Source: https://www.law.cornell.edu/uscode/text/26/4963
Timestamp: 2016-02-08 17:07:07
Document Index: 329503816

Matched Legal Cases: ['§ 4963', '§ 4963', '§ 4963', '§\u202f4963', '§\u202f2', '§\u202f4962', '§\u202f4963', '§\u202f305', '§\u202f10712', '§\u202f1311', '§\u202f1231', '§\u202f1231']

26 U.S. Code § 4963 - Definitions | US Law | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle D › Chapter 42 › Subchapter E › § 4963 26 U.S. Code § 4963 - Definitions
§ 4963.
(a) First tier tax
For purposes of this subchapter, the term “first tier tax” means any tax imposed by subsection (a) of section 4941, 4942, 4943, 4944, 4945, 4951, 4952, 4955, 4958, 4966, 4967, 4971, or 4975.
(b) Second tier tax
For purposes of this subchapter, the term “second tier tax” means any tax imposed by subsection (b) of section 4941, 4942, 4943, 4944, 4945, 4951, 4952, 4955, 4958, 4971, or 4975.
For purposes of this subchapter, the term “taxable event” means any act (or failure to act) giving rise to liability for tax under section 4941, 4942, 4943, 4944, 4945, 4951, 4952, 4955, 4958, 4966, 4967, 4971, or 4975.
(d) CorrectFor purposes of this subchapter—
Except as provided in paragraph (2), the term “correct” has the same meaning as when used in the section which imposes the second tier tax.
(2) Special rulesThe term “correct” means—
in the case of the second tier tax imposed by section 4942(b), reducing the amount of the undistributed income to zero,
in the case of the second tier tax imposed by section 4943(b), reducing the amount of the excess business holdings to zero, and
(e) Correction periodFor purposes of this subchapter—
(1) In generalThe term “correction period” means, with respect to any taxable event, the period beginning on the date on which such event occurs and ending 90 days after the date of mailing under section 6212 of a notice of deficiency with respect to the second tier tax imposed on such taxable event, extended by—
any period in which a deficiency cannot be assessed under section 6213(a) (determined without regard to the last sentence of section 4961(b)), and
(2) Special rules for when taxable event occursFor purposes of paragraph (1), the taxable event shall be treated as occurring—
(Added Pub. L. 96–596, § 2(c)(1), Dec. 24, 1980, 94 Stat. 3473, § 4962; renumbered § 4963, 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)(3), Dec. 22, 1987, 101 Stat. 1330–467; Pub. L. 104–168, title XIII, § 1311(c)(2), July 30, 1996, 110 Stat. 1478; Pub. L. 109–280, title XII, § 1231(b)(1), Aug. 17, 2006, 120 Stat. 1098.)
2006—Subsecs. (a), (c). Pub. L. 109–280, which directed the insertion of “4966, 4967,” after “4958,” in subsecs. (a) and (c) of section 4963, without specifying the act to be amended, was executed by making the insertion in subsecs. (a) and (c) of this section, which is section 4963 of the Internal Revenue Code of 1986, to reflect the probable intent of Congress.
1996—Subsecs. (a) to (c). Pub. L. 104–168 inserted “4958,” after “4955,”.
1987—Subsecs. (a) to (c). Pub. L. 100–203 inserted reference to section 4955 of this title.
Pub. L. 109–280, title XII, § 1231(c), Aug. 17, 2006, 120 Stat. 1098, provided that: “The amendments made by this section [enacting subchapter G of this chapter and amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 17, 2006].”
For effective date of section with respect to any first tier tax and to any second tier tax, see section 2(d) of Pub. L. 96–596, set out as a note under section 4961 of this title.