§237D-7.5  Federal assessments; adjustmentsof gross rental, gross rental proceeds, or fair market rental value; report tothe department.  (a)  Any person required to report to the department bysection 235-101(b), also shall report to the department any change, correction,adjustment, or recomputation of gross rental, gross rental proceeds, or fairmarket rental value subject to the tax imposed by this chapter.  This reportshall be made in the form of a return amending the person's gross rental, grossrental proceeds, or fair market rental value as previously reported on a returnfiled with the department for the taxable year.  If no return has been filedwith the department for the taxable year, a return shall be filed and shalltake into account any change, correction, adjustment, or recomputation of grossrental, gross rental proceeds, or fair market rental value.

(b)  Any return or amended return required bythis section shall be filed with the department within ninety days after thechange, correction, adjustment, or recomputation is finally determined or anamended return is filed with the Internal Revenue Service.  The return oramended return shall be accompanied by a copy of the document issued by theUnited States notifying the taxpayer of the change, correction, adjustment, orrecomputation.

(c)  The statutory period for the assessment ofany deficiency or the determination of any refund attributable to the reportrequired by this section shall not expire before the expiration of one yearfrom the date the department is notified by the taxpayer or the InternalRevenue Service, whichever is earlier, of such a report as provided insubsection (a).  Before the expiration of this one-year period, the departmentand the taxpayer may agree, in writing, to the extension of this period.  Theperiod so agreed upon may be further extended by subsequent agreements inwriting made before the expiration of the period previously agreed upon.  [L1993, c 32, §2; am L 1998, c 156, §21]