California Revenue and Taxation Code 6487.2 – (a) A notice of determination issued pursuant to Section 6486, …
(a) A notice of determination issued pursuant to Section 6486, 6515, or 6536 to an individual who was a general partner, as shown on the board‘s records, and who, prior to the period covered by the determination, withdrew from the partnership, causing a change in ownership, and failed to notify the board, shall be mailed within four years after the last day of the calendar month following the quarterly period in which the change of ownership occurred.
(b) An individual who was a general partner, as shown on the board’s records, who withdraws from a partnership without notifying the board of the change in ownership, shall not be liable for any unpaid, self-assessed liability of the partnership that becomes due at least three years after the last day of the calendar month following the quarterly period in which the change in ownership occurred.
Terms Used In California Revenue and Taxation Code 6487.2
- board: means the California Department of Tax and Fee Administration. See California Revenue and Taxation Code 20
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fraud: Intentional deception resulting in injury to another.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- partnership: shall include limited liability company, registered limited liability partnership, and foreign limited liability partnership, except where the context or the specific provisions of this division otherwise require. See California Revenue and Taxation Code 28.5
- Spouse: includes "registered domestic partner" as required by §. See California Revenue and Taxation Code 12.2
(c) Subdivisions (a) and (b) shall not apply to either of the following:
(1) Cases of fraud or intent to evade this part or other administrative or interpretive regulations.
(2) Any partners who retain an ownership interest in a corporation that is a successor to the partnership.
(d) For purposes of this part, change in ownership means that a new “person,” as defined in Section 6005, is created by the action of the former owner by means of a sale, an incorporation, an addition or elimination of one or more partners, or the termination of a spouse‘s ownership or community property interest due to legal separation or divorce.
(e) For purposes of this section, “individual” includes only natural persons.
(Added by Stats. 1993, Ch. 1109, Sec. 5. Effective January 1, 1994.)