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
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”.
1997—Subsec. (b). Pub. L. 105–34substituted “subchapter A, C, or D” for “subchapter A or C”.
1987—Pub. L. 100–203, § 10712(b)(4), struck out “private foundation” before “first tier taxes” in section catchline.
Subsec. (a). Pub. L. 100–203, § 10712(b)(2), substituted “any qualified first tier tax” for “any private foundation first tier tax” in closing provisions.
Subsec. (b). Pub. L. 100–203, § 10712(b)(1), added subsec. (b) and struck out former subsec. (b) “Private foundation first tier tax” which read as follows: “For purposes of this section, the term ‘private foundation first tier tax’ means any first tier tax imposed by subchapter A of chapter 42, except that such term shall not include the tax imposed by section
4941(a) (relating to initial tax on self-dealing).”
Amendment by Pub. L. 110–172effective as if included in the provisions of the Pension Protection Act of 2006, Pub. L. 109–280, to which such amendment relates, see section 3(j) ofPub. L. 110–172, set out as a note under section
170 of this title.
Effective Date of 1997 Amendment
Section 1603(c) ofPub. L. 105–34provided that: “The amendments made by this section [amending this section and section
6033 of this title] shall take effect as if included in the provisions of the Taxpayer Bill of Rights 2 [Pub. L. 104–168] to which such amendments relate.”
Effective Date of 1987 Amendment
Amendment by Pub. L. 100–203applicable to taxable years beginning after Dec. 22, 1987, see section 10712(d) ofPub. L. 100–203, set out as an Effective Date note under section
4955 of this title.
Section 305(c) ofPub. L. 98–369provided that: “The amendments made by this section [enacting this section, redesignating former section
4963, and amending sections
6503 of this title] shall apply to taxable events occurring after December 31, 1984.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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