GENERAL
§ 151.1. Definitions.
The following words and terms, when used in this article, have the following meanings, unless the context clearly indicates otherwise:
FC—The Fiscal Code (72 P. S. § § 1—1804).
IRC—The Internal Revenue Code of 1986, including amendments under the Tax Reform Act of 1986 (26 U.S.C.A. § § 1—7872).
Report—Generally, any one of the annual corporate tax report forms. For example: the Corporate Net Income Tax Report or the Foreign Franchise Tax Report or the Bank Shares Tax Report.
Return—Generally, any of the Federal Internal Revenue Service tax forms. For example: U.S. Corporation Income Tax Return (Form 1120).
Settlement—The determination by the Commonwealth of tax liability of a taxpayer according to law. A settlement of a corporate tax report is made by a Taxing Officer of the Bureau of Corporation Taxes, Department of Revenue, evidenced by affixing his signature and the date of signing to the report. Settlements are subject to the approval of a Taxing Officer in the Department of the Auditor General, evidenced by affixing his signature and the date of signing to the same report.
TRC—The Tax Reform Code of 1971 (72 P. S. § § 7101—10004).
Notes of Decisions By voting for a settlement as defined by this section the Attorney General acquiesced in the entry of an order of the Board of Finance and Revenue and thereby waived the right to appeal therefrom, inasmuch as his representation of the Commonwealth does not change from one level of action to another. Commonwealth v. Carborundum Co., 458 A.2d 314, 315 (1983).
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