(a) If the individual who is in physical possession of cash in excess of $10,000 does not claim such cash, or does not claim it belongs to another person whose identity the commissioner can readily ascertain and who acknowledges ownership of such cash, then, for purposes of section 270C.36, it shall be presumed that the cash represents gross income of a single individual for the taxable year in which the possession occurs, and that the collection of tax will be jeopardized by delay.

(b) In the case of any assessment resulting from the application of clause (a), the entire amount of the cash shall be treated as taxable income for the taxable year in which the possession occurs, such income shall be treated as taxable at an eight percent rate, and except as provided in clause (c), the possessor of the cash shall be treated (solely with respect to the cash) as the taxpayer for purposes of this chapter and the assessment and collection of the tax.

(c) If, after an assessment resulting from the application of clause (a), the assessment is abated and replaced by an assessment against the owner of the cash, the later assessment shall be treated for purposes of all laws relating to lien, levy, and collection as relating back to the date of the original assessment.

(d) For purposes of this subdivision, the definitions contained in section 6867 of the Internal Revenue Code shall apply.

Notes of Decisions

Cited in 5 cases, 1944–1988 · leading case: Sisson v. Triplett, 428 N.W.2d 565 (Minn. 1988).

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Sisson v. Triplett, 428 N.W.2d 565 (Minn. 1988). · cites it 5× “33 (1986)) and income/excise taxes (Minn.Stat. § 290.48 (1986)). Those taxes also authorize jeopardy assessments, contain anti-injunction provisions, and allow the commissioner to proceed on the basis of his own knowledge and information.”

W. Auto Supply Co. v. Comm'r of Taxation, 71 N.W.2d 797 (Minn. 1955). “1945, § 290.48, subd. 8. “The tax, as assessed by the commissioner, with any penalties included therein, shall be presumed to be valid and correctly determined and assessed, and the burden shall be upon the taxpayer to show its incorrectness or invalidity.”

Steele Cnty. Bldg. & Loan Ass'n v. Comm'r of Taxation, 116 N.W.2d 506 (Minn. 1962). “§ 290.48, subd. 8. With these statutory directions before us, it becomes our duty to construe Minn.”

State v. Haglin, 13 N.W.2d 6 (Minn. 1944). · cites it 5× “1941, §§ 290.48, subds. 5 and 8, and 290.54 (Mason St.”

Hanson v. Comm'r of Taxation, 187 N.W.2d 113 (Minn. 1971). “” It is argued by relator that the presumption of validity enjoyed by the commissioner under § 290.48, subd. 8, does not satisfy the necessity for an independent investigation.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.