Page:United States Statutes at Large Volume 94 Part 3.djvu/825

 PUBLIC LAW 96-596—DEC. 24, 1980

Public Law 96-596 96th Congress

94 STAT. 3469

An Act

To amend the Internal Revenue Code of 1954 with respect to the determination of second tier taxes, and for other purposes.

Dec. 24, 1980 [H.R. 5391]

Be it enacted by the Senate and House of Representatives of the Internal United States of America in Congress assembled, SECTION 1. AMENDMENT OF 1954 CODE.

Revenue Code of 1954, amendment.

Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal 26 USC 1 et seq. Revenue Code of 1954. SEC. 2. DETERMINATION OF SECOND TIER TAXES. (a) DATE FOR DETERMINING AMOUNT OF SECOND TIER TAXES.— (1) SUBSTITUTION OF TAXABLE PERIOD FOR CORRECTION PERIOD.—

The following provisions are each amended by striking out 26 USC "correction period" and inserting in lieu thereof "taxable 4941-4945, 4951, 4952, 4971, 4975. period": (A) Section 4941(b)(1) (relating to additional taxes on selfdealer). (B) Section 4941(e)(2)(B) (defining amount involved). (C) Section 4942(b) (relating to additional tax on failure to distribute income). (D) Section 4943(b) (relating to additional tax on excess business holdings). (E) Section 4944(b)(1) (relating to additional taxes on investment which jeopardizes charitable purpose). (F) Section 4945(b)(1) (relating to adclitional taxes on taxable expenditures). (G) Section 4951(b)(1) (relating to additional taxes on selfdealer). (H) Section 4951(e)(2)(B) (defining amount involved). (I) Section 4952(b)(1) (relating to additional taxes on taxable expenditures). (J) Section 4971(b) (relating to additional tax on failure to meet minimum funding standards). (K) Section 4975(b) (relating to additional taxes on disqualified persons). (L) Section 4975(f)(4)(B) (defining amount involved). (2) DEFINITION OF TAXABLE PERIOD.—

(A) Paragraph (1) of section 4941(e) (defining taxable period) is amended to read as follows: "(1) TAXABLE PERIOD.—The term 'taxable period' means, with respect to any act of self-dealing, the period beginning with the date on which the act of self-dealing occurs and ending on the earliest of— "(A) the date of mailing a notice of deficiency with respect to the tax imposed by subsection (a)(1) under section 6212,

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