Authority: IC 6-8.1-3-3

Affected: IC 6-3-1-3.5; IC 6-8.1-5-2; IC 6-8.1-9-1

Sec. 1. (a) In determining the time limitations within which a person may file a claim for refund, the due date of the return shall include extensions of the due date as provided under IC 6-8.1-5-2.

(b) When claiming a refund arising from a net operating loss, the three (3) year limitation shall be determined by the year in which the net operating loss is incurred, not the year to which the loss is carried back. EXAMPLE

1. A taxpayer has a $50,000 net operating loss in 19X4. The loss is carried back to 19X1, 19X2 and 19X3. The three (3) year limitations will begin to run on the latter of the due date of the 19X4 return or the date the return for 19X4 is filed.

(Department of State Revenue; 45 IAC 15-9-1; filed Oct 1, 1987, 1:30 pm: 11 IR 543)