26 CFR 54.4975-1 - General rules relating to excise tax on prohibited transactions.

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§ 54.4975-1 General rules relating to excise tax on prohibited transactions.
(a) Scope. This section provides general rules for the imposition of the excise taxes on prohibited transactions.
(b) Initial tax. Section 4975(a) imposes an initial tax on each prohibited transaction. The initial tax is 5 percent of the amount involved with respect to the prohibited transaction for each year (or part thereof) in the taxable period.
(c) Additional tax. Section 4975(b) imposes an excise tax in any case in which an initial tax is imposed under section 4975(a) on a prohibited transaction and the prohibited transaction is not corrected within the taxable period (as defined in paragraph (d) of this section). The additional tax is 100 percent of the amount involved with respect to the prohibited transaction.
(d) Taxable period—
(1) In general. For purposes of any prohibited transaction, the term “taxable period” means the period beginning with the date on which the prohibited transaction occurs and ending on the earliest of:
(i) The date of mailing of a notice of deficiency under section 6212 with respect to the tax imposed by section 4975(a);
(ii) The date on which correction of the prohibited transaction is completed; or
(iii) The date on which the tax imposed by section 4975(a) is assessed.
(2) Special rule. Where a notice of deficiency referred to in paragraph (d)(1)(i) of this section is not mailed because a waiver of the restrictions on assessment and collection of a deficiency has been accepted or because the deficiency is paid, the date of filing of the waiver or the date of such payment, respectively, shall be treated as the end of the taxable period.
[T.D. 8084, 51 FR 16305, May 2, 1986]

Title 26 published on 2014-04-01

The following are only the Rules published in the Federal Register after the published date of Title 26.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-06-25; vol. 79 # 122 - Wednesday, June 25, 2014
    1. 79 FR 35942 - Ninety-Day Waiting Period Limitation
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      DEPARTMENT OF HEALTH AND HUMAN SERVICES, DEPARTMENT OF LABOR, DEPARTMENT OF THE TREASURY, Internal Revenue Service, Employee Benefits Security Administration
      Final rules.
      Effective date. These final regulations are effective on August 25, 2014. Applicability date. These final regulations apply to group health plans and group health insurance issuers for plan years beginning on or after January 1, 2015.
      26 CFR Part 54

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United States Code

Title 26 published on 2014-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 26 CFR 54 after this date.

  • 2014-06-25; vol. 79 # 122 - Wednesday, June 25, 2014
    1. 79 FR 35942 - Ninety-Day Waiting Period Limitation
      GPO FDSys XML | Text
      DEPARTMENT OF HEALTH AND HUMAN SERVICES, DEPARTMENT OF LABOR, DEPARTMENT OF THE TREASURY, Internal Revenue Service, Employee Benefits Security Administration
      Final rules.
      Effective date. These final regulations are effective on August 25, 2014. Applicability date. These final regulations apply to group health plans and group health insurance issuers for plan years beginning on or after January 1, 2015.
      26 CFR Part 54