59-7-519 - Period of limitation for making assessments -- Change, correction, or amendment of federal income tax -- Duty of corporation to notify state -- Extensions.
59-7-519. Period of limitation for making assessments -- Change, correction, oramendment of federal income tax -- Duty of corporation to notify state -- Extensions.
(1) (a) Subject to the other provisions of this section, the amount of taxes imposed bythis chapter shall be assessed within three years after a return is filed.
(b) After the expiration of the time period described in Subsection (1)(a), a proceeding incourt may not be made without assessment for the collection of the taxes described in Subsection(1)(a).
(2) In the case of a deficiency attributable to the application of a net loss carryback, thedeficiency may be assessed at any time before the expiration of the period within which adeficiency for the taxable year of the net loss that results in the carryback may be assessed.
(3) If the amount of federal taxable income for any year of any corporation as returned tothe United States treasury department is changed or corrected by the commissioner of internalrevenue or other officer of the United States or other competent authority, or where arenegotiation of a contract or subcontract with the United States results in a change of federaltaxable income, a taxpayer shall:
(a) report the change or corrected net income within 90 days after the final determinationof the change or correction as required to the commission; and
(b) concede the accuracy of the determination or state where the determination iserroneous.
(4) Any corporation filing an amended return with the United States treasury departmentshall also file, within 90 days after the corporation files the amended return with the UnitedStates treasury department, an amended return with the commission that contains the informationthe commission requires.
(5) If a corporation fails to report a change or correction by the commissioner of internalrevenue, other officer of the United States, or other competent authority or fails to file anamended return, any deficiency resulting from the change or correction may be assessed andcollected within three years after the change, correction, or amended return is reported to or filedwith the federal government.
(6) If any corporation agrees with the commissioner of internal revenue for an extension,or a renewal of an extension, of the period for proposing and assessing deficiencies in federalincome tax for any year, the period for sending a notice of proposed Utah tax deficiencies for thatyear is the later of:
(a) three years after the return is filed; or
(b) six months after the date of the expiration of the agreed period for assessingdeficiencies in federal income tax.
(7) The extensions described in Section 59-1-1418 apply to this section.
Amended by Chapter 212, 2009 General Session