§ 4977. Tax on certain fringe benefits provided by an employer
(a)
Imposition of tax
In the case of an employer to whom an election under this section applies for any calendar year, there is hereby imposed a tax for such calendar year equal to 30 percent of the excess fringe benefits.
(b)
Excess fringe benefits
For purposes of subsection (a), the term “excess fringe benefits” means, with respect to any calendar year—
(c)
Effect of election on section
132
(a)
If—
(1)
an election under this section is in effect with respect to an employer for any calendar year, and
(d)
Period of election
An election under this section shall apply to the calendar year for which made and all subsequent calendar years unless revoked by the employer.
(e)
Treatment of controlled groups
All employees treated as employed by a single employer under subsection (b), (c), or (m) of section
414 shall be treated as employed by a single employer for purposes of this section.
(f)
Section to apply only to employment within the United States
Except as otherwise provided in regulations, this section shall apply only with respect to employment within the United States.