Rev. Rul. 54-86

SECTION 1. PURPOSE.

The following instructions are issued in order to simplify the procedure in connection with applications for extensions of time for filing income tax returns of corporations by combining in one form the application for extension of time and the statement in lieu of a tentative return.

SEC. 2. PROCEDURE TO BE FOLLOWED.

.01 District Directors of Internal Revenue are hereby authorized to grant extensions of time of 90 days for filing corporate income tax returns pursuant to applications for such extensions which are made by a person authorized by the corporation to do so, and who is either ( a ) an officer of the corporation, or ( b ) a person currently enrolled to practice before the Treasury Department.

.02 Any such person may file Form 7004 (Rev. Feb. 1954), `Application for Extension of Time to File U.S. Corporation Income Tax Return, and Statement in Lieu of Tentative Return,' in place of a request for an extension and the tentative return otherwise required to be filed by the taxpayer corporation on or before the statutory filing date.

.03 The form must be prepared in duplicate. The original must be filed with the District Director for the district in which the corporation is required to file its tax return. It must be filed on or before the 15th day of the third month following the close of the taxable year and must be accompanied by a remittance of an estimated amount not less than would be required as the first installment should the taxpayer elect to pay the tax in installments as provided by law. As evidence of the extension, the duplicate must be attached to the completed return when it is filed.

.04 Provided that the requirements of Form 7004 have been met, the extension requested is to be considered as having been granted. Any further extension, beyond that automatically granted by filing Form 7004, must be applied for in writing and specifically granted.

.05 District Directors of Internal Revenue will be furnished a limited number of these forms which will be available in their offices. Any person requiring a substantial number of these forms should supply his own. Reproductions should be similar in size and color, and on paper substantially of the same weight and quality as the prescribed Form 7004. Typewritten reproductions are permissible.

.06 While the purpose of this Revenue Ruling is to ease the burden of corporation taxpayers in connection with applications for extensions of time for filing their income tax returns, it is not intended that the change in procedure should affect the existing policy of District Directors in considering applications for extensions of time for filing returns of taxpayers other than corporations.

SEC. 3. EFFECT ON OTHER DOCUMENTS.

This Revenue Ruling supersedes Rev. Rul. 22, C.B. 1953-1, 84. All prior instructions in conflict with the provisions of this Revenue Ruling are hereby revoked.

/*/ Originally issued as IR-Mimeograph No. 54-20, dated February 12, 1954.