43-953

43-953. Period of limitation relating to
transferees

The period of limitation for assessment of such liability of a transferee or
fiduciary of the taxpayer shall be as follows:

1. In the case of the liability of an initial transferee of the property of the
taxpayer, within one year after the expiration of the period of limitation for assessment
against the taxpayer.

2. In the case of the liability of a transferee of a transferee of the property of
the taxpayer, within one year after the expiration of the period of limitation for
assessment against the preceding transferee but only if within three years after the
expiration of the period of limitation for assessment against the taxpayer, except that
if before the expiration of the period of limitation for the assessment of the liability
of the transferee of a transferee a court proceeding for the collection of the tax or
liability in respect thereof has been begun against the taxpayer or last preceding
transferee, respectively, the period of limitation for assessment of the liability of the
transferee of a transferee shall expire one year after the return of execution in the
court proceeding.

3. In the case of the liability of a fiduciary, not later than one year after the
liability arises or not later than the expiration of the period for collection of the tax
in respect of which such liability arises, whichever is the later.

4. If before the expiration of the time prescribed in paragraph 1, 2 or 3 for the
assessment of the liability, both the department and the transferee or fiduciary have
consented in writing to its assessment after such time, the liability may be assessed at
any time prior to the expiration of the period agreed upon. The period so agreed upon
may be extended by subsequent agreements in writing made before the expiration of the
period previously agreed upon.