KRS 143.060: Filing of return -- Review of department -- Assessment on

understatement of value.

(1) As soon as practicable after each return is received, the department shall

examine and audit it. If the amount of tax computed by the department is

greater than the amount returned by the taxpayer, the excess shall be

assessed within four (4) years from the date the return was filed, except as

provided in subsection (2) of this section, and except that in the case of a

failure to file a return or of a fraudulent return, the excess may be assessed at

any time. A notice of such assessment shall be mailed to the taxpayer. The

time herein provided may be extended by agreement between the taxpayer

and the department.

(2) For the purpose of subsections (1) and (4) of this section, a return filed before

the last day prescribed by law for the filing thereof shall be considered as filed

on such last day.

(3) Any final ruling, order or determination of the department with regard to the

administration of this chapter may be reviewed only in the manner provided in

KRS 49.200 to 49.250 and 131.110.

(4) Notwithstanding the four (4) year time limitation of subsection (1), in the case

of a return where the taxpayer understates the gross value by twenty-five

percent (25%) or more, the excess shall be assessed by the department within

six (6) years from the date the return was filed.