§ 4963. Definitions
(a)
First tier tax
For purposes of this subchapter, the term “first tier tax” means any tax imposed by subsection (a) of section
4941, 4942, 4943, 4944, 4945, 4951, 4952, 4955, 4958, 4966, 4967, 4971, or 4975.
(b)
Second tier tax
For purposes of this subchapter, the term “second tier tax” means any tax imposed by subsection (b) of section
4941, 4942, 4943, 4944, 4945, 4951, 4952, 4955, 4958, 4971, or 4975.
(d)
Correct
For purposes of this subchapter—
(1)
In general
Except as provided in paragraph (2), the term “correct” has the same meaning as when used in the section which imposes the second tier tax.
(2)
Special rules
The term “correct” means—
(A)
in the case of the second tier tax imposed by section
4942
(b), reducing the amount of the undistributed income to zero,
(B)
in the case of the second tier tax imposed by section
4943
(b), reducing the amount of the excess business holdings to zero, and
(C)
in the case of the second tier tax imposed by section
4944, removing the investment from jeopardy.
(e)
Correction period
For purposes of this subchapter—
(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—
(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,
(C)
in the case of section
4971, on the last day of the plan year in which there is an accumulated funding deficiency, and