Union Carbide Corporation and Subsidiaries - Page 5

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          through 1989 tax years (1987-89 Cycle) commenced with an audit               
          notification letter dated April 16, 1990.  Shortly thereafter, a             
          preaudit conference was held between petitioner and respondent's             
          examination team, at which the parties discussed the scope and               
          timing of the pending examination.                                           
               At the preaudit conference, petitioner was informed that,               
          because no FSC adjustments had been proposed as a result of                  
          respondent's examination of its 1984-86 Cycle, respondent would              
          not examine FSC issues in the 1987-89 Cycle.  The examination                
          team requested, and petitioner executed, Forms 872, Consent to               
          Extend the Time to Assess Tax, for each of the years of the 1987-            
          89 Cycle.  During the course of the examination, respondent did              
          not seek Forms 872 for UCFSC's corresponding tax years, nor did              
          petitioner file any protective claims for refund or solicit any              
          extensions of the periods of limitations for UCFSC's 1987, 1988,             
          and 1989 tax years.  During that time, petitioner did not                    
          anticipate making a redetermination of the FSC commissions paid              
          to UCFSC during those years.                                                 
               The limitations periods for respondent to assess                        
          deficiencies under section 6501(a) (limitations on assessment and            
          collection), and for UCFSC to file claims for refund under                   
          section 6511 (limitations on credit or refund), for UCFSC's 1987,            
          1988, and 1989 tax years expired on September 15, 1991, August               
          22, 1992, and September 10, 1993, respectively.                              






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