republic-os/legal/us/code/title-26/chapter-42/section-4962.md

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LegalText	26 U.S.C. § 4962	Abatement of first tier taxes in certain cases	us	united_states_code	code_section	26	INTERNAL REVENUE CODE	42	PRIVATE FOUNDATIONS; AND CERTAIN OTHER TAX-EXEMPT ORGANIZATIONS	4962	26 U.S.C. § 4962	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc26@119-100.zip	/us/usc/t26/s4962	data/legal/raw/us/code/title-26/usc26.xml	454fa7d585d8384c1e27aadc8da7fa470513d4f138bb0157857dfd70184c4e24	a261f094809116f42a96648a3d5eee80fa010379d67412551c21dd5c900b27f4	31ad20e1cdafe9869627eaded77e239e6ba100fa0283b487b49947432674e007	2026-07-04	official	legal us-code

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

Text

(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”.

(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.)

Notes

Editorial Notes

Prior ProvisionsA prior section 4962 was renumbered section 4963 of this title.

Amendments2007—Subsec. (b). Pub. L. 110–172 substituted “D, or G” for “or D”. 1997—Subsec. (b). Pub. L. 105–34 substituted “subchapter A, C, or D” for “subchapter A or C”. 1987—Pub. L. 100–203, § 10712(b)(4), struck out “private foundation” before “first tier taxes” in section catchline. Subsec. (a). Pub. L. 100–203, § 10712(b)(2), substituted “any qualified first tier tax” for “any private foundation first tier tax” in closing provisions. Subsec. (b). Pub. L. 100–203, § 10712(b)(1), added subsec. (b) and struck out former subsec. (b) “Private foundation first tier tax” which read as follows: “For purposes of this section, the term ‘private foundation first tier tax’ means any first tier tax imposed by subchapter A of chapter 42, except that such term shall not include the tax imposed by section 4941(a) (relating to initial tax on self-dealing).” Subsec. (c). Pub. L. 100–203, § 10712(b)(1), added subsec. (c).

Statutory Notes and Related Subsidiaries

Effective Date of 2007 AmendmentAmendment by Pub. L. 110–172 effective as if included in the provisions of the Pension Protection Act of 2006, Pub. L. 109–280, to which such amendment relates, see section 3(j) of Pub. L. 110–172, set out as a note under section 170 of this title.

Effective Date of 1997 AmendmentPub. L. 105–34, title XVI, § 1603(c), Aug. 5, 1997, 111 Stat. 1097, provided that: “The amendments made by this section [amending this section and section 6033 of this title] shall take effect as if included in the provisions of the Taxpayer Bill of Rights 2 [Pub. L. 104–168] to which such amendments relate.”

Effective Date of 1987 AmendmentAmendment by Pub. L. 100–203 applicable to taxable years beginning after Dec. 22, 1987, see section 10712(d) of Pub. L. 100–203, set out as an Effective Date note under section 4955 of this title.

Effective DatePub. L. 98–369, div. A, title III, § 305(c), July 18, 1984, 98 Stat. 784, provided that: “The amendments made by this section [enacting this section, redesignating former section 4962 as 4963, and amending sections 4942, 6213, and 6503 of this title] shall apply to taxable events occurring after December 31, 1984.”