Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 54-81

1954-1 C.B. 78

IRS Headnote

Time extended for filing exempt cooperative association income tax return, Form 990-C (for farmers' cooperative marketing and purchasing association under section 101(12) of the Internal Revenue Code).

Full Text

Rev. Rul. 54-81 /*/

SECTION 1. PURPOSE.

The purpose of this Revenue Ruling is to extend the time for filing the Exempt Cooperative Association Income Tax Return, Form 990-C, and the time for payment of the income tax due by a farmers' cooperative marketing and purchasing association.

SEC. 2. AUTHORITY.

The extension of time for filing Form 990-C and paying the income tax due is granted pursuant to the authority contained in sections 53(a)(2) and 56(c)(1), respectively, of the Internal Revenue Code.

SEC. 3. SCOPE.

This extension is granted to farmers' cooperative marketing and purchasing associations exempt under section 101(12) with respect to taxable years beginning in 1953.

SEC. 4. EXTENDED DATE.

The time for filing Form 990-C and the time for paying the income tax due by such an association for a taxable year beginning in 1953 is hereby extended to and including the 15th day of the 9th month following the close of such taxable year.

SEC. 5. ACCUMULATION OF INTEREST.

Interest at the rate of 6 percent per annum will be assessed and collected on the amount determined as the tax from the original due date for payment of the tax, the 15th day of the 3d month following the close of the taxable year, until it is paid. However, the payment of the tax, or any installment thereof, made in advance of the filing of the return will stay the accumulation of interest on the amount of such payment from the time it is paid. Accordingly, any association desiring to minimize the accumulation of such interest may make such advance payments in full or on the installment basis as provided in section 56 of the Internal Revenue Code to the District Director of Internal Revenue with whom such return will be filed, clearly identifying such payments in order to aid the District Director in the proper application of such payments and in computing interest on deferred payments.

/*/ Originally issued as IR Mimeograph No. 54-19, dated February 5, 1954.