Indiana Code 6-3-4.5-5. Report of partnership adjustments; timing; protest; appeal; settlement agreement
(1) the last day a protest of the report of proposed partnership adjustments could have been filed by the partnership, if no protest is filed;
Terms Used In Indiana Code 6-3-4.5-5
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) if an original tax appeal has been filed, the last day on which no further appeal may be taken from a decision requested; or
(4) the date set in subsection (b).
(b) If, upon protest or appeal, an adjustment in a report of proposed partnership adjustments is determined to be incorrect, the department shall issue a report of final partnership adjustments consistent with the determination not more than one hundred eighty (180) days after the determination is otherwise determined to be final under subsection (a)(1) through (a)(3). If the report of final partnership adjustments is not issued within one hundred eighty (180) days, one (1) day for each day that the report of final partnership adjustments is issued after the one hundred eighty (180) day deadline is added to the deadline for which a partnership or tiered partner may act without being subject to assessment under section 18 of this chapter. In the case of a partnership with multiple tiers, this extension applies to each tier.
(c) Notwithstanding subsection (a), if the partnership and the department enter into a settlement agreement under IC 6-8.1-3-17 to resolve all matters related to the report of proposed partnership adjustments for a taxable year, the report of final partnership adjustments for that taxable year reflected in the agreement shall be issued final one hundred eighty (180) days after the date of the signature of the last party required to sign the agreement.
As added by P.L.159-2021, SEC.18. Amended by P.L.137-2022, SEC.44.