FEDERAL · 26 U.S.C. · Chapter 68
Assessable penalties with respect to liability for tax under chapter 42
Current through Pub. L. 119-102
Title 26 — Internal Revenue Code·Ch. 68 — ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES·Subch. B·Pt. I
If any person becomes liable for tax under any section of chapter 42 (relating to private foundations and certain other tax-exempt organizations) by reason of any act or failure to act which is not due to reasonable cause and either—
(1)such person has theretofore been liable for tax under such chapter, or
(2)such act or failure to act is both willful and flagrant,
then such person shall be liable for a penalty equal to the amount of such tax.
Free access — add to your briefcase to read the full text and ask questions with AI
26 U.S.C. § 6684 (Assessable penalties with respect to liability for tax under chapter 42) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Schuloff v. Queens College Foundation, Inc.
994 F. Supp. 425 (E.D. New York, 1998)
Source Credit
History
(Added Pub. L. 91–172, title I, §101(c), Dec. 30, 1969, 83 Stat. 519; amended Pub. L. 100–203, title X, §10712(c)(4), Dec. 22, 1987, 101 Stat. 1330–467.)
Editorial Notes
Editorial Notes
Amendments
1987—Pub. L. 100–203 inserted "and certain other tax-exempt organizations" after "private foundations" in parenthetical.
Statutory Notes and Related Subsidiaries
Effective Date of 1987 Amendment
Amendment by Pub. L. 100–203 applicable to taxable years beginning after Dec. 22, 1987, see section 10712(d) of Pub. L. 100–203, set out as an Effective Date note under section 4955 of this title.
Effective Date
Section effective Jan. 1, 1970, see section 101(k)(1) of Pub. L. 91–172, set out as a note under section 4940 of this title.
Amendments
1987—Pub. L. 100–203 inserted "and certain other tax-exempt organizations" after "private foundations" in parenthetical.
Statutory Notes and Related Subsidiaries
Effective Date of 1987 Amendment
Amendment by Pub. L. 100–203 applicable to taxable years beginning after Dec. 22, 1987, see section 10712(d) of Pub. L. 100–203, set out as an Effective Date note under section 4955 of this title.
Effective Date
Section effective Jan. 1, 1970, see section 101(k)(1) of Pub. L. 91–172, set out as a note under section 4940 of this title.