Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 4962
Abatement of first tier taxes in certain cases
# (a) General rule
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 501(c)(3) organizations
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: view the official text
Nearby sections (25 sections)
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- 4960 · Tax on excess tax-exempt organization executive compensation
- 4961 · Abatement of second tier taxes where there is correction
- 4962 · Abatement of first tier taxes in certain cases
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- 4966 · Taxes on taxable distributions
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- 4968 · Excise tax based on investment income of private colleges and…
- 4971 · Taxes on failure to meet minimum funding standards
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- 4974 · Excise tax on certain accumulations in qualified retirement plans
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