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pure heart are no defense” to liability under section
4975(a). Leib v. Commissioner, 88 T.C. 1474, 1481
(1987).
As to petitioner’s final assertion, petitioner is mistaken
in his belief that the period of limitation has expired on an
assessment of the excise taxes at issue. Although an assessment
of excise taxes of that type must generally be made within 3
years of the date that the relevant return is filed, and more
than 3 years have passed from the due date of most of the
relevant returns which were required to be filed for the subject
years, an exception applies where, as here, a return is never
filed. Sec. 6501(a), (c). In a case such as this, the
Commissioner may assess an excise tax at any time. See sec.
6501(c)(3); see also secs. 301.6501(e)-1(c)(4), 301.6501(n)-1,
Proced. & Admin. Regs.
We conclude that petitioner is a disqualified person who
participated in three prohibited transactions by way of the three
loans. We also conclude that he did so other than as a fiduciary
acting only as such. A disqualified person such as petitioner
participates in a prohibited transaction under section 4975 by
approving the transaction or by receiving its benefit. O’Malley
v. Commissioner, 96 T.C. 644 (1991). Petitioner’s participation
in the three loans other than as a fiduciary is seen from the
fact that he approved them for the purpose of receiving their
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