§ 65. Additions to tax and civil penalties.--(a) Failure to file tax\nreturn.--In case of failure to file a tax return under this local law on\nor before the prescribed date (determined with regard to any extension\nof time 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 per cent of\nthe amount of such tax if the failure is for not more than one month,\nwith an additional five per cent for each additional month or fraction\nthereof during which such failure continues, not exceeding twenty-five\nper cent 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 (b) Deficiency due to negligence.--If any part of a deficiency is due\nto negligence or intentional disregard of this local law or rules or\nregulations hereunder (but without intent to defraud), there shall be\nadded to the tax an amount equal to five per cent of the deficiency.\n (c) Failure to file declaration or underpayment of estimated tax.--If\nany taxpayer fails to file a declaration of estimated tax or fails to\npay all or any part of an installment of estimated tax, he shall be\ndeemed to have made an underpayment of estimated tax. There shall be\nadded to the tax for the taxable year an amount at the rate of six per\ncentum per annum upon the amount of the underpayment for the period of\nthe underpayment but not beyond the fifteenth day of the fourth month\nfollowing the close of the taxable year. The amount of underpayment\nshall be the excess of the amount of the installment which would be\nrequired to be paid if the estimated tax were equal to seventy per cent\nof the tax (two-thirds of the tax for farmers referred to in subdivision\n(e) of section thirty-five) shown on the return for the taxable year (or\nif no return was filed, of the tax for such year) over the amount, if\nany, of the installment paid on or before the last day prescribed for\nsuch payment. No underpayment shall be deemed to exist with respect to a\ndeclaration or installment otherwise due on or after the taxpayer's\ndeath.\n (d) Exception to addition for underpayment of estimated tax.--The\naddition to tax under subdivision (c) with respect to any underpayment\nof any installment shall not be imposed if the total amount of all\npayments of estimated tax made on or before the last date prescribed for\nthe payment of such installment equals or exceeds whichever of the\nfollowing is the lesser--\n (1) The amount which would have been required to be paid on or before\nsuch date if the estimated tax were whichever of the following is the\nleast--\n (A) The tax shown on the return of the individual for the preceding\ntaxable year, if a return showing a liability for tax was filed by the\nindividual 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\nthe taxable year, on the basis of the taxpayer's status with respect to\npersonal exemptions for the taxable year, but otherwise on the basis of\nthe facts shown on his return for, and the law applicable to, the\npreceding taxable year, or\n (C) An amount equal to seventy per cent of the tax for the taxable\nyear (two-thirds of the tax for farmers referred to in subdivision (e)\nof section thirty-five) computed by placing on an annualized basis the\ntaxable income for the months in the taxable year ending before the\nmonth in which the installment is required to be paid. For purposes of\nthis subparagraph, the taxable income shall be placed on an annualized\nbasis by--\n (i) multiplying by twelve (or, in the case of a taxable year of less\nth
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