Getting Refunds—South Dakota Supreme Court to Address Right to Bank Franchise Tax Refund Resulting From a Favorable Federal Income Tax Adjustment
Author: John P. Barrie.
Source: Volume 28, Number 04, March/April 2015 , pp.47-49(3)
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Abstract:
The author discusses the implications of the pending case of Citibank, N.A. v. South Dakota Department of Revenue, which raised the issue of a bank’s right to a franchise tax refund resulting from a federal income tax adjustment that was not finalized until well after the expiration of the state’s statute of limitations, and suggests protective measures banks can take to protect potential future refund rights.Keywords: Citibank, N.A. v. South Dakota Department of Revenue; application statute of limitations; right to refund following a federal tax adjustment; protective claim
Affiliations:
1: Bryan Cave LLP.