Source: http://taxtv.com/code/01188-USCODE-2011-title26-subtitleD-chap42-subchapA-sec4948/
Timestamp: 2017-11-21 10:00:51
Document Index: 183859035

Matched Legal Cases: ['§4948', '§4948', '§4948', '§101', '§1906', '§413']

IRC §4948. Application of taxes and denial of exemption with respect to certain foreign organizations - TaxTV.com
IRC §4948. Application of taxes and denial of exemption with respect to certain foreign organizations
View related content: IRC §4948
For purposes of this subsection, the term “prohibited transaction” means any act or failure to act (other than with respect to section 4942(e)) which would subject a foreign organization described in subsection (b), or a disqualified person (as defined in section 4946) with respect thereto, to liability for a penalty under section 6684 or a tax under section 507 if such foreign organization were a domestic organization.
(B) Under regulations prescribed by the Secretary any foreign organization described in subsection (b) which is denied exemption from taxation under section 501(a) by reason of paragraph (1) may, with respect to the second taxable year following the taxable year in which notice is given under subparagraph (A) (or any taxable year thereafter), file claim for exemption from taxation under section 501(a). If the Secretary is satisfied that such organization will not knowingly again engage in a prohibited transaction, such organization shall not, with respect to taxable years beginning with the taxable year with respect to which such claim is filed, be denied exemption from taxation under section 501(a) by reason of any prohibited transaction which was engaged in before the date on which such notice was given under subparagraph (A).
(Added Pub. L. 91–172, title I, §101(b), Dec. 30, 1969, 83 Stat. 8; amended Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 108–357, title IV, §413(c)(30), Oct. 22, 2004, 118 Stat. 1509.)
2004—Subsec. (c)(4). Pub. L. 108–357 struck out “556(b)(2),” after “545(b)(2),” in introductory provisions.
1976—Subsec. (c). Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.