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BTLG Table of Contents > Sales and Use Tax Annotations > I > 320.0000 Interest and Penalties > Annotation 320.0047

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320.0000 Interest and Penalties—Regulation 1703

Annotation 320.0047

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320.0047 Credit Interest. A corporation went through a merger and reorganization. This caused a disruption in its accounting department, and resulted in overpayment of taxes for a period of two years. Recognizing that the reorganization disrupted the corporation's normal accounting activities, credit interest was allowed on the tax overpayments for a period of the next six months. The continuing errors beyond six months were regarded as evidence of carelessness, and credit interest was not allowed beyond those six months. 4/12/94.