96 STAT. 2194
PUBLIC LAW 97-424—JAN. 6, 1983 the taxpayer or the amount of a refund with respect to rates previously collected, and (iii) which ordered such rates to be collected or refunds to be made (whether or not such order actually was implemented or enforced). (3) LIMITATIONS ON APPLICATION OF PARAGRAPH (2).— (A) PARAGRAPH (2) NOT TO APPLY TO AMOUNTS ACTUALLY
FLOWED THROUGH.—Paragraph (2) shall not apply to the amount of any— (i) rate reduction, or (ii) refund, which was actually made pursuant to a qualified order. (B)
TAXPAYER MUST ENTER INTO CLOSING AGREEMENT
BEFORE PARAGRAPH (2) APPLIES.—Paragraph (2) shall not apply to any taxpayer unless, before the later of— (i) July 1, 1983, or (ii) 6 months after the refunds or rate reductions are actually made pursuant to a qualified order, the taxpayer enters into a closing agreement (within the meaning of section 7121 of the Internal Revenue Code of 1954) which provides for the payment by the taxpayer of the amount of which paragraph (2) does not apply by reason of subparagraph (A).
26 USC 7121.
(4) SPECIAL RULES RELATING TO PAYMENT OF REFUNDS OR INTEREST BY THE UNITED STATES OR THE TAXPAYER.— (A) REFUND DEFINED.—For purposes of this subsection,
the term "refund" shall include any credit allowed by the taxpayer under a qualified order but shall not include interest payable with respect to any refund (or credit) under such order. (B) No INTEREST PAYABLE BY UNITED STATES.—No interest
' 26 USC 6611.
shall be payable under section 6611 of the Internal Revenue Code of 1954 on any overpayment of tax which is attributable to the application of paragraph (2). (C) PAYMENTS MAY BE MADE IN TWO EQUAL INSTALLMENTS.—
Ante, p. 2192.
(i) IN GENERAL.—The taxpayer may make any payment required by reason of paragraph (3) in 2 equal installments, the first installment being due on the last date on which a taxpayer may enter into a closing agreement under paragraph (3)(B), and the second payment being due 1 year after the last date for the first payment. (ii) INTEREST PAYMENTS.—For purposes of section 6601 of such Code, the last date prescribed for payment with respect to any payment required by reason of paragraph (3) shall be the last date on which such payment is due under clause (i). (5) No INFERENCE.—The application of subparagraph (G) of section 167(1)(3) of the Internal Revenue Code of 1954, and the application of paragraphs (1) and (2) of section 46(f) of such Code, to taxable years beginning before January 1, 1980, shall be determined without any inference drawn from the amendments made by subsections (a) and (b) of this section or from the rules contained in paragraphs (2), (3), and (4). Nothing in the
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