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    Created by Michael Wessels
    1. U.S. Code
    2. Title 26
    3. Subtitle D
    4. CHAPTER 42
    5. Subchapter E

    § 4962 Abatement of first tier taxes in certain cases

    (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,

    (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 (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 , subsection (a)(1) shall be applied by substituting “not willful and flagrant” for “due to reasonable cause and not to willful neglect”.