1 2 3 4 5 6 7 8 9 10 "(1) the difference between (A) the amount of estimated tax required to be paid before the date on which the amendment is made, and (B) the amount of estimated tax which would have been required to be paid before such date if the new estimate had been made when the first estimate was made, by "(2) the number of installments remaining to be paid on or after the date on which the amendment is made. "(c) APPLICATION TO SHORT TAXABLE YEAR.-The 11 application of this section to taxable years of less than 12 12 months shall be in accordance with regulations prescribed by 13 the Secretary or his delegate. 14 "(d) INSTALLMENTS PAID IN ADVANCE.-At the elec15 tion of the corporation, any installment of the estimated tax 16 may be paid before the date prescribed for its payment. 17 (b) TIME FOR FILING DECLARATIONS OF ESTIMATED 18 INCOME TAX BY CORPORATIONS.-Section 6074 (relating 1 to time for filing declarations of estimated income tax by cor2 porations) is amended to read as follows: 3 "SEC. 6074. TIME FOR FILING DECLARATIONS OF ESTI 4 MATED INCOME TAX BY CORPORATIONS. 5 "(a) GENERAL RULE.-The declaration of estimated tax 6 required of corporations by section 6016 shall be filed as 7 follows: 8 "(b) AMENDMENT.-An amendment of a declaration 9 may be filed in any interval between installment dates 10 prescribed for the taxable year, but only one amendment 11 may be filed in each such interval. 12 "(c) SHORT TAXABLE YEAR.-The application of this 13 section to taxable years of less than 12 months shall be in 14 accordance with regulations prescribed by the Secretary or 15 his delegate." 1 (c) FAILURE BY CORPORATIONS TO PAY ESTIMATED 2 INCOME TAX. (1) The last sentence of section 6655 (c) (2) (relating to period of underpayment) is amended to read as follows: "For purposes of this paragraph, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subsection (b) (1) for such installment date." (2) Paragraph (3) of section 6655 (d) (relating to exception) is amended to read as follows: “(3) (A) An amount equal to 70 percent of the tax for the taxable year computed by placing on an annualized basis the taxable income: "(i) for the first 3 months of the taxable year, in the case of the installment required to be paid in the 4th month, "() for the first 3 months or for the first 5 months of the taxable year, in the case of the in stallment required to be paid in the 6th month, "(iii) for the first 6 months or for the first 8 months of the taxable year in the case of the installment required to be paid in the 9th month, and 1 2 3 4 5 པ་ 6 7 8 9 10 11 12 233 "(iv) for the first 9 months or for the first 11 months of the taxable year, in the case of the in stallment required to be paid in the 12th month of the taxable year. "(B) For purposes of this paragraph, the taxable income shall be placed on an annualized basis by "(i) multiplying by 12 the taxable income referred to in subparagraph (A), and "(ii) dividing the resulting amount by the number of months in the taxable year (3, 5, 6, 8, 9, or 11, as the case may be) referred to in subparagraph (A)." 13 (d) TECHNICAL AMENDMENT.-Section 6016 (f) (re14 lating to declarations of estimated income tax by corpora 15 tions) is amended to read as follows: 16 "(f) CROSS REFERENCE.— "For provisions relating to the number of amendments which may be filed, see section 6074(b).” 17 SEC. 123. RELATED AMENDMENTS. 18 (a) TAX ON MUTUAL INSURANCE COMPANIES 19 (OTHER THAN LIFE, ETC.) – (1) Subsection (a) of section 821 (relating to imposition of tax) is amended to read as follows: "(a) IMPOSITION OF TAX.-A tax is hereby imposed 23 for each taxable year beginning after December 31, 1963, on the mutual insurance company taxable income of every 2 mutual insurance company (other than a life insurance com 3 pany and other than a fire, flood, or marine insurance com 4 pany subject to the tax imposed by section 831). Such 5 tax shall consist of "(1) NORMAL TAX.-A normal tax of 22 percent of the mutual insurance company taxable income, or 44 percent of the amount by which such taxable income exceeds $6,000, whichever is the lesser; plus "(2) SURTAX.-A surtax on the mutual insurance company taxable income computed as provided in section 11 (c) as though the mutual insurance company taxable income were the taxable income referred to in section 11 (c)." (2) Paragraph (1) of section 821 (c) (relating to alternative tax for certain small companies) is amended to read as follows: "(1) IMPOSITION OF TAX.-In the case of taxable years beginning after December 31, 1963, there is hereby imposed for each taxable year on the income of each mutual insurance company to which this subsection applies a tax (which shall be in lieu of the tax imposed by subsection (a)) computed as follows: "(A) NORMAL TAX.-A normal tax of 22 per cent of the taxable investment income, or 44 per |