Division (A)(4)(b) of this section applies only if the qualifying entity filed a return under section 5747.42 of the Revised Code for the preceding qualifying taxable year and if the preceding qualifying taxable year was a twelve-month taxable year.
Payments of estimated taxes shall be made payable to the treasurer of state.
The amount of the underpayment upon which the penalty shall accrue shall be determined as follows:
For the purposes of this section, a payment of estimated taxes on or before any payment date shall be considered a payment of a previous underpayment only to the extent the payment of estimated taxes exceeds the amount of the payment presently required to be paid to avoid any penalty.
The penalty imposed under division (C) of this section is in lieu of any other interest charge or penalty imposed for failure to file a declaration of estimated tax report and make estimated payments as required by this section.
R.C. § 5747.43