43-327

43-327. Recomputation of tax or amended return
due after federal adjustment; definition

A. If the amount of taxable income for any year of any taxpayer as reported to the
United States treasury department is changed or corrected by the commissioner of internal
revenue or other officer of the United States or other competent authority, or if a
renegotiation of a contract or subcontract with the United States results in a change in
taxable income, such taxpayer within ninety days after the final determination of such
change or correction or renegotiation shall either:

1. File with the department a copy of the final determination, concede the accuracy
of the determination or state any errors and request the department to recompute the tax
owed to this state. Recomputing the tax by the department is not considered to be an
audit for purposes of section 42-2059.

2. File an amended return as required by the department of revenue.

B. The department may require an amended return if the department lacks the
necessary information to recompute the tax owed to this state.

C. Any taxpayer filing an amended return with the United States treasury department
shall also file within ninety days of the final determination by the United States
treasury department an amended return with the department of revenue which shall contain
such information as it shall require.

D. For the purposes of this section, assessments under a partial agreement, closing
agreement covering specific matters, jeopardy or advance payment are considered part of
the final determination defined in subsection G of this section and must be submitted to
the department with the final determination.

E. If a partial agreement, closing agreement covering specific matters or any other
agreement with the United States treasury department would be final except for a federal
extension still open for flow through adjustments from other entities or other
jurisdictions, then the final determination is the date the taxpayer signs the agreement.
Flow through adjustments are finally determined based on criteria specified in subsection
G of this section.

F. The department is not required to issue refunds based on any agreement other than
a final determination.

G. For the purposes of this section, "final determination" means the appeal rights
of both parties have expired or have been exhausted relative to the tax year.