§ 105-241.10. (Effective until January 1, 2009) Limit on refunds and assessments after a federal determination. - North Carolina Statutes

§ 105‑241.10. (Effective until January 1, 2009) Limit on refunds and assessments after afederal determination.

The limitations in thissection apply when a taxpayer files a timely return reflecting a federaldetermination that affects the amount of State tax payable and the generalstatute of limitations for requesting a refund or proposing an assessment ofthe State tax has expired. A federal determination is a correction or finaldetermination by the federal government of the amount of a federal tax due. Areturn reflecting a federal determination is timely if it is filed within thetime required by G.S. 105‑32.8, 105‑130.20, 105‑159, 105‑160.8,105‑163.6A, or 105‑197.1, as appropriate. The limitations are:

(1)        Refund. – A taxpayeris allowed a refund only if the refund is the result of adjustments related tothe federal determination.

(2)        Assessment. – Ataxpayer is liable for additional tax only if the additional tax is the resultof adjustments related to the federal determination. A proposed assessment maynot include an amount that is outside the scope of this liability. (2007‑491, s. 1.)

§ 105‑241.10. (Effective January 1, 2009) Limit on refunds and assessments after a federaldetermination.

The limitations in thissection apply when a taxpayer files a timely return reflecting a federaldetermination that affects the amount of State tax payable and the generalstatute of limitations for requesting a refund or proposing an assessment ofthe State tax has expired. A federal determination is a correction or finaldetermination by the federal government of the amount of a federal tax due. Areturn reflecting a federal determination is timely if it is filed within thetime required by G.S. 105‑32.8, 105‑130.20, 105‑159, 105‑160.8,or 105‑163.6A, as appropriate. The limitations are:

(1)        Refund. – A taxpayeris allowed a refund only if the refund is the result of adjustments related tothe federal determination.

(2)        Assessment. – Ataxpayer is liable for additional tax only if the additional tax is the resultof adjustments related to the federal determination. A proposed assessment maynot include an amount that is outside the scope of this liability.  (2007‑491, s. 1; 2008‑107,s. 28.18(d).)