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North Carolina General Statutes Chapter 105. Taxation § 105-241.10. Limit on refunds and assessments after a federal determination

Current as of January 01, 2023 | Updated by Findlaw Staff

The limitations in this section apply when a taxpayer files a timely return reflecting a federal determination that affects the amount of State tax payable and the general statute of limitations for requesting a refund or proposing an assessment of the State tax has expired. A return reflecting a federal determination is timely if it is filed within the time required by G.S. 105-130.20, 105-159, 105-160.8, or 105-163.6A, as appropriate. A federal determination has the same meaning as defined in G.S. 105-228.90. The limitations are:

(1) Refund.--A taxpayer is allowed a refund only if the refund is the result of adjustments related to the federal determination.

(2) Assessment.--A taxpayer is liable for additional tax only if the additional tax is the result of adjustments related to the federal determination. A proposed assessment may not include an amount that is outside the scope of this liability.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 105. Taxation § 105-241.10. Limit on refunds and assessments after a federal determination - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-105-taxation/nc-gen-st-sect-105-241-10/

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