72-16-342. Time limitations on assessment of additional tax. (1) If qualified real property is disposed of or ceases to be used for a qualified use, the statutory period for the assessment of any additional tax under 72-16-338 attributable to disposition or cessation may not expire until 3 years after the date the department is notified, in a manner to be prescribed by the department, of the disposition or cessation or, in the case of an involuntary conversion or exchange in which 72-16-341 or 72-16-348 applies, 3 years from the date the department is notified of the replacement of the converted property or of an intention to replace or exchange the property.
     (2) The additional tax may be assessed before the expiration of the 3-year period referred to in subsection (1), notwithstanding the provisions of any other law or rule of law that would otherwise prevent such assessment.

     History: En. Sec. 6, Ch. 705, L. 1979; amd. Sec. 11, Ch. 511, L. 1983.