### Question
Can you define what taxable event means?


### Answer
**Taxable event** is defined as the following in *26 U.S.C. § 4963*:

> any act (or failure to act) giving rise to liability for tax under section 4941, 4942, 4943, 4944, 4945, 4951, 4952, 4955, 4971, or 4975

#### Citation:
  - *26 U.S.C. § 4963*
  - Heading: **Subtitle D-Miscellaneous Excise Taxes > CHAPTER 42-PRIVATE FOUNDATIONS; AND CERTAIN OTHER TAX-EXEMPT ORGANIZATIONS > Subchapter D-Abatement of First and Second Tier Taxes in Certain Cases**

