Sec. 314. Individual retirement plan statute of limitations for excise tax on excess contributions, certain accumulations, and prohibited transactions
197 words·~1 min read·
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Section 6501(l) of the Internal Revenue Code of 1986 is amended— in paragraph (1), by inserting (other than with respect to an individual retirement plan)” after “section 4975 , and by adding at the end the following new paragraph: For purposes of any tax imposed by section 4973, 4974, or 4975 in connection with an individual retirement plan, the return referred to in this section shall be the income tax return filed by the person on whom the tax under such section is imposed for the year in which the act (or failure to act) giving rise to the liability for such tax occurred.
In the case of a person who is not required to file an income tax return for such year— the return referred to in this section shall be the income tax return that such person would have been required to file but for the fact that such person was not required to file such return, and the 3-year period referred to in subsection
(a)with respect to the return shall be deemed to begin on the date by which the return would have been required to be filed (excluding any extension thereof). .