Rev. Proc. 67-32

Treasury Decision 6894, C.B. 1966-2, 362, published in the Federal Register for September 8, 1966, and Treasury Decision 6909, C.B. 1967-1, 240, published in the Federal Register for December 30, 1966, made final the regulations relating to consolidated returns for taxable years beginning after December 31, 1965.

Where corporate declarations of estimated tax were made for taxable years beginning before August 1, 1966, under the regulations applicable to taxable years beginning before January 1, 1966, the penalties for underpayment of estimated tax under section 6655 of the Internal Revenue Code of 1954 for those years will be imposed only to the extent that such penalties would have been imposed under the regulations applicable to taxable years beginning before January 1, 1966. However, declarations of estimated tax, and the computation of penalties under section 6655, for taxable years beginning after July 31, 1966, must be made under the provisions of the regulations applicable to taxable years beginning after December 31, 1965.

¹ Based on Technical Information Release 858, dated Oct. 6, 1966.