What is CLOSED YEAR?

Year of termination for a limit or law. An example in taxation is a filing period that ends after a certain number of years. A taxpayer cannot file for a refund and the authorities cannot post penalties for non filing.

More On This Topic



Link to This Definition
Did you find this definition of CLOSED YEAR helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary