Rev. Rul. 54-366

SECTION 1. PURPOSE.

The purpose of this Revenue Ruling is to state the policy in granting extensions of time for filing income tax returns required to be filed during 1954, which returns are affected by the provisions of the Internal Revenue Code of 1954; to give instructions regarding the forms to be used by corporations in filing such returns; and to explain the necessity for amending previously filed income tax returns, and applications for tentative carryback adjustments, affected by the enactment of the Internal Revenue Code of 1954.

SEC. 2. EXTENSIONS OF TIME.

.01 In the case of any income tax return required to be filed during 1954 after the date of enactment of the 1954 Code, a statement by the taxpayer that he needs additional time to determine the applicability of the provisions of the 1954 Code in preparing his return will be considered an adequate ground for granting an extension of time for filing the return. District Directors of Internal Revenue will follow a policy of reasonableness in grating such extensions of time.

.02 The time for filing income tax returns for taxable years of less than twelve months beginning in 1954 and ending after the date of enactment of the Internal Revenue Code of 1954 is hereby extended to March 15, 1955, in the case of corporations, and to April 15, 1955, in the case of individuals, trusts, and estates of decedents.

.03 Extensions of time for filing returns do not carry with them extensions of time for payment of tax. A taxpayer other than a corporation desiring to stay the accumulation of interest on any payment due may file a tentative return showing his estimate of tax liability and may make advance payments of the tax with such return (in full except in the case of estates of decedents which may make payments either in full or on the installment basis as provided by law). Corporate taxpayers are required to file a tentative return (or a statement in lieu of a tentative return, Form 7004) showing an estimate of tax liability and to make advance payment of the tax with such tentative

SEC. 7. EFFECTIVE DATE.

This Revenue Ruling is effective August 17, 1954.

/*/ Originally issued as IR-Mimeograph 54-151, dated August 20, 1954.

/**/ This Revenue Ruling was amplified by Rev. Rul. 55-22, I.R.B. 1955-3, 60.