[§231-40.5]  Statute of limitations;extension for substantial omissions.  (a)  Notwithstanding any other law tothe contrary limiting the time for assessment of any tax, if a taxpayer omitsan amount of:

(1)  Gross income or gross proceeds of sale;

(2)  Gross rental or gross rental proceeds;

(3)  Price, value, or consideration paid or receivedfor any property;

(4)  Gross receipts; or

(5)  Gallonage, tonnage, cigarette count, day, orother weight or measure applicable to any tax,

properly includable therein that is in excess oftwenty-five per cent of the amount stated in the return, the tax may beassessed or a proceeding in court with respect to the tax without assessmentmay be begun without assessment, at any time within six years after the returnwas filed.

(b)  In determining any amount omitted, thereshall not be taken into account any amount that is stated in the return if suchamount is disclosed in the return or in a statement attached to the return in amanner adequate to apprise the department of taxation of the nature and amountof such item.

(c)  This section shall be construed inaccordance with regulations and judicial interpretations given to section 6501of the Internal Revenue Code. [L 2009, c 166, §5]

 

Note

 

  Applicability of 2009 amendment.  L 2009, c 166, §27.