Treasury Regulations (26 C.F.R.)
26 CFR § 53.4961-1
Abatement of second tier taxes for correction within correction period.
Official textecfr.govlast amended
If any taxable event is corrected during the correction period for the event, then any second tier tax imposed with respect to the event shall not be assessed. If the tax has been assessed, it shall be abated. If the tax has been collected, it shall be credited or refunded as an overpayment. For purposes of this section, the tax imposed includes interest, additions to the tax and additional amounts. For definitions of the terms second tier tax, taxable event, correct, and correction period, see § 53.4963-1.
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In this part (40 sections)
- 53.4951-1 · Black lung trusts—taxes on self-dealing.
- 53.4952-1 · Black lung trusts—taxes on taxable expenditures.
- 53.4955-1 · Tax on political expenditures.
- 53.4958-0 · Table of contents.
- 53.4958-1 · Taxes on excess benefit transactions.
- 53.4958-2 · Definition of applicable tax-exempt organization.
- 53.4958-3 · Definition of disqualified person.
- 53.4958-4 · Excess benefit transaction.
- 53.4958-5 · Transaction in which the amount of the economic benefit is…
- 53.4958-6 · Rebuttable presumption that a transaction is not an excess…
- 53.4958-7 · Correction.
- 53.4958-8 · Special rules.
- 53.4959-1 · Taxes on failures by hospital organizations to meet section…
- 53.4960-0 · Table of contents.
- 53.4960-1 · Scope and definitions.
- 53.4960-2 · Determination of remuneration paid for a taxable year.
- 53.4960-3 · Determination of whether there is a parachute payment.
- 53.4960-4 · Liability for tax on excess remuneration and excess…
- 53.4960-5 · [Reserved]
- 53.4960-6 · Applicability date.
- 53.4961-1 · Abatement of second tier taxes for correction within…
- 53.4961-2 · Court proceedings to determine liability for second tier…
- 53.4963-1 · Definitions.
- 53.4965-1 · Overview.
- 53.4965-2 · Covered tax-exempt entities.
- 53.4965-3 · Prohibited tax shelter transactions.
- 53.4965-4 · Definition of tax-exempt party to a prohibited tax shelter…
- 53.4965-5 · Entity managers and related definitions.
- 53.4965-6 · Meaning of “knows or has reason to know”.
- 53.4965-7 · Taxes on prohibited tax shelter transactions.
- 53.4965-8 · Definition of net income and proceeds and standard for…
- 53.4965-9 · Effective/applicability dates.
- 53.4968-1 · Excise tax based on investment income of certain private…
- 53.4968-2 · Net investment income.
- 53.4968-3 · Related organizations.
- 53.4968-4 · Applicability date.
- 53.6001-1 · Notice or regulations requiring records, statements, and…
- 53.6011-1 · General requirement of return, statement or list.
- 53.6011-4 · Requirement of statement disclosing participation in…
- 53.6060-1 · Reporting requirements for tax return preparers.