BEFORE THE UTAH STATE TAX COMMISSION
: STIPULATION AND ORDER
AUDITING DIVISION, UTAH STATE : Appeal No. 89-0068
TAX COMMISSION, )
XXXXX Industries, Inc. (hereafter "XXXXX") and the Auditing Division of the Utah State Tax Commission (hereafter "Auditing Division" Stipulate as follows:
1. The Auditing Division issued two statutory notices of deficiency relating to XXXXX's corporate franchise tax liability for fiscal years ending XXXXX through XXXXX (hereafter "the audit period").
2. XXXXX agrees to pay the amount of $$$$$ in full settlement of the claims of the Auditing Division for the audit period within 30 days after this stipulation is approved by the Commission. XXXXX agrees to pay additional interest at the rate of $$$$$ per day from XXXXX until the payment is made.
3. If Utah franchise tax liability for any year during the audit period is increased or decreased as a result of a federal tax audit ("RAR"), a deficiency may be asserted by the Auditing Division or a refund may be claimed by petitioners solely on the issues raised by the RAR. Any Utah income or loss resulting from federal audit adjustments shall be calculated using the apportionment fraction used in the audit.
4. Both parties agree that the settlement of this matter shall not have any retroactive or prospective application to periods other than the audit period.
5. The Auditing Division recommends that the Commission accept the terms of this stipulation in settlement of this matter.
6. The parties understand that this stipulation is subject to approval by the Commission. In the event the Commission fails to approve the stipulation, it shall be without effect and shall not be admissible as evidence against XXXXX or the Auditing Division.
DATED: March 4, 1991 XXXXX
Staff Vice President, Taxes
XXXXX Industries, Inc.
DATED: March 12, 1991 XXXXX
Assistant Attorney General
Attorney for Auditing
The Tax Commission hereby approves the settlement terms contained in the foregoing Stipulation. The Auditing Division's claim regarding the corporate franchise tax deficiencies of XXXXX Industries, Inc. for fiscal years ending XXXXX through XXXXX shall be satisfied by the receipt of $$$$$ $$$$$ Dollars from XXXXX.
DATED this 15 day of March, 1991.
BY ORDER OF THE UTAH STATE TAX COMMISSION:
R. H. Hansen Joe B. Pacheco
Roger O. Tew G. Blaine Davis