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Private Foundation Excise Taxes: Correction During Correction Period

 

If the prohibited act is corrected during the correction period, the second tier tax will not be assessed.  If the tax has been assessed, it will be abated.  If the tax has been collected, it will be credited or refunded as an overpayment.

Return to Life Cycle of a Private Foundation
 


Page Last Reviewed or Updated: September 15, 2011