§ 76. Additions to tax and civil penalties. 1. Failure to file\nreturn.--In case of failure to file a return under the named parts on or\nbefore the prescribed date (determined with regard to any extension of\ntime for filing), unless it is shown that such failure is due to\nreasonable cause and not due to willful neglect, there shall be added to\nthe amount required to be shown as tax on such return five percentum of\nthe amount of such tax if the failure is for not more than one month,\nwith an additional five percentum for each additional month or fraction\nthereof during which such failure continues, not exceeding twenty-five\npercentum in the aggregate. For this purpose, the amount of tax required\nto be shown on the return shall be reduced by the amount of any part of\nthe tax which is paid on or before the date prescribed for payment of\nthe tax and by the amount of any credit against the tax which may be\nclaimed upon the return.\n 2. Deficiency due to negligence.--If any part of a deficiency is due\nto negligence or intentional disregard of this part or any of the named\nparts or rules or regulations thereunder (but without intent to\ndefraud), there shall be added to the tax an amount equal to five\npercentum of the deficiency.\n 3. Failure to file declaration or underpayment of estimated tax.--If\nany taxpayer fails to file a declaration of estimated tax under part two\nor part three, or fails to pay all or any part of an amount which is\napplied as an installment against such estimated tax, it shall be deemed\nto have made an underpayment of estimated tax. There shall be added to\nthe tax for the taxable year an amount at the rate set by the\ncommissioner of finance pursuant to section eighty-seven, or, if no rate\nset, at the rate of six percentum per annum upon the amount of the\nunderpayment for the period of the underpayment but not beyond the\nfifteenth day of the third month following the close of the taxable\nyear. The amount of the underpayment shall be, with respect to any\ninstallment of estimated tax computed on the basis of the preceding\nyear's tax, the excess of the amount required to be paid over the\namount, if any, paid on or before the last day prescribed for such\npayment or, with respect to any other installment of estimated tax, the\nexcess of the amount of the installment which would be required to be\npaid if the estimated tax were equal to ninety percentum of the tax\nshown on the return for the taxable year (or if no return was filed,\nninety per centum of the tax for such year) over the amount, if any, of\nthe installment paid on or before the last day prescribed for such\npayment. In any case in which there would be no underpayment if "eighty\nper centum" were substituted for "ninety per centum" each place it\nappears in this subdivision, the addition to the tax shall be equal to\nseventy-five per centum of the amount otherwise determined. No\nunderpayment shall be deemed to exist with respect to a declaration or\ninstallment otherwise due on or after the termination of existence of\nthe taxpayer.\n 4. Exception to addition for underpayment of estimated tax.--The\naddition to tax under subdivision three with respect to any underpayment\nof any amount which is applied as an installment against estimated tax\nunder part two or part three of this title shall not be imposed if the\ntotal amount of all payments of estimated tax made on or before the last\ndate prescribed for the payment of any such amount equals or exceeds the\namount which would have been required to be paid on or before such date\nif the estimated tax were whichever of the following is the least--\n (a) The tax shown on the return of the taxpayer for the preceding\ntaxable year, if a return showing a liability for tax was filed by the\ntaxpayer for the preceding taxable year and such preceding year was a\ntaxable year of twelve months, or\n (b) An amount equal to the tax computed at the rates applicable to the\ntaxable
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