Ic 6-3-2.1-7 - Applicability; Application of Partnership Audit and Administrative Adjustments to Electing Entity

Ind. Code § 6-3-2.1-7
in: Ic 6-3-2.1-7 - Applicability; Application of Partnership Audit and Administrative Adjustments to Electing Entity
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Sec. 7. (a) This section applies if:

(1) the department determines that an electing entity underreported its tax under this chapter;

(2) an electing entity files an amended return reporting an underpayment of tax under this chapter; or

(3) the Internal Revenue Service adjusts the adjusted gross income of an electing entity.

     (b) If a partnership is an electing entity, the partnership shall be subject to IC 6-3-4.5 on any assessment and reporting of changes.

     (c) If a corporation described in IC 6-3-2-2.8(2) is an electing entity, the corporation and its shareholders shall be subject to the provisions of IC 6-3-4.5 in the same manner as a partnership and its partners with regard to the tax imposed under this chapter, except that any change in attributes is treated as occurring in the year to which the change relates unless required by the Internal Revenue Code.

As added by P.L.1-2023, SEC.5.

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