Common use of Finality of Determination Clause in Contracts

Finality of Determination. A deter- mination made by an agreement pursu- ant to this section becomes final when the tax liability for the open taxable year to which the determination re- lates becomes final. During the period, if any, that a deficiency may be as- sessed or a refund or credit allowed with respect to such year, either the taxpayer or the Commissioner may properly pursue any of the procedures provided by law to secure a further modification of the tax liability for such year. For example, if the taxpayer subsequently files a claim for refund, or if the Commissioner subsequently issues a notice of deficiency with re- spect to such year, either may adopt a position with respect to the item that was the subject of the adjustment that is at variance with the manner in which said item was treated in the agreement. Any assessment, refund, or credit that is subsequently made with respect to the tax liability for such open taxable year, to the extent that it is based upon a revision in the treat- ment of the item that was the subject of the adjustment, shall constitute an alteration or revocation of the deter- mination for the purpose of a redeter- mination of the adjustment pursuant to paragraph (d) of § 1.1314(b)–1. [T.D. 6500, 25 FR 12037, Nov. 26, 1960] 26 CFR Ch. I (4–1–20 Edition)

Finality of Determination. A deter- mination made by an agreement pursu- ant to this section becomes final when the tax liability for the open taxable year to which the determination re- lates becomes final. During the period, if any, that a deficiency may be as- sessed or a refund or credit allowed with respect to such year, either the taxpayer or the Commissioner may properly pursue any of the procedures provided by law to secure a further modification of the tax liability for such year. For example, if the taxpayer subsequently files a claim for refund, or if the Commissioner subsequently issues a notice of deficiency with re- spect to such year, either may adopt a position with respect to the item that was the subject of the adjustment that is at variance with the manner in which said item was treated in the agreement. Any assessment, refund, or credit that is subsequently made with respect to the tax liability for such open taxable year, to the extent that it is based upon a revision in the treat- ment of the item that was the subject of the adjustment, shall constitute an alteration or revocation of the deter- mination for the purpose of a redeter- mination of the adjustment pursuant to paragraph (d) of § 1.1314(b)–1. [T.D. 6500, 25 FR 12037, Nov. 26, 1960] 26 CFR Ch. I (4–1–20 4–1–17 Edition)

Finality of Determination. A deter- mination made by an agreement pursu- ant to this section becomes final when the tax liability for the open taxable year to which the determination re- lates becomes final. During the period, if any, that a deficiency may be as- sessed or a refund or credit allowed with respect to such year, either the taxpayer or the Commissioner may properly pursue any of the procedures provided by law to secure a further modification of the tax liability for such year. For example, if the taxpayer subsequently files a claim for refund, or if the Commissioner subsequently issues a notice of deficiency with re- spect to such year, either may adopt a position with respect to the item that was the subject of the adjustment that is at variance with the manner in which said item was treated in the agreement. Any assessment, refund, or credit that is subsequently made with respect to the tax liability for such open taxable year, to the extent that it is based upon a revision in the treat- ment of the item that was the subject of the adjustment, shall constitute an alteration or revocation of the deter- mination for the purpose of a redeter- mination of the adjustment pursuant to paragraph (d) of § 1.1314(b)–1. [T.D. 6500, 25 FR 12037, Nov. 26, 1960] 26 CFR Ch. I (4–1–20 Edition)]