The correction period begins on the first day that the foundation has excess business holdings and ends 90 days after a notice of deficiency for the additional tax is mailed. This period is extended by any period during which a deficiency cannot be assessed or because of pending Tax Court proceedings. In addition, the correction period may be extended by any other period the Service determines is reasonable and necessary. Additional information Correction period overview Correction during correction period Return to Life Cycle of a Private Foundation
