3 INSTALLMENTS.-If the declaration is filed after the 15th day of the 4th month and not after the 15th day of the 6th month of the taxable year, and is not required by section 6074 (a) to be filed on or before the 15th day of such 4th month, the estimated tax shall be paid in 3 installments. The amount and time for payment of each installment shall be determined in accordance with the following table: "(3) PAYMENT IN 2 INSTALLMENTS.-If the declaration of estimated tax is filed after the 15th day of the 6th month and not after the 15th day of the 9th month of the taxable year, and is not required by section 6074 (a) to be filed on or before the 15th day of such 6th month, the estimated tax shall be paid in 2 install ments. The amount and time for payment of each 3 4 5 "(4) PAYMENT IN 1 INSTALLMENT.-If the declaration of estimated tax is filed after the 15th day of the 9th month of the taxable year, and is not required by section 6074 (a) to be filed on or before the 15th day of such 9th month, the estimated tax shall be paid in 1 installment. The amount and time for payment of 6 7 8 9 the installment shall be determined in accordance with 1 2 3 4 5 6 7 8 9 10 11 12 13 "(5) LATE FILING.-If the declaration is filed after the time prescribed in section 6074 (a) (determined without regard to any extension of time for filing the declaration under section 6081), paragraphs (2), (3), and (4) of this subsection shall not apply, and there shall be paid at the time of such filing all installments of estimated tax which would have been payable on or before such time if the declaration had been filed within the time prescribed in section 6074 (a), and the remaining installments shall be paid at the times at which, and in the amounts in which, they would have been payable if the declaration had been so filed. "(b) AMENDMENT OF DECLARATION.-If any amend 14 ment of a declaration is filed, the amount of each remaining 15 installment (if any) shall be the amount which would have 16 been payable if the new estimate had been made when the 17 first estimate for the taxable year was made, increased or de18 creased (as the case may be), by the amount computed by 19 dividing |