43-953. Period of limitation relating to transferees

The period of limitation for assessment of such liability of a transferee or fiduciary of the taxpayer shall be as follows:

1. In the case of the liability of an initial transferee of the property of the taxpayer, within one year after the expiration of the period of limitation for assessment against the taxpayer.

2. In the case of the liability of a transferee of a transferee of the property of the taxpayer, within one year after the expiration of the period of limitation for assessment against the preceding transferee but only if within three years after the expiration of the period of limitation for assessment against the taxpayer, except that if before the expiration of the period of limitation for the assessment of the liability of the transferee of a transferee a court proceeding for the collection of the tax or liability in respect thereof has been begun against the taxpayer or last preceding transferee, respectively, the period of limitation for assessment of the liability of the transferee of a transferee shall expire one year after the return of execution in the court proceeding.

3. In the case of the liability of a fiduciary, not later than one year after the liability arises or not later than the expiration of the period for collection of the tax in respect of which such liability arises, whichever is the later.

4. If before the expiration of the time prescribed in paragraph 1, 2 or 3 for the assessment of the liability, both the department and the transferee or fiduciary have consented in writing to its assessment after such time, the liability may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.