tax year

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Tax Year

The year during which one's taxable income is considered. That is, the tax year is any 12-month period during which a government calculates one's tax liability. Normally, this is simply the calendar year, but it may also be a fiscal year.

tax year

The 12-month period for which tax is calculated. For most individual taxpayers, the tax year is synonymous with the calendar year.

tax year

The accounting year selected by a taxpayer for purposes of determining annual taxable income. A new company may select any tax year it desires—July 23 through July 22, for example—and need not use the standard individual tax year of January 1 through December 31.

Tax Year

The calendar year or fiscal year for which the taxable income is computed.
References in periodicals archive ?
The unrecognized section 987 gain or loss for each year is based on the difference between the "owner functional currency net value" of the Section 987 QBU on the last day of the current taxable year and the "owner functional currency net value" on the last day of the preceding taxable year.
Effective for taxable years beginning on or after the enactment date, the liabilities, interest income, and interest expense of partnerships will be attributed proportionately to corporate partners for purposes of applying the general earnings-stripping rules.
1) an item was included in gross income for a prior taxable year (or years) because it appeared that the taxpayer had an unrestricted right to such item;
It is also provided that, in applying these aggregation and ordering rules all regular contributions from all of a taxpayer's Roth IRAs during a taxable year are aggregated; all regular contributions made for the same taxable year to all the individual's Roth IRAs are aggregated and added to the undistributed total regular contributions for prior taxable years; all conversion contributions received during the same taxable year by all the individual's Roth IRAs are aggregated (with a special rule for a conversion contribution made by distribution during 1998 and rollover during 1999 to which the 4 year spread applies); and rollovers between Roth IRAs are disregarded.
For an NOL incurred in a taxable year beginning on or after:
IRC section 165(h) allows a taxpayer to treat the casualty losses as having occurred in the taxable year immediately preceding the year of the actual casualty in the case of presidentially declared disaster areas.
The law is not automatic and requires each locality to pass its own legislation, after public hearing, authorizing a partial exemption for taxable years beginning on or after Jan.
Under these rules (a) the excess distribution or gain will be allocated ratably over the shareholder's aggregate holding period for the shares; (b) the amount allocated to the current taxable year will be taxed as ordinary income; (c) the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year; and (d) an interest charge for the deemed deferral benefit will be imposed with respect to the resulting tax attributable to each such other taxable year.
Another major change limits any credit carryovers for qualified employers, including entity flow-through owners, to 10 years for taxable years beginning on or after Jan.
26) The Treasury and IRS plan on issuing additional regulations and a revenue procedure reflecting these changes for taxable years beginning after May 17, 2006.
For the year in which they would like to change methods, taxpayers should look to the average annual gross receipts for the three prior taxable years.
The proposals would generally apply for taxable years beginning after December 31, 1999.