94 STAT. 3474
PUBLIC LAW 96-596—DEC. 24, 1980 "(1) IN GENERAL.—The term 'correction period' means, with respect to any taxable event, the period beginning on the date on which such event occurs and ending 90 days after the date of mailing under section 6212 of a notice of deficiency with respect to the second tier tax imposed on such taxable event, extended by"(A) any period in which a deficiency cannot be assessed under section 6213(a) (determined without regard to the last sentence of section 4961(b)), and "(B) any other period which the Secretary determines is reasonable and necessary to bring about correction of the taxable event. "(2) SPECIAL RULES FOR WHEN TAXABLE EVENT OCCURS.—For
purposes of paragraph (1), the taxable event shall be treated as occurring— "(A) in the case of section 4942, on the first day of the taxable year for which there was a failure to distribute income, "(B) in the case of section 4943, on the first day on which there are excess business holdings, "(C) in the case of section 4971, on the last day of the plan year in which there is an accumulated funding deficiency, and "(D) in any other case, the date on which such event occurred." (2) CIVIL ACTIONS FOR REFUNDS.—Paragraph (1) of section
26 USC 7422. iSrf ^t^ ^* sea., 4971 et sea. ^
7422(g) (relating to special rules for certain excise taxes imposed by chapter 42 or 43) is amended to read as follows: H/i \ r, (1) RIGHT TO BRING ACTIONS.—
"(A) IN GENERAL.—With respect to any taxable event, payment of the full amount of the first tier tax shall constitute sufficient payment in order to maintain an action under this section with respect to the second tier tax. "(B) DEFINITIONS.—For purposes of subparagraph (A), the terms 'taxable event', 'first tier tax', and 'second tier tax' have the respective meanings given to such terms by section 4962." (3) CLERICAL AMENDMENT.—The table of subchapters for chapter 42 is amended by adding at the end thereof the following new item:
26 USC 4961
"°^"
26 USC 4962.
"SUBCHAPTER C. Abatement of second tier taxes where there is correction during correction period." ((J) EFFECTIVE DATES.— (1) FIRST TIER TAXES.—The amendments made by this section
with respect to any first tier tax shall take effect as if included in the Internal Revenue Code of 1954 when such tax was first imposed. (2) SECOND TIER TAXES.—The amendments made by this section with respect to any second tier tax shall apply only with respect to taxes assessed after the date of the enactment of this Act. Nothing in the preceding sentence shall be construed to permit the assessment of a tax in a case to which, on the date of the enactment of this Act, the doctrine of res judicata applies. (3) FIRST AND SECOND TIER TAX.—For purposes of this subsection, the terms "first tier tax" and "second tier tax" have the respective meanings given to such terms by section 4962 of the Internal Revenue Code of 1954.
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