Chapter 42 Second Tier Tax Correction Act of 1980

Chapter 42 Second Tier Tax Correction Act of 1980 - Amends the Internal Revenue Code to eliminate the correction period, thus shortening the time for determining the amount of second tier taxes payable for failure to correct specified prohibited transactions, discountenanced conditions, or other taxable events, or for failure to meet minimum standards, with respect to certain private tax-exempt foundations, black-lung benefit trusts, and qualified pension plans. Imposes such tax upon mailing of the deficiency notice.

Requires nonassessment or abatement of any assessed or refund or crediting of any collected second tier taxes if any such specified taxable event is corrected during the prescribed period. Provides for a supplemental court proceeding to determine whether a taxable event was so corrected, if any court determination of second tier tax liability has become final. Requires suspension of any levy or proceeding in court for collection of the second tier tax if within 90 days after its assessment, the first tier tax is paid in full and a claim for refund of the amount so paid is filed. Suspends the running of the statute of limitations for the period of such suspension. Ends such collection suspension period 90 days after denial of a refund claim if the person against whom a second tier tax was assessed fails to file suit for such refund.