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for 1991 in either the income or excise tax. The second notice
for 1991 was, therefore, not prohibited under section 6212.
Liability for section 4975 excise tax is reported on Form
5330, whereas liability for individual income tax is reported on
Form 1040 or some variation thereof. Income tax, with certain
exceptions not pertinent here, is generally reported on an annual
calendar or fiscal year basis. A report on Form 5330 is required
for each taxable year of the disqualified person that a
prohibited transaction exists in the “taxable period” as defined
in section 4975(f)(2). Sec. 54.6011-1(b), Pension Excise Tax
Regs. Section 4975(f)(2) defines the term "taxable period" as
the period beginning with the date on which the prohibited
transaction occurs and ending on the earliest of the date of
mailing the notice of deficiency, the date of assessment, or the
date on which the prohibited transaction is corrected.
Accordingly, although income and excise tax returns are both
filed annually, the taxable period for excise tax is variable and
generally unlike the period for income tax purposes.
Finally, the income tax and the excise tax attributable to
prohibited transactions are imposed for inherently different
purposes. In view of the foregoing, we find that respondent was
not prohibited from issuing a notice of deficiency determining
that petitioner is liable for excise tax under section 4975 for
1991, even though petitioner had already received a notice of
deficiency determining that he was liable for an income tax
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