§ 105-241.10. (Effective until January 1, 2009) Limit on refunds and assessments after a federal determination.
§ 105‑241.10. (Effective until January 1, 2009) Limit on refunds and assessments after afederal determination.
The limitations in thissection apply when a taxpayer files a timely return reflecting a federaldetermination that affects the amount of State tax payable and the generalstatute of limitations for requesting a refund or proposing an assessment ofthe State tax has expired. A federal determination is a correction or finaldetermination by the federal government of the amount of a federal tax due. Areturn reflecting a federal determination is timely if it is filed within thetime required by G.S. 105‑32.8, 105‑130.20, 105‑159, 105‑160.8,105‑163.6A, or 105‑197.1, as appropriate. The limitations are:
(1) Refund. A taxpayeris allowed a refund only if the refund is the result of adjustments related tothe federal determination.
(2) Assessment. Ataxpayer is liable for additional tax only if the additional tax is the resultof adjustments related to the federal determination. A proposed assessment maynot include an amount that is outside the scope of this liability. (2007‑491, s. 1.)
§ 105‑241.10. (Effective January 1, 2009) Limit on refunds and assessments after a federaldetermination.
The limitations in thissection apply when a taxpayer files a timely return reflecting a federaldetermination that affects the amount of State tax payable and the generalstatute of limitations for requesting a refund or proposing an assessment ofthe State tax has expired. A federal determination is a correction or finaldetermination by the federal government of the amount of a federal tax due. Areturn reflecting a federal determination is timely if it is filed within thetime required by G.S. 105‑32.8, 105‑130.20, 105‑159, 105‑160.8,or 105‑163.6A, as appropriate. The limitations are:
(1) Refund. A taxpayeris allowed a refund only if the refund is the result of adjustments related tothe federal determination.
(2) Assessment. Ataxpayer is liable for additional tax only if the additional tax is the resultof adjustments related to the federal determination. A proposed assessment maynot include an amount that is outside the scope of this liability. (2007‑491, s. 1; 2008‑107,s. 28.18(d).)