§ 871. Payment of estimated tax. (a) Definition of estimated tax.
Estimated tax means the amount that an electing city partnership or
electing city resident S corporation estimates to be the tax imposed by
section eight hundred sixty-nine of this article for the current taxable
year.

(b) General. Except as provided in subsection (c) of this section, the
estimated tax shall be paid as follows for an electing city partnership
and an electing city resident S corporation:

(1) The estimated tax shall be paid in four equal installments on
March fifteenth, June fifteenth, September fifteenth and December
fifteenth in the calendar year prior to the year in which the due date
of the return required by this article falls.

(2) The amount of any required installment shall be twenty-five
percent of the required annual payment.

(3) Without regard to paragraph four of subsection (c) of section six
hundred eighty-five of this chapter, the required annual payment is the
lesser of: (A) ninety percent of the tax shown on the return for the
taxable year; or (B) one hundred percent of the tax shown on the return
of the electing city partnership or electing city resident S corporation
for the preceding taxable year.

(c) Application to short taxable year. This section shall apply to a
taxable year of less than twelve months in accordance with procedures
established by the commissioner.

(d) Installments paid in advance. An electing city partnership or
electing city resident S corporation may elect to pay any installment of
its estimated tax prior to the date prescribed for the payment thereof.