26 U.S.C. § 4962 — Abatement of first tier taxes in certain cases
submitted 42 years ago by Pub. L. 98-369 to r/title-26-INTERNAL-REVENUE-CODE · 172 words · no verdicts yet
The Secretary may abate a qualified first-tier tax when reasonable cause, no willful neglect, and timely correction are shown. A different standard applies to the section 4955(a) political-expenditure tax.
(a) If the Secretary* is satisfied that (1) the taxable event* was due to reasonable cause and not willful neglect and (2) it was corrected during its correction period*, a qualified first-tier tax, including interest, is not assessed; if assessed it is abated; if collected it is credited or refunded. (b) “Qualified first-tier tax” means a first-tier tax under subchapter A, C, D, or G, except section 4941(a). This section does not define the quoted terms. (c) For section 4955(a), replace “due to reasonable cause and not to willful neglect” with “not willful and flagrant.”
If it is established to the satisfaction of the Secretary* that—
a taxable event* was due to reasonable cause and not to willful neglect, and
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.
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).
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”.
Source credit: (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.)
- 1984Enacted · Pub. L. 98-369 · 98 Stat. 783
- 1987Amended · Pub. L. 100-203 · 101 Stat. 1330
- 1997Amended · Pub. L. 105-34 · 111 Stat. 1096
- 2007Amended · Pub. L. 110-172 · 121 Stat. 2475
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-369 on 1984-07-18.
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