Exempt Organizations Technical Guide›TG 62: Excise Taxes on Taxable Expenditures – IRC Section 4945›Table of Contents
B.5. Definition of Taxable Period
Publication 5590 — Exempt Organizations Technical Guide TG 62: Excise Taxes on Taxable Expenditures under IRC 4945 · 2026-10-03 edition · updated 2026-10-04 · United States
(1) The taxable period, for purposes of correcting a taxable expenditure, begins with
the date of the making of the taxable expenditure and ends on the earlier of:
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a. The date of a mailing of a notice of deficiency with respect to the first tier tax;
or
b. The date on which the first tier tax is assessed. See Section 4945(i)(2) and
Treas. Reg. 53.4945-1(e).
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