Closing agreements

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    • Authorization

      • (a) The Director may enter into an agreement in writing with any person relating to the liability of such person (or of the person or estate for whom he acts) in respect of any internal revenue tax for any taxable period.

    • Finality

      • (b) If such agreement is approved by the Director (within such time as may be stated in such agreement, or later agreed to) such agreement shall be final and conclusive, and, except upon a showing of fraud or malfeasance, or misrepresentation of a material fact—

        • (1) the case shall not be reopened as to the matters agreed upon or the agreement modified by any officer, employee, or agent of the Virgin Islands; and

        • (2) in any action or proceeding, such agreement, or any determination, assessment, collection, payment, abatement, refund or credit made in accordance therewith, shall not be annulled, modified, set aside or disregarded.


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