§ 4962. Abatement of first tier taxes in certain cases
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/usc/title-26/section-4962A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General rule If it is established to the satisfaction of the Secretary that—
(1)a taxable event was due to reasonable cause and not to willful neglect, and
(2)such event was corrected within the correction period for such event,
then any qualified first tier tax imposed with respect to such event (including interest) shall not be assessed and, if assessed, the assessment shall be abated and, if collected, shall be credited or refunded as an overpayment.
(b)Qualified first tier tax For purposes of this section, the term “qualified first tier tax” means any first tier tax imposed by subchapter A, C, D, or G of this chapter, except that such term shall not include the tax imposed by section 4941(a) (relating to initial tax on self-dealing).
(c)Special rule for tax on political expenditures of section 501(c)(3) organizations In the case of the tax imposed by section 4955(a), subsection (a)(1) shall be applied by substituting “not willful and flagrant” for “due to reasonable cause and not to willful neglect”.
(Added Pub. L. 98–369, div. A, title III, § 305(a), July 18, 1984, 98 Stat. 783; amended Pub. L. 100–203, title X, § 10712(b)(1), (2), (4), Dec. 22, 1987, 101 Stat. 1330–467; Pub. L. 105–34, title XVI, § 1603(a), Aug. 5, 1997, 111 Stat. 1096; Pub. L. 110–172, § 3(h), Dec. 29, 2007, 121 Stat. 2475.)
Connections11 cite this · traces to 4
Cited by 11 sections · top 9
U.S. Code
statutes-at-large
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 96–596To amend the Internal Revenue Code of 1954 with respect to the determination of second tier taxes, and for other purposes
- Public Law 105–32Waiving certain enrollment requirements with respect to two specified bills of the One Hundred Fifth Congress
22 references not yet in our index
- Pub. L. 98–369, div. A, title III, § 305(a)
- 98 Stat. 783
- Pub. L. 100–203, title X, § 10712(b)(1)
- 101 Stat. 1330–467
- Pub. L. 105–34, title XVI, § 1603(a)
- 111 Stat. 1096
- Pub. L. 110–172, § 3(h)
- 121 Stat. 2475
- Pub. L. 110–172
- Pub. L. 105–34
- Pub. L. 100–203, § 10712(b)(4)
- Pub. L. 100–203, § 10712(b)(2)
- Pub. L. 100–203, § 10712(b)(1)
- Pub. L. 109–280
- section 3(j) of Pub. L. 110–172
- Pub. L. 105–34, title XVI, § 1603(c)
- 111 Stat. 1097
- Pub. L. 104–168
- Pub. L. 100–203
- section 10712(d) of Pub. L. 100–203
- Pub. L. 98–369, div. A, title III, § 305(c)
- 98 Stat. 784
Citation graph
cites case law
§ 4962
Abatement of first tier taxes in certain cases
U.S.C.×6
Stat.×5
Pub. L.Pub. L. 98–369, div. A, title III, § 305(a)
Stat.98 Stat. 783
Pub. L.Pub. L. 100–203, title X, § 10712(b)(1)
Stat.101 Stat. 1330–467
Pub. L.Pub. L. 105–34, title XVI, § 1603(a)
Cites 26 · showing 9Cited by 11 across 2 sources