### Question
How does the law define second phase?


### Answer
Under *26 U.S.C. § 4943*, **second phase** is defined as:

> the 15-year period immediately following the 20-year, 15-year, or 10-year period described in subparagraph (B), whichever applies, as modified by subparagraph (C)

#### Citation:
  - *26 U.S.C. § 4943*
  - Heading: **Subtitle D-Miscellaneous Excise Taxes > CHAPTER 42-PRIVATE FOUNDATIONS; AND CERTAIN OTHER TAX-EXEMPT ORGANIZATIONS > Subchapter A-Private Foundations**

