[§235-130]  LIFO recapture.  If an Scorporation is subject to last in first out (LIFO) recapture pursuant tosection 1363 of the Internal Revenue Code, then:

(1)  Any increase in the tax imposed by section 235-71by reason of the inclusion of the LIFO recapture amount in its income shall bepayable in four equal installments;

(2)  The first installment shall be paid on or beforethe due date (determined without regard to extensions) for filing the returnfor the first taxable year for which the corporation was subject to the LIFOrecapture;

(3)  The three succeeding installments shall be paidon or before the due date (determined without regard to extensions) for filingthe corporation's return for the three succeeding taxable years; and

(4)  For purposes of computing interest onunderpayments, the last three installments shall not be consideredunderpayments until after the payment due date specified above. [L 1990, c 16,pt of §1]