(a) Tax on self-dealer. Section 4941(b)(1) of the Code imposes an
excise tax in any case in which an initial tax is imposed by section
4941(a)(1) on an act of self-dealing by a disqualified person with a
private foundation and the act is not corrected within the taxable
period (as defined in Sec. 53.4941(e)-1(a)). The tax imposed by section
4941(b)(1) is at the rate of 200 percent of the amount involved and
shall be paid by any disqualified person (other than a foundation
manager action only in the capacity of a foundation manager) who
participated in the act of self-dealing.
(b) Tax on foundation manager. Section 4941(b)(2) of the Code
imposes an excise tax to be paid by a foundation manager in any case in
which a tax is imposed by section 4941(b)(1) and the foundation manager
refused to agree to part or all of the correction of the self-dealing
act. The tax imposed by section 4941(b)(2) is at the rate of 50 percent
of the amount involved and shall be paid by any foundation manager who
refused to agree to part or all of the correction of the self-dealing
act. For the limitations on liability of a foundation manager, see
Sec. 53.4941(c)-1(b).