[Code of Federal Regulations]
[Title 26, Volume 17]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR53.4961-1]

[Page 238]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 53_FOUNDATION AND SIMILAR EXCISE TAXES--Table of Contents
 
                   Subpart K_Second Tier Excise Taxes
 
Sec. 53.4961-1  Abatement of second tier taxes for correction within 
correction period.

    If any taxable event is corrected during the correction period for 
the event, then any second tier tax imposed with respect to the event 
shall not be assessed. If the tax has been assessed, it shall be abated. 
If the tax has been collected, it shall be credited or refunded as an 
overpayment. For purposes of this section, the tax imposed includes 
interest, additions to the tax and additional amounts. For definitions 
of the terms second tier tax, taxable event, correct, and correction 
period, see Sec. 53.4963-1.