26 U.S.C. § 6102 — Computations on returns or other documents
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 187 words · no verdicts yet
The Secretary may allow final amounts on tax forms to be rounded down or to the nearest whole dollar. Taxpayers may elect not to use whole-dollar amounts, and the rounding rules apply only to final amounts shown, not intermediate calculations.
(a) Amounts shown on internal-revenue forms. For an amount required on an internal-revenue return, statement, or other document, the Secretary* may provide that if it is not a whole dollar, either (1) the fractional dollar is ignored, or (2) it is ignored unless it is at least one-half dollar, in which case the whole-dollar amount is increased by $1. (b) Election not to use whole-dollar amounts. Under the Secretary’s regulations, anyone making such a return, statement, or document may make it without applying subsection (a). (c) Inapplicability to computation of amount. Subsections (a) and (b) do not apply to items used in calculations to determine the amount shown on the form. They apply only to the final amount required to be shown.
The Secretary* is authorized to provide with respect to any amount required to be shown on a form prescribed for any internal revenue return, statement, or other document, that if such amount of such item is other than a whole-dollar amount, either—
the fractional part of a dollar shall be disregarded; or
the fractional part of a dollar shall be disregarded unless it amounts to one-half dollar or more, in which case the amount (determined without regard to the fractional part of a dollar) shall be increased by $1.
Any person making a return, statement, or other document shall be allowed, under regulations prescribed by the Secretary, to make such return, statement, or other document without regard to subsection (a).
The provisions of subsections (a) and (b) shall not be applicable to items which must be taken into account in making the computations necessary to determine the amount required to be shown on a form, but shall be applicable only to such final amount.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 753; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1834
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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