2006 Utah Code - 59-7-519 — Period of limitation for making assessments -- Change, correction, or amendment of federal income tax -- Duty of corporation to notify state.

     59-7-519.   Period of limitation for making assessments -- Change, correction, or amendment of federal income tax -- Duty of corporation to notify state.
     (1) Except as provided in Section 59-7-520, the amount of taxes imposed by this chapter shall be assessed within three years after the return was filed, and no proceeding in the court without assessment for the collection of such taxes shall be begun after the expiration of such period.
     (2) In the case of a deficiency attributable to the application of a net loss carryback, this deficiency may be assessed at any time before the expiration of the period within which a deficiency for the taxable year of the net loss which results in the carryback may be assessed.
     (3) If the amount of federal taxable income for any year of any corporation as returned to the United States treasury department is changed or corrected by the commissioner of internal revenue or other officer of the United States or other competent authority, or where a renegotiation of a contract or subcontract with the United States results in a change of federal taxable income, that taxpayer shall report the change or corrected net income within 90 days after the final determination of the change or correction as required to the commission and shall concede the accuracy of the determination or state wherein it is erroneous. Any corporation filing an amended return with the department shall also file, within 90 days thereafter, an amended return with the commission which shall contain the information as it shall require.
     (4) If a corporation fails to report a change or correction by the commissioner of internal revenue, other officer of the United States, or other competent authority or fails to file an amended return, any deficiency resulting from the adjustments may be assessed and collected within three years after said change, correction, or amended return is reported to or filed with the federal government.
     (5) If any corporation agrees with the commissioner of internal revenue for an extension, or renewals thereof, of the period for proposing and assessing deficiencies in federal income tax for any year, the period for sending notices of proposed Utah tax deficiencies for such year shall be three years after the return was filed or six months after the date of the expiration of the agreed period for assessing deficiencies in federal income tax, whichever period expires the later.

Amended by Chapter 86, 2000 General Session