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§ 105-241.8. Statute of limitations for assessments.

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§ 105‑241.8.  Statute oflimitations for assessments.(a)        General. – Thegeneral statute of limitations for proposing an assessment applies unless adifferent period applies under subsection (b) of this section. The generalstatute of limitations for proposing an assessment is the later of thefollowing:(1)        Three years afterthe due date of the return.(2)        Three years afterthe taxpayer filed the return.(b)        Exceptions. – Theexceptions to the general statute of limitations for proposing an assessmentare as follows:(1)        Federaldetermination. – If a taxpayer files a return reflecting a federaldetermination and the return is filed within the time required by thisSubchapter, the period for proposing an assessment of any tax due is one yearafter the return is filed or three years after the original return was filed ordue to be filed, whichever is later. If there is a federal determination andthe taxpayer does not file the return within the required time, the period forproposing an assessment of any tax due is three years after the date theSecretary received the final report of the federal determination.(2)        Failure to file orfiling false return. – There is no statute of limitations and the Secretary maypropose an assessment of tax due from a taxpayer at any time if any of thefollowing applies:a.         The taxpayer did notfile a return.b.         The taxpayer filed afraudulent return.c.         The taxpayerattempted in any manner to fraudulently evade or defeat the tax.(3)        Tax forfeiture. – Ifa taxpayer forfeits a tax credit or tax benefit pursuant to forfeitureprovisions of this Chapter, the period for proposing an assessment of any taxdue as a result of the forfeiture is three years after the date of theforfeiture.(4)        Nonrecognition ofgain. – If a taxpayer elects under section 1033(a)(2)(A) of the Code not torecognize gain from involuntary conversion of property into money, the periodfor proposing an assessment of any tax due as a result of the conversion orelection is the applicable period provided under section 1033(a)(2)(C) orsection 1033(a)(2)(D) of the Code. (2007‑491, s. 1.)
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  • § 105‑241.8.  Statute oflimitations for assessments.

    (a)        General. – Thegeneral statute of limitations for proposing an assessment applies unless adifferent period applies under subsection (b) of this section. The generalstatute of limitations for proposing an assessment is the later of thefollowing:

    (1)        Three years afterthe due date of the return.

    (2)        Three years afterthe taxpayer filed the return.

    (b)        Exceptions. – Theexceptions to the general statute of limitations for proposing an assessmentare as follows:

    (1)        Federaldetermination. – If a taxpayer files a return reflecting a federaldetermination and the return is filed within the time required by thisSubchapter, the period for proposing an assessment of any tax due is one yearafter the return is filed or three years after the original return was filed ordue to be filed, whichever is later. If there is a federal determination andthe taxpayer does not file the return within the required time, the period forproposing an assessment of any tax due is three years after the date theSecretary received the final report of the federal determination.

    (2)        Failure to file orfiling false return. – There is no statute of limitations and the Secretary maypropose an assessment of tax due from a taxpayer at any time if any of thefollowing applies:

    a.         The taxpayer did notfile a return.

    b.         The taxpayer filed afraudulent return.

    c.         The taxpayerattempted in any manner to fraudulently evade or defeat the tax.

    (3)        Tax forfeiture. – Ifa taxpayer forfeits a tax credit or tax benefit pursuant to forfeitureprovisions of this Chapter, the period for proposing an assessment of any taxdue as a result of the forfeiture is three years after the date of theforfeiture.

    (4)        Nonrecognition ofgain. – If a taxpayer elects under section 1033(a)(2)(A) of the Code not torecognize gain from involuntary conversion of property into money, the periodfor proposing an assessment of any tax due as a result of the conversion orelection is the applicable period provided under section 1033(a)(2)(C) orsection 1033(a)(2)(D) of the Code. (2007‑491, s. 1.)

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