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
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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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