Indiana Code 6-3-4.5-3.5. Underreporting of tax due by partner in partnership
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Terms Used In Indiana Code 6-3-4.5-3.5
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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.
Sec. 3.5. If a partnership is assessed tax due pursuant to IC 6-3-2.1, IC 6-3-4-12, IC 6-5.5-2-8, or this chapter as a result of underreporting the tax due for one (1) or more partners, the provisions of this chapter for timeliness of assessments, reporting, and rights to appeal apply in the same manner as a report of proposed partnership adjustments, except as specifically provided in this chapter.
As added by P.L.1-2023, SEC.13.