79-3288a. Procedure for transitional adjustment for change of accounting methods of certain taxpayers. (a) The secretary of revenue shall allow a transitional adjustment for change of methods of determining Kansas net income that shall apply only for those years a taxpayer determined Kansas net income in accordance with K.S.A. 79-3290 or 79-3291 as in effect on December 31, 1979. In computing taxable income for any year when such computation is under a method different from the method prescribed under K.S.A. 79-3290 or 79-3291 as in effect on December 31, 1979, there shall be taken into account those adjustments which are determined to be necessary solely by reason of the change in such method of computation in order to prevent amounts from being duplicated or omitted. Adjustments shall be made ratably over a period not less than five years nor more than ten years commencing with the year of change of method of computing Kansas net income, except that if the net adjustments result in a tax amount of fifty thousand dollars or less, the total amount of adjustments shall be made in the year of change of method of computing Kansas net income. The taxpayer shall make an election in the year of change of method of determining Kansas net income of the number of years in the period over which said adjustments will be claimed subject to the provisions of the preceding sentence. Adjustments shall not be allowed for differences arising under a change in methods of computing Kansas net income for any years the taxpayer did not compute Kansas net income under the provisions of K.S.A. 79-3290 or 79-3291 as in effect on December 31, 1979.
(b) No assessment of additional tax for any taxable years, or penalties or interest thereon, shall be made against any taxpayer required to compute Kansas net income for such years under the provisions of K.S.A. 79-3290 or 79-3291, as in effect on December 31, 1979 when, in the determination of the secretary of revenue, the amount of such assessment would be substantially offset by application of the transitional adjustment authorized by subsection (a) of this section if net income for such taxable years had been computed in compliance with the provisions of K.S.A. 79-3290 or 79-3291 as in effect on December 31, 1979.
History: L. 1980, ch. 318, § 4; July 1.
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