Privilege to elect to make installment payments
(a)
(1) Corporations. A corporation subject to the taxes imposed by chapter 1 of the income tax laws of the Virgin Islands may elect to pay the unpaid amount of such taxes in two equal installments.
(2) Estates of decedents. A decedent's estate subject to the tax imposed by chapter 1 of the income tax laws of the Virgin Islands may elect to pay such tax in four equal installments.
Dates prescribed for payment of installments
(b) Four installments.
(1) In any case in which the tax may be paid in four installments, the first installment shall be paid on the date prescribed for the payment of the tax, the second installment shall be paid on or before 3 months, the third installment on or before 6 months, and the fourth installment on or before 9 months, after such date.
(2) Two installments. In any case in which the tax may be paid in two installments, the first installment shall be paid on the date prescribed for the payment of the tax, and the second installment shall be paid on or before 3 months after such date.
Proration of deficiency to installments
(c) If an election has been made to pay the tax imposed by chapter 1 of the Virgin Islands income tax laws in installments and a deficiency has been assessed, the deficiency shall be prorated to such installments. Except as provided in section 1361 of this title (relating to jeopardy assessments), that part of the deficiency so prorated to any installment the date for payment of which has not arrived shall be collected at the same time as and as part of such installment. That part of the deficiency so prorated to any installment the date for payment of which has arrived shall be paid upon notice and demand from the Director.
Acceleration of payment
(d) If any installment is not paid on or before the date fixed for its payment, the whole of the unpaid tax shall be paid upon notice and demand from the Director.