correct
Defined in 10 places across 2 titles of the United States Code.
The term “correct” means, with respect to a transaction—
(I) to undo the transaction to the extent possible and in any case to make good to the plan or affected account any losses resulting from the transaction, and
(II) to restore to the plan or affected account any profits made through the use of assets of the plan.
Same definition in 2 sections
- 2013–present26 U.S.C. § 4975Internal Revenue Code · Tax on prohibited transactions · for purposes of this section
- 2013–present29 U.S.C. § 1108Labor · Exemptions from prohibited transactions · under this section
The term “correct” means—
(A) in the case of the second tier tax imposed by section 4942(b), reducing the amount of the undistributed income to zero,
(B) in the case of the second tier tax imposed by section 4943(b), reducing the amount of the excess business holdings to zero, and
(C) in the case of the second tier tax imposed by section 4944, removing the investment from jeopardy.
Source
- 201326 U.S.C. § 4963Internal Revenue Code · Definitions · for purposes of this subchapter
The term "correct" means—
(A) in the case of the second tier tax imposed by section 4942(b), reducing the amount of the undistributed income to zero,
(B) in the case of the second tier tax imposed by section 4943(b), reducing the amount of the excess business holdings to zero, and
(C) in the case of the second tier tax imposed by section 4944, removing the investment from jeopardy.
For purposes of this subchapter—
Source
- 1994–present26 U.S.C. § 4963Internal Revenue Code · Definitions · for purposes of this subchapter
The term "correct" means, with respect to a transaction—
(I) to undo the transaction to the extent possible and in any case to make good to the plan or affected account any losses resulting from the transaction, and
(II) to restore to the plan or affected account any profits made through the use of assets of the plan.
Nothing in section 1106 of this title shall be construed to prohibit any fiduciary from—
Source
- 2006–202229 U.S.C. § 1108Labor · Exemptions from prohibited transactions · under this section
The term "correct" means, with respect to a transaction—
(I) to undo the transaction to the extent possible and in any case to make good to the plan or affected account any losses resulting from the transaction, and
(II) to restore to the plan or affected account any profits made through the use of assets of the plan.
This section shall not apply—
Source
- 2006–202326 U.S.C. § 4975Internal Revenue Code · Tax on prohibited transactions · for purposes of this section
The term “correct” means, with respect to an accumulated funding deficiency or CSEC accumulated funding deficiency, the contribution, to or under the plan, of the amount necessary to reduce such accumulated funding deficiency or CSEC accumulated funding deficiency as of the end of a plan year in which such deficiency arose to zero.
Source
- 2014–present26 U.S.C. § 4971Internal Revenue Code · Taxes on failure to meet minimum funding standards · for purposes of this section
The term “correct” means, with respect to an accumulated funding deficiency, the contribution, to or under the plan, of the amount necessary to reduce such accumulated funding deficiency as of the end of a plan year in which such deficiency arose to zero.
Source
- 1994–201426 U.S.C. § 4971Internal Revenue Code · Taxes on failure to meet minimum funding standards · for purposes of this section
The terms “correction” and “correct” mean, with respect to a prohibited transaction, undoing the transaction to the extent possible, but in any case placing the plan in a financial position not worse than that in which it would be if the disqualified person were acting under the highest fiduciary standards.
Source
- 1994–present26 U.S.C. § 4975Internal Revenue Code · Tax on prohibited transactions · for purposes of this section
The terms “correction” and “correct” mean, with respect to any act of self-dealing, undoing the transaction to the extent possible, but in any case placing the private foundation in a financial position not worse than that in which it would be if the disqualified person were dealing under the highest fiduciary standards.
Source
- 1994–present26 U.S.C. § 4941Internal Revenue Code · Taxes on self-dealing · for purposes of this section
The terms “correction” and “correct” mean, with respect to any act of self-dealing, undoing the transaction to the extent possible, but in any case placing the trust in a financial position not worse than that in which it would be if the disqualified person were dealing under the highest fiduciary standards.
Source
- 1994–present26 U.S.C. § 4951Internal Revenue Code · Taxes on self-dealing · for purposes of this section
The terms “correction” and “correct” mean, with respect to any excess benefit transaction, undoing the excess benefit to the extent possible, and taking any additional measures necessary to place the organization in a financial position not worse than that in which it would be if the disqualified person were dealing under the highest fiduciary standards.
Source
- 1996–200626 U.S.C. § 4958Internal Revenue Code · Taxes on excess benefit transactions · for purposes of this section
The terms “correction” and “correct” mean, with respect to any excess benefit transaction, undoing the excess benefit to the extent possible, and taking any additional measures necessary to place the organization in a financial position not worse than that in which it would be if the disqualified person were dealing under the highest fiduciary standards, except that in the case of any correction of an excess benefit transaction described in subsection (c)(2), no amount repaid in a manner prescribed by the Secretary may be held in any donor advised fund.
Source
- 2006–present26 U.S.C. § 4958Internal Revenue Code · Taxes on excess benefit transactions · for purposes of this section
The terms “correction” and “correct” mean, with respect to any political expenditure, recovering part or all of the expenditure to the extent recovery is possible, establishment of safeguards to prevent future political expenditures, and where full recovery is not possible, such additional corrective action as is prescribed by the Secretary by regulations.
Source
- 1994–present26 U.S.C. § 4955Internal Revenue Code · Taxes on political expenditures of section 501(c)(3) organizations · for purposes of this section
The terms “correction” and “correct” mean, with respect to any taxable expenditure, (A) recovering part or all of the expenditure to the extent recovery is possible, and where full recovery is not possible such additional corrective action as is prescribed by the Secretary by regulations, or (B) in the case of a failure to comply with subsection (h)(2) or (h)(3), obtaining or making the report in question.
Source
- 2017–present26 U.S.C. § 4945Internal Revenue Code · Taxes on taxable expenditures · for purposes of this section
The terms “correction” and “correct” mean, with respect to any taxable expenditure, recovering part or all of the expenditure to the extent recovery is possible, and where full recovery is not possible, contributions by the person or persons whose liabilities for black lung benefit claims (as defined in section 192(e)) are to be paid out of the trust to the extent necessary to place the trust in a financial position not worse than that in which it would be if the taxable expenditure had not been made.
Source
- 1994–present26 U.S.C. § 4952Internal Revenue Code · Taxes on taxable expenditures · in this section
The terms “correction” and “correct” means, with respect to any taxable expenditure, (A) recovering part or all of the expenditure to the extent recovery is possible, and where full recovery is not possible such additional corrective action as is prescribed by the Secretary by regulations, or (B) in the case of a failure to comply with subsection (h)(2) or (h)(3), obtaining or making the report in question.
Source
- 1994–201726 U.S.C. § 4945Internal Revenue Code · Taxes on taxable expenditures · for purposes of this section