Closed Year

Closed Year

A tax year for which the statute of limitations has expired. The taxpayer can't claim a refund and the IRS can't collect additional taxes (with certain exceptions).
References in periodicals archive ?
Says closed year with pipeline of executed contracts at 89,000 rooms.
Data reveals the gap between the 30 per cent most deprived and 70 per cent least deprived has closed year on year.
With respect to audits including NOL amounts created in years that are closed under the statute of limitation, Internal Revenue Manual (IRM) Section 4.11.11.13(2) instructs revenue agents that they may redetermine the correct taxable income for a closed year to determine either the amount of the carryforward deduction reported in the open year or the amount of an NOL deduction that is absorbed in a closed year and supports the determination of the available NOL deduction for the open year under examination.
In this scenario, the 1RS compares the request for documentation from the closed year to a routine request for receipts to support any deduction on the return.
The former Brains pub the Duke of Clarence on Clive Road in Canton, Cardiff, was closed year.
We closed year 2011 by holding our annual meeting, dinner and drawing at the little schoolhouse that was festively decorated for the Christmas season.
While there was limited investment activity that has closed year to date, there are several properties on, or coming to, the market that are expected to close in the latter half of 2005.
(4) In the case of a bilateral APA, rollback or closed year (68) considerations "did not influence" the prior TPM.
for the last closed year or professional risk indemnity insurance for at least EUR 30 000.
The IRS examined the taxpayer's subsequent returns after the assessment period for the initial year closed and determined that the taxpayer improperly claimed the investment credit in the closed year. The ruling stated that the IRS could disallow the investment credit carryovers to the open years and assess deficiencies even though the claim originated on a return from a closed year.
If the government overpays interest on a refund for a closed year, it may not recover the amount by offset against a refund due from that year.
* The consideration of years barred by statute in the determination of the proper interest rate to be charged or paid in an open year is not tantamount to reopening the statute of limitations on the closed year. In fact, this approach is clearly consistent with certain tax computations.