26 U.S.C. § 7504
Fractional parts of a dollar
The Secretary may by regulations provide that in the allowance of any amount as a credit or refund, or in the collection of any amount as a deficiency or underpayment, of any tax imposed by this title, a fractional part of a dollar shall be disregarded, unless it amounts to 50 cents or more, in which case it shall be increased to 1 dollar.
Notes of Decisions
Cited in 1
case, 1972–1972 · leading case: United States v. Gulf Oil Corp., 335 F. Supp. 1405 (W.D. Pa. 1972).
United States v. Gulf Oil Corp., 335 F. Supp. 1405 (W.D. Pa. 1972). “However, it is well to note that it did not come to defendants’ attention that the interest assessment was excessive until 1968, a period of approximately four years after Gulf paid the assessment, when the Commissioner issued Revenue Ruling 68-258. The Government contends that…”
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