Rev. Rul. 55-86

The purpose of this Revenue Ruling is to grant an extension of time to farmers for filing their 1954 individual income tax returns in lieu of declarations of estimated income tax and for paying the tax due thereon.

Under section 60(a) of the Internal Revenue Code of 1939, an individual whose estimated gross income from farming for the taxable year is at least two-thirds of the total estimated gross income from all sources for the taxable year is considered a farmer.

With respect to farmers, the time for filing a 1954 calendar year individual income tax return and for paying in full (without interest) the amount computed on the return as payable, in order that the return shall be considered a declaration or an amended declaration of estimated income tax, is hereby extended from January 31, 1955, to February 15, 1955.

¹ Originally issued as IR-Circular No. 55-10, dated January 31, 1955