ContractElection Under Tax Provisions • December 3rd, 2021
election. If a taxpayer makes the elec- tion, he shall be deemed to have con- sented to the application of the provi- sions of section 2 of the Act extending the time for assessing a deficiency at- tributable to the election. Section 2 of the Act does not shorten the period of limitations otherwise applicable. An agreement may be entered into under section 6501(c)(4) of the Internal Rev- enue Code of 1954 and corresponding provisions of prior law to extend the period for assessment.
ContractElection Under Tax Provisions • December 3rd, 2021
election. If a taxpayer makes the elec- tion, he shall be deemed to have con- sented to the application of the provi- sions of section 2 of the Act extending the time for assessing a deficiency at- tributable to the election. Section 2 of the Act does not shorten the period of limitations otherwise applicable. An agreement may be entered into under section 6501(c)(4) of the Internal Rev- enue Code of 1954 and corresponding provisions of prior law to extend the period for assessment.
