26 U.S.C. § 4962 : US Code - Section 4962: Abatement of first tier taxes in certain cases

Search 26 U.S.C. § 4962 : US Code - Section 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, or D 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".