statute of limitations

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  • noun

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a statute prescribing the time period during which legal action can be taken

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As this carryover period extends beyond the three-year statute of limitation, the use of an NOL deduction can create circumstances where amounts generated in closed years affect the calculation of taxable income in an open year.
In general, taxing jurisdictions may issue assessments for periods otherwise barred by the standard statute of limitation if the taxpayer owes additional tax because of the Internal Revenue Service's examination of the taxpayers federal tax return or the taxpayer's amendment of its federal tax return.
This article provides insight into how the six-year statute of limitation is applied and discusses what types of omissions trigger it.
The applicable statute of limitations for an appraisal-related claim varies depending on the type of claim (negligence, fraud or breach of contract), where the claim is filed and, in a few cases, who is making the claim.
One day before the statute of limitations expired on a personal injury claim arising out of a motor vehicle accident, Chris Murray filed suit.
Corporate Law--Massachusetts Limits Tolling of Statute of Limitations for Breach of Fiduciary Duties in Closely Held Corporations--Aiello v.
Such clauses can specify a specific state's statute of limitation, or define a specific limitations period.
Gillmore was arrested in 1986 and admitted to sexual assaults against nine girls and women, but was charged with only one of them because the six-year statute of limitations on the others, including Tudor's, had expired.
20) Although Washington State's Annotated Code includes a two-year "catch-all" statute of limitations for actions not addressed elsewhere, (21) the PRA's language leaves at least one question unanswered: what limitations period applies when an agency produces all requested documents in a single installment?
Cosby is seeking a dismissal of Huth's lawsuit, arguing it is blocked by the statute of limitations.
In addition to allowing consumers the option of limiting their communication with debt collectors to email, the new rules also require debt collectors "substantiate" that the consumer actually owes the debt and inform the consumer if there is reasonable chance that the statute of limitations on the debt they are collecting has expired.
Absent modification by the parties, the statute of limitations (or deadline) to bring a claim for a breach of contract in Delaware is three years, California four years, New York six years and Illinois 10 years.
The statute of limitations curtails the government's ability to pursue a tax liability against a taxpayer; however, it could also take away that individual's ability to apply for tax relief through the filing of an amended return in cases where relief would otherwise be appropriate.
FEMA guidance provides that the one-year statute of limitations period to file suit runs from the date of the first written denial of a flood insurance claim.
Bulgaria's chief prosecutor says that 35 years after one of the most notorious killings of the Cold War, the case has reached the statute of limitations.