LIMITATIONS OF TIME FOR ASSESSMENT OF TAX.

§ Subdivision 1. General rule. Except as otherwise provided, the amount of taxes or surcharges assessable must be assessed within 3-1/2 years after the date the return is filed. § Subd. 2. Filing date. For purposes of this section, a return filed before the last day prescribed by law for filing the return is considered to be filed on the last day. § Subd. 3. False or fraudulent return. Notwithstanding the limitation under subdivision 1, the tax or surcharge may be assessed at any time if a false or fraudulent return is filed or when a taxpayer fails to file a return. § Subd. 4. Omission in excess of 25 percent. Additional taxes or surcharges may be assessed within 6-1/2 years after the due date of the return or the date the return was filed, whichever is later, if the taxpayer omits from a gross premiums tax or surcharge return an amount of tax in excess of 25 percent of the tax or surcharge reported in the return.