Title 26 — Internal Revenue Code
Chapter 77 — Miscellaneous Provisions
§ 7504. Fractional parts of a dollar
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Aug. 16, 1954, ch. 736, 68A Stat. 896 · 68A Stat. 896
Enacted · 26 U.S.C. § 7504
Aug. 16, 1954, ch. 736, 68A Stat. 896
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 896Pub. L. 94–455 title XIX § 1906(b)(13)(A) · 90 Stat. 1520
Struck · 26 U.S.C. § 7504
Pub. L. 94–455 struck out “or his delegate” after “Secretary”
Source evidence
Code amendment note
Pub. L. 94–455 struck out “or his delegate” after “Secretary”.Enacted provision · exact public law section
(A) The Internal Revenue Code of 1954, as amended by this Act, is amended by striking out “Secretary or his delegate” each place it appears and inserting in lieu thereof “Secretary”.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments
1976—Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Credits
1954–1976 · 2 acts
- 1954Aug. 16, 1954, ch. 736, 68A Stat. 896
- 1976Pub. L. 94–455, title XIX, § 1906(b)(13)(A), , 90 Stat. 1834.
Show as published
(Aug. 16, 1954, ch. 736, 68A Stat. 896; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), , 90 Stat. 1834.)