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Rule: 42.15.905 Prev     Up     Next    
Rule Title: INDIVIDUAL LIABILITY
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Department: REVENUE, DEPARTMENT OF
Chapter: INCOME TAX
Subchapter: First-time Home Buyer Deductions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.15.905    INDIVIDUAL LIABILITY

(1) If a corporate account administrator, limited liability company, or a limited partnership fails to withhold or fails to remit any penalties withheld to the department as required, the officers and owners are individually responsible for the penalties.

(2) A financial institution is not responsible for analyzing the eligibility of the expenses if the account holder attests that the withdrawal is made for eligible costs.

(3) Each self-administered account holder is individually responsible for remitting the penalties as stated in ARM 42.15.903.

(4) In the case of a bankruptcy by an account administrator, the liability for the penalties remain unaffected and the individual or owners remains liable for the amount of penalties withheld but unpaid.

History: Sec. 15-1-201, MCA; IMP, Sec. 15-63-203, MCA; NEW, 2004 MAR p. 1033, Eff. 4/23/04.


 

 
MAR Notices Effective From Effective To History Notes
4/23/2004 Current History: Sec. 15-1-201, MCA; IMP, Sec. 15-63-203, MCA; NEW, 2004 MAR p. 1033, Eff. 4/23/04.
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