§4962 — Abatement of first tier taxes in certain cases
4 cases·3 followed·1 cited—75% support
Statute Text — 26 U.S.C. §4962
If it is established to the satisfaction of the Secretary that—
a taxable event was due to reasonable cause and not to willful neglect, and
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.
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).
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”.
4 Citing Cases
9 Section 4962 provides for nonassessment or abatement of the first-tier tax “[i]f it is established to the satisfaction of the Secretary” that the taxable event “was due to reasonable cause and not to willful neglect” and “was corrected within the cor- rection period for such event.” § 4962(a).
Respondent determined that 4Somewhat similarly, section 4962 provides for nonassessment or abatement of the first-tier tax in certain circumstances.
9 Section 4962 provides for nonassessment or abatement of the first-tier tax “[i]f it is established to the satisfaction of the Secretary” that the taxable event “was due to reasonable cause and not to willful neglect” and “was corrected within the cor- rection period for such event.” § 4962(a). Petitioner has not attempted to rely on this provision