The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
42-2060 - Refund if items of income transfer from one year to another
42-2060. Refund if items of income transfer from one year to another
A. Notwithstanding any statute of limitations provided in this title or title 43:
1. Any overpayment of taxes that is paid pursuant to title 43, that is due a taxpayer for any year and that results from a transfer of items of income or deductions, or both, to or from another year for the same taxpayer, or for the same year for a related taxpayer described in sections 42-1120, 42-1121 and 43-645, shall be allowed as an offset in computing any deficiency in tax for any year resulting from the transfer of such income or deductions, or both, but no refund shall be allowed unless the overpayment is certified to the director of the department of administration or a claim for refund is filed within the time otherwise provided for in this title.
2. An overpayment due an S corporation, as defined in section 1361 of the internal revenue code, for any year that results from an improper inclusion of income is allowed as an offset in computing any deficiency in an overlapping year for the shareholders of the S corporation.
B. The offsets provided by subsection A of this section shall not be allowed after the expiration of seven years from the due date of the return on which the overpayment is determined.