HERBERT R. O'CONOR, GOVERNOR. 1683

information as may be prescribed by regulations of the De-
partment. Such report shall be filed on or before the fifteenth
day of April in each and every year and as of the preceding
thirty-first day of December in the case of a corporation keep-
ing its books on a calendar year basis, or a corporation not
required to file an income tax return under this Article, and on
or before the fifteenth day of the fourth month after the close
of its fiscal year and as of the last day of its fiscal year in the
case of a corporation keeping its books on the basis of a fiscal
year other than the calendar year, and required to file an
income tax return under this Article. Such annual report
shall be filed on the basis of the same fiscal or calendar year
as is used by such corporation for income tax returns under
this Article, and such calendar year basis may be changed to a
fiscal year basis, or a fiscal year basis changed to a calendar
year basis, or one fiscal year basis changed to another fiscal
year basis, only in accordance with regulations of the De-
partment.

(b) The annual franchise tax imposed by Section 144, as
the same shall appear from the face of the report herein re-
quired to be filed, shall be paid to the Department at the time
fixed for the filing of such report. If such tax is not paid when
the report is required to be filed the corporation liable for such
tax shall pay as a penalty, in addition to the amount of such
tax, such additional tax as may be required by the Department
not exceeding ten per cent, of such amount plus one-half of one
per cent, for each month or fraction of a month the franchise
tax or additional tax remains unpaid. In the event additional
amounts are found to be due after the report has been filed,
such amounts shall be subject to interest at six per cent, per
annum from the date the report was required to be filed until
payment is actually made to the Department.

146. As soon as practicable after the annual franchise tax
report required to be filed by Section 145 is received the De-
partment shall examine and audit it. If the amount of fran-
chise tax computed by the Department shall be greater than
the amount shown on the report, the excess shall be assessed
by the Department and a notice of such assessment shall be
mailed to the corporation filing the report, at the address
shown on the report, Such assessment shall be made within
three years from the date the report was due, except in the
case of failure to file a report or of a fraudulent report, in
which case the excess may be assessed at any time. Any cor-
poration dissatisfied with any such assessment may appeal
to the Courts of this State, as provided in this Article.