§ 105-197.1. (Repealed effective January 1, 2009) Federal corrections.
§ 105‑197.1. (Repealedeffective January 1, 2009) Federal corrections.
If the amount of a taxpayer'snet gifts is corrected or otherwise determined by the federal government, thetaxpayer must, within six months after being notified of the correction or finaldetermination by the federal government, file a gift tax return with theSecretary reflecting the corrected or determined net gifts. The Secretary mustpropose an assessment for any additional tax due from the taxpayer as providedin Article 9 of this Chapter. The Secretary must refund any overpayment of taxas provided in Article 9 of this Chapter. A taxpayer who fails to comply withthis section is subject to the penalties in G.S. 105‑236 and forfeits theright to any refund due by reason of the determination. (1973, c. 1287, s. 10; 1993(Reg. Sess., 1994), c. 582, s. 6; 2006‑18, s. 6; 2007‑491, s. 22;2008‑107, s. 28.18(a).)