modified taxable income

(iii)The term “modified taxable income” has the meaning given such term by section 59A(c)(1). (C) (i)If the taxpayer makes an election under this clause— (I)subclause (I) of subparagraph (A)(i) shall be applied by substituting “2 months” for “3 months”, (II)subclause (II) of subparagraph (A)(i) shall be applied by substituting “4 months” for “3 months”, (III)subclause (III) of subparagraph (A)(i) shall be applied by substituting “7 months” for “6 months”, and (IV)subclause (IV) of subparagraph (A)(i) shall be applied by substituting “10 months” for “9 months”. (ii)If the taxpayer makes an election under this clause— (I)subclause (II) of subparagraph (A)(i) shall be applied by substituting “5 months” for “3 months”, (II)subclause (III) of subparagraph (A)(i) shall be applied by substituting “8 months” for “6 months”, and (III)subclause (IV) of subparagraph (A)(i) shall be applied by substituting “11 months” for “9 months”. (iii)An election under clause (i) or (ii) shall apply to the taxable year for which made and such an election shall be effective only if made on or before the date required for the payment of the first required installment for such taxable year.

Source

26 USC § 6655(e)(2)(B)(iii)


Scoping language

For purposes of this paragraph
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