Form Ar2220 - Underpayment Of Estimated Tax By Corporations Page 2
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2AR2220
State of Arkansas
UNDERPAYMENT OF ESTIMATED TAX BY CORPORATIONS
Continued
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
9.
Enter Applicable Number of Days on the following Lines:
(a) For amount entered on Line 7(a), enter number of
days between Lines 8(a) and 8(c) or between Lines
8(b) and 8(c)................................................................
(b) 1. For amount entered on Line 7(b)(1), enter the
number of days between Lines 8(c) and 8(e)(1). ..
2. For amount entered on Line 7(b)(2), enter the
number of days between Lines 8(c) and 8(e)(2). ..
3. For amount entered on Line 7(b)(3), enter number
of days between Lines 8(c) and 8(e)(3). ................
4. For amount entered on Line 7(b)(4), enter num-
ber of days between Lines 8(c) and 8(e)(4). ..........
(c) For amount entered on Line 7(c), enter number of
days between Lines 8(c) and 8(d).
10. Penalty Amount:
00
00
00
00
(a) Enter product of Line 7(a) X Line 9(a) X .00027397..
(b) 1.
Enter product of Line 7(b)(1) X Line 9(b)(1) X
00
00
00
00
.00027397. ........................................................
2.
Enter product of Line 7(b)(2) X Line 9(b)(2) X
00
00
00
00
.00027397. ........................................................
3.
Enter product of Line 7(b)(3) X Line 9(b)(3) X
00
00
00
00
.00027397. ........................................................
4.
Enter product of Line 7(b)(4) X Line 9(b)(4) X
00
00
00
00
.00027397. ........................................................
(c) Enter product of Line 7(c) X Line 9(c) X
00
00
00
00
.00027397. .................................................................
(d) Total penalty per quarter.
00
00
00
00
[Add 10(a) through 10(c)]. ..........................................
00
(e) Total penalty amount (Add total amount listed on Line 10(d) for each quarter.). ......................................................................................
PART 3.
IF YOU ARE CLAIMING ONE OF THE EXCEPTIONS LISTED BELOW, CHECK THE CORRESPONDING LETTER BOX AND
ENTER THAT LETTER IN THE BOX PROVIDED ON LINE 46 OF FORM AR1100CT.
Exceptions
(a) No penalty shall be imposed for a tax year if the tax shown on the return
(e No penalty shall be imposed for a tax year if:
for such tax year is $250.00 or less.
(1) the preceding tax year was a tax year of 12 months, and
(2) the taxpayer did not have a tax liability for the preceding tax year,
(b) Taxpayers whose income from farming for the income year can rea-
and,
sonably be expected to amount to at least two thirds (2/3) of the total
(3) the taxpayer was a resident of Arkansas throughout the preceding
gross income from all sources for the income year, may file such decla-
tax year.
ration and pay the estimated tax on or before the fifteenth (15th) day of
the second (2nd) month after the close of the income year, or in lieu of
(f) No penalty shall be imposed with respect to any underpayment to the
filing any declaration, may file an income tax return and pay the tax on
extent that the Commissioner of Revenue determines that by reasons of
or before the fifteenth (15th) day of the third (3rd) month after the close
casualty, disaster, or other unusual circumstances the imposition of
of the income year.
such penalty would be against equity and good conscience.
(c) The penalty herein provided shall not be applicable where the original
(g) No penalty shall be imposed with respect to any underestimate or under-
amount of estimated tax is the same amount shown to be due by the
payment if the Commissioner determines that:
return of the taxpayer for the preceding income year where such return
(1 ) the taxpayer
showing a liability for tax was filed by the taxpayer for the preceding
(i) retired after having attained age 62, or
income year of twelve (12) months.
(ii) became disabled, in the tax year for which such estimated pay-
ments were required to be made or in the tax year preceding
(d) In lieu of filing the fourth (4th) quarter installment the taxpayer may file
such tax year, and,
an income tax return and pay the tax on or before January 31st or on
(2) such underpayment was due to reasonable cause and not to willful
the last day of the first month after the close of the income year.
neglect.
Attach Completed Form AR2220A If Computing Penalty on Annualized Basis
AR 2220 (R 9/95)
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