{"identifier":"/us/usc/t26/s4962","title":26,"num":"\u00a7\u202f4962.","heading":"Abatement of first tier taxes in certain cases","text":"\u00a7\u202f4962.\nAbatement of first tier taxes in certain cases\n(a)\nGeneral rule\nIf it is established to the satisfaction of the Secretary that\u2014\n(1) a taxable event was due to reasonable cause and not to willful neglect, and\n(2) such event was corrected within the correction period for such event,\nthen 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.\n(b)\nQualified first tier tax\nFor purposes of this section, the term \u201cqualified first tier tax\u201d 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).\n(c)\nSpecial rule for tax on political expenditures of section 501(c)(3) organizations\nIn the case of the tax imposed by section 4955(a), subsection (a)(1) shall be applied by substituting \u201cnot willful and flagrant\u201d for \u201cdue to reasonable cause and not to willful neglect\u201d.","url":"https://projectusc.org/usc/t26/s4962.html","content":[{"t":"sec","id":"/us/usc/t26/s4962","children":[{"t":"num","text":"\u00a7\u202f4962."},{"t":"heading","text":"Abatement of first tier taxes in certain cases"},{"t":"subsec","id":"/us/usc/t26/s4962/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"General rule"},{"t":"chapeau","text":"If it is established to the satisfaction of the Secretary that\u2014"},{"t":"para","id":"/us/usc/t26/s4962/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a taxable event was due to reasonable cause and not to willful neglect, and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s4962/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" such event was corrected within the correction period for such event,","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"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.","tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s4962/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Qualified first tier tax"},{"t":"content","children":[{"t":"p","text":"For purposes of this section, the term \u201cqualified first tier tax\u201d 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).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s4962/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Special rule for tax on political expenditures of section 501(c)(3) organizations"},{"t":"content","children":[{"t":"p","text":"In the case of the tax imposed by section 4955(a), subsection (a)(1) shall be applied by substituting \u201cnot willful and flagrant\u201d for \u201cdue to reasonable cause and not to willful neglect\u201d.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}