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AK Form 870: What You Should Know

Waiver of Restrictions on Assessment by the State of Alaska — Department of Revenue Form 5635.pdf — IRS — the state of Alaska This form is used for the following purposes: (1) Assigns an exemption of gross income from Alaska taxes on the gross income for the current year and the prior two  years, if this person is an alien. It does not apply to a claim based on Alaska income (Alaska income is gross income (which must have been taxable for other purposes)  and includes the non-refundable interest earned on Alaska dividends. The tax commissioner can accept a waiver of the restriction on taxable income, income from  other Alaska sources, or income from sources other than Alaska if the applicant is qualified under Section  12-072(1)(i)(A) or Section 12-072(8) or (4), respectively. (2) Accepts a waiver of the restriction (tax on Alaska dividends or income from any other source) if the tax commissioner is satisfied that the applicant would be likely to be able to pay such taxes in future years if the assessment was reinstated in accordance with Sec 543.51. (3) Convenes a hearing before the assessment commissioner for the purpose of determining whether to continue the assessment, including allowing an applicant who has obtained a waiver of the restriction to introduce evidence to show that he or she was likely to be able to repay the interest, penalties and late fees and to meet other reasonable conditions whether the individual can be expected to pay the full tax in future years. This waiver can also be used to request that the tax commissioner reduce the assessed amount if the tax commissioner believes that the applicant can pay the amount without undue hardship. (4) Rejects the application of the waiver if the commissioner determines that the applicant is not qualified to be allowed, is currently subject to assessment under Sec. 707 and therefore should not be allowed to use this waiver to avoid assessment, or has failed to obtain a waiver of the restriction on Alaska income or income from other Alaska sources. (5) Accepts a waiver of the restriction on Alaska dividends or income from any other source. (6) Permits the return of the taxes paid. The application must show that each person is an individual, is a citizen or national of the United States and was not entitled to a tax exemption on Alaska dividends in the last tax year.

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