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Excise Taxes on Excess Benefit Transactions

Federal Register, January 23, 2002, Page 3076-3099

Agency

Internal Revenue Service (IRS), Treasury

Action

Final regulations and removal of temporary regulations.

Summary

This document contains final regulations relating to the excise taxes on excess benefit transactions under section 4958 of the Internal Revenue Code, as well as certain amendments and additions to existing Income Tax Regulations affected by section 4958. Section 4958 was enacted by the Taxpayer Bill of Rights 2. Section 4958 imposes excise taxes on any transaction that provides excess economic benefits to a person in a position to exercise substantial influence over the affairs of a public charity or a social welfare organization.

Dates

These regulations are effective January 23, 2002. Applicability Date: These regulations apply as of January 23, 2002.

Further Information

Phyllis D. Haney, (202) 622-4290 (not a toll-free number).

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