If any person becomes liable for tax under any section of chapter 42 (relating to private foundations and certain other tax-exempt organizations) by reason of any act or failure to act which is not due to reasonable cause and either—
such person has theretofore been liable for tax under such chapter, or
such act or failure to act is both willful and flagrant,
then such person shall be liable for a penalty equal to the amount of such tax.
Pub. L. 91–172, title I, § 101(c)83 Stat. 519Pub. L. 100–203, title X, § 10712(c)(4)101 Stat. 1330–467(Added , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 100–2031987— inserted “and certain other tax-exempt organizations” after “private foundations” in parenthetical.
Statutory Notes and Related Subsidiaries
Effective Date of 1987 Amendment
Pub. L. 100–203section 10712(d) of Pub. L. 100–203section 4955 of this titleAmendment by applicable to taxable years beginning after , see , set out as an Effective Date note under .
Effective Date
section 101(k)(1) of Pub. L. 91–172section 4940 of this titleSection effective , see , set out as a note under .