Ainslie Corp. v. Commissioner of Revenue

In its fiscal 1984 and 1985 corporate excise tax returns,1 Ainslie Corporation understated, and, consequently, underpaid its taxes. For neither of those tax years did Ainslie file a declaration of estimated tax although, as it turned out, for each of those tax years Ainslie owed excise taxes in excess of $1,000. A corporation is required to make payments of estimated tax if in any taxable year it can reasonably expect to owe an excise tax in excess of $1,000. G. L. c. 63B, *361§ 2.2 Should a corporation underpay its estimated tax, the estimated corporate tax statute (G. L. c. 63B) imposes an…