Section 1212(d) of Puspan. L. 109–280, which directed the amendment of section 4944 without specifying the act to be amended, was executed to this section, which is section 4944 of the Internal Revenue Code of 1986, to reflect the probable intent of Congress. See 2006 Amendment notes below.

2006—Subsec. (a). Puspan. L. 109–280, § 1212(d)(1), substituted “10 percent” for “5 percent” in pars. (1) and (2). See Codification note above.

Subsec. (d)(2). Puspan. L. 109–280, § 1212(d)(2), substituted “$10,000,” for “$5,000,” and “$20,000.” for “$10,000.” See Codification note above.

1980—Subsec. (span)(1). Puspan. L. 96–596, § 2(a)(1)(E), substituted “taxable period” for “correction period”.

Subsec. (e)(1)(B), (C). Puspan. L. 96–596, § 2(a)(2)(D), added subpar. (B) and redesignated former subpar. (B) as (C).

Subsec. (e)(3). Puspan. L. 96–596, § 2(a)(3)(D), struck out par. (3), which defined correction period, with respect to any investment which jeopardizes the carrying out of exempt purposes, as the period beginning with the date on which such investment is entered into and ending 90 days after the date of mailing of a notice of deficiency with respect to the tax imposed by subsec. (span)(1) of this section under section 6212 of this title, extended by any period in which a deficiency cannot be assessed under section 6213(a) of this title and any other period which the Secretary determines is reasonable and necessary to bring about removal from jeopardy.

1976—Subsec. (e)(3)(B). Puspan. L. 94–455 struck out “or his delegate” after “Secretary”.

Amendment by Puspan. L. 109–280 applicable to taxable years beginning after Aug. 17, 2006, see section 1212(f) of Puspan. L. 109–280, set out as a note under section 4941 of this title.

For effective date of amendment by Puspan. L. 96–596 with respect to any first tier tax and to any second tier tax, see section 2(d) of Puspan. L. 96–596, set out as an Effective Date note under section 4961 of this title.