83 STAT. ]
PUBLIC LAW 91-172-DEC. 30, 1969
525
(g) LIMITATIONS ON ASSESSMENT AND COLLECTION.—
(1) Section 6501 is amended by adding at the end thereof the „^t^ Stat.soa; a ^\
' •
1
i'
J
ts
go Stat. 1151.
lollowing new subsection: " (n) SPECIAL RULE FOR CHAPTER 42 TAXES.—
" (1) IN GENERAL.—For purposes of any tax imposed by chapter 42 (other than section 4940), the return referred to in this section shall be the return filed by the private foundation for the year in which the act (or failure to act) giving rise to liability for such tax occurred. For purposes of section 4940, such return is the return filed by the private foundation for the taxable year for which the tax is imposed. "(2) CERTAIN CONTRIBUTIONS TO SECTION soi (c)(3) ORGANIZATIONS.—In the case of a deficiency of tax of a private foundation making a contribution in the manner provided in section 4942 (g)(3) (relating to certain contributions to section 501(c) ^3) organizations) attributable to the failure of a section 501(c)(3) organization to make the distribution prescribed by section 4942 (g)(3), such deficiency may be assessed at any time before the expiration of one year after the expiration of the period within which a deficiency may be assessed for the taxable year with respect to which the contribution was made." (2) Section 6501(c) is amended by adding the following new paragraph at the end thereof:
Ante, p. 498.
68A Stat. 163. ^^ ^^^ ^^^'
" (7) TERMINATION OF PRIVATE FOUNDATION STATUS.—In the
case of a tax on termination of private foundation status under section 507, such tax may be assessed, or a proceeding in court for the collection of such tax may be begun without assessment, at any time." (3) Section 6501(e)(3) is amended by adding at the end thereof the following sentence: "In determining the amount of tax omitted on a return, there shall not be taken into account any amount of tax imposed by chapter 42 which is omitted from the return if the transaction giving rise to such tax is disclosed in the return, or in a statement attached to the return, in a manner adequate to apprise the Secretary or his delegate of the existence and nature of such item." (4) Section 6503 (relating to suspension of running of period of limitation) is amended by relettering subsection (h) as subsection (i) and inserting immediately after subsection (g) the following new subsection: " (h) SUSPENSION
PENDING
CORRECTION.—The
running
of
Ante, p. 492.
8° ^'^' ^ i^o.
the
periods of limitations provided in sections 6501 and 6502 on the making of assessments or the collection by levy or a proceeding in court in respect of any tax imposed by chapter 42 or section 507 shall be suspended for any period described in section 507(g^ (2) or during which the Secretary or his delegate has extended the time for making correction under section 4941(e)(4), 4942(j)(2), 4943(d)(3), 4944(e)(3), or 4945(h)(2)."
^SA Stat. 8O6.
(h) LIMITATIONS ON CREDITS OR EEFUNDS.—Section 6511 (relating
to limitations on credits or refunds) is amended by relettering subsection (f) as subsection (g) and inserting immediately after subsection (e) the following new subsection: "(f)
SPECIAL RULE FOR CHAPTER 42 TAXES.—For purposes of any
tax imposed by chapter 42, the return referred to in subsection (a) shall be the return specified in section 6501(n)(1)." ^P"^(i) CIVIL ACTION FOR EEFUND.—Section 7422 (relating to civil go^st^t^'fios'^' actions for refund) is amended by relettering subsection (g) as subsection (h) and by inserting immediately after subsection (f) the following new subsection:
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