42-2060. Refund if items of income transfer from one year to another

A. Notwithstanding any statute of limitations provided in this title or title 43:

1. Any overpayment of taxes that is paid pursuant to title 43, that is due a taxpayer for any year and that results from a transfer of items of income or deductions, or both, to or from another year for the same taxpayer, or for the same year for a related taxpayer described in sections 42-1120, 42-1121 and 43-645, shall be allowed as an offset in computing any deficiency in tax for any year resulting from the transfer of such income or deductions, or both, but no refund shall be allowed unless the overpayment is certified to the director of the department of administration or a claim for refund is filed within the time otherwise provided for in this title.

2. An overpayment due an S corporation, as defined in section 1361 of the internal revenue code, for any year that results from an improper inclusion of income is allowed as an offset in computing any deficiency in an overlapping year for the shareholders of the S corporation.

B. The offsets provided by subsection A of this section shall not be allowed after the expiration of seven years from the due date of the return on which the overpayment is determined.

42-2060. Refund if items of income transfer from one year to another

A. Notwithstanding any statute of limitations provided in this title or title 43:

1. Any overpayment of taxes that is paid pursuant to title 43, that is due a taxpayer for any year and that results from a transfer of items of income or deductions, or both, to or from another year for the same taxpayer, or for the same year for a related taxpayer described in sections 42-1120, 42-1121 and 43-645, shall be allowed as an offset in computing any deficiency in tax for any year resulting from the transfer of such income or deductions, or both, but no refund shall be allowed unless the overpayment is certified to the director of the department of administration or a claim for refund is filed within the time otherwise provided for in this title.

2. An overpayment due an S corporation, as defined in section 1361 of the internal revenue code, for any year that results from an improper inclusion of income is allowed as an offset in computing any deficiency in an overlapping year for the shareholders of the S corporation.

B. The offsets provided by subsection A of this section shall not be allowed after the expiration of seven years from the due date of the return on which the overpayment is determined.