[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6501(n)-1]

[Page 370]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Limitations
 
Sec. 301.6501(n)-1  Special rules for chapter 42 and similar taxes.

    (a) Return filed by private foundation, plan, trust, or other 
organization. (1) A return filed by a private foundation, plan, trust, 
or other organization (as the case may be) with respect to any act 
giving rise to a tax imposed by chapter 42 (other than a tax imposed by 
section 4940), or by section 4975 shall be considered, for purposes of 
section 6501, to be the return of all persons required to file a return 
with respect to any such tax arising from such act, notwithstanding that 
all such persons have not signed the return. In the case of a private 
foundation that files a Form 990-PF (or a Form 5227 in the case of a 
nonexempt foundation described in section 4947(a)(2)), which contains 
questions with respect to such taxes, the filing of such form by such 
foundation shall constitute the filing of a return with respect to any 
such act, even though the foundation incorrectly answered such 
questions.
    (2) For purposes of section 4940, the return referred to in this 
section is the return filed by the private foundation for the taxable 
year for which the tax is imposed.
    (b) Failure of private foundation plan, trust, or other organization 
to file. The period of limitations on assessment and collection 
described in section 6501 does not begin with respect to any person 
liable for tax under chapter 42 (other than section 4940) or section 
4975 arising from a given act, where the private foundation, plan, 
trust, or other organization (as the case may be) has not filed its 
required return that reports such act for the year in which the act (or 
failure to act) giving rise to liability for such tax occurred.
    (c) Example. The provision of this section may be illustrated by the 
following example:

    Example. In 1973, D, an individual taxpayer who was a disqualified 
person under the provisions of section 4946(a)(1), participated in an 
act of self-dealing with a private foundation and incurred a tax under 
section 4941(a)(1). On May 15, 1974, the private foundation files a Form 
990-PF and answers all the questions thereon with regard to any acts of 
self-dealing (as defined in section 4941(d)) in which it may have 
engaged in 1973. Assuming that the foundation's return was not a false 
or fraudulent return nor made with the willful attempt to defeat tax, 
the period of limitations on assessment and collection under section 
6501(a) shall start with respect to any tax under section 4941(a) or 
section 4941(b) imposed on D arising out of that transaction with such 
foundation.

[T.D. 7838, 47 FR 44251, Oct. 7, 1982, as amended by T.D. 8920, 66 FR 
2171, Jan. 10, 2001]