{"data":{"id":"us/26-cfr-53.4961-1","jurisdiction":"us","citation":"26 CFR 53.4961-1","heading":"-1 Abatement of second tier taxes for correction within correction period.","body":"If any taxable event is corrected during the correction period for the event, then any second tier tax imposed with respect to the event shall not be assessed. If the tax has been assessed, it shall be abated. If the tax has been collected, it shall be credited or refunded as an overpayment. For purposes of this section, the tax imposed includes interest, additions to the tax and additional amounts. For definitions of the terms second tier tax, taxable event, correct, and correction period, see § 53.4963-1.","path":["Title 26—Internal Revenue","CHAPTER I—INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY","SUBCHAPTER D—MISCELLANEOUS EXCISE TAXES","PART 53—FOUNDATION AND SIMILAR EXCISE TAXES","Subpart K—Second Tier Excise Taxes"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-26.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:11Z","sha256":"982223543c81a038a4454fc6284c70208b50b11fa8577087ff8b58d6a6fd733a","source_id":"us-cfr","stale":true,"prev":"us/26-cfr-53.4960-6","next":"us/26-cfr-53.4961-2"},"notice":"GroundRules: Original legal text. Not legal advice."}