CH. 68—ADDITIONS AND PENALTIES
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penalty under section 6651 (relating to failure to file such return) shall be assessed with respect to the same underpayment. (e) FAILURE TO PAY STAMP T A X. — Any person (as dejfined in section 6671(b)) who willfully fails to pay any tax imposed by this title which is payable by stamp, coupons, tickets, books, or other devices or methods prescribed by this title or by regulations under authority of this title, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof, shall, in addition to other penalties provided by law, be liable to a penalty of 50 percent of the total amount of the underpayment of the tax. SEC. 6654. FAILURE BY INDIVIDUAL TO PAY ESTIMATED INCOME TAX. (a) ADDITION TO THE T A X. — I n the case of any underpayment of
estimated tax by an individual, except as provided in subsection (d), there shall be added to the tax under chapter 1 for the taxable year an amount determined at the rate of 6 percent per annum upon the amount of the underpayment (determined under subsection (b)) for the period of the underpayment (determined under subsection (c)). (b) AMOUNT OF UNDERPAYMENT.—For purposes of subsection (a), the amount of the underpayment shall be the excess of— (1) The amount of the installment which would be required to be paid if the estimated tax were equal to 70 percent (66^^ percent in the case of individuals referred to in section 6073(b), relating to income from farming) of the tax shown on the return for the taxable year or, if no return was filed, 70 percent iQQ% percent in the case of individuals referred to in section 6073(b), relating to income from farming) of the tax for such year, over (2) The amount, if any, of the installment paid on or before the last date prescribed for such payment. (c) PERIOD OF UNDERPAYMENT.—The period of the underpayment shall run from the date the installment was required to be paid to whichever of the following dates is the earlier— (1) The 15th day of the fourth month following the close of the taxable year. (2) With respect to any portion of the underpayment, the date on which such portion is paid. 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. (d) EXCEPTION.—Notwithstanding the provisions of the preceding subsections, the addition to the tax with respect to any underpayment of any installment shall not be imposed if the total amount of all payments of estimated tax made on or before the last date prescribed for the payment of such installment equals or exceeds whichever of the following is the lesser— (1) The amount which would have been required to be paid on or before such date if the estimated tax were whichever of the following is the least— (A) The tax shown on the return of the individual for the preceding taxable year, if a return showing a liability for tax was filed by the individual for the preceding taxable year and such preceding year was a taxable year of 12 months, or § 6654(d)(1)(A)
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