If any person becomes liable for tax under any section of chapter 42 (relating to private foundations and certain other tax-exempt organizations) by reason of any act or failure to act which is not due to reasonable cause and either—
(1)such person has theretofore been liable for tax under such chapter, or
(2)such act or failure to act is both willful and flagrant,
then such person shall be liable for a penalty equal to the amount of such tax.
1987—Pub. L. 100–203inserted “and certain other tax-exempt organizations” after “private foundations” in parenthetical.
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 effective Jan. 1, 1970, see section 101(k)(1) ofPub. L. 91–172, set out as a note under section
4940 of this title.
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
LII has no control over and does not endorse any external Internet site that contains links to or references LII.