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 ?
An entity using its required tax year cannot make a Sec.
This maximum amount also is reduced dollar-for-dollar by the amount of qualified property eligible for this election that is placed in service during the tax year which exceeds $400,000, adjusted for inflation.
And second, if the taxpayer doesn't participate in the timber activity for more than 100 hours during the tax year, he or she cannot satisfy the facts and circumstances test for the year.
Form 1040 Advance Payment of a Determined Deficiency (Audit Adjustment or Underreporter Notice) - Tax Years 2004 through 2006
and multiple examination cycles at varying stages of review (examination, appeals, or litigation) will likely enter closing agreements or extend the statute of limitations for interim tax years between the years at Appeals (or subject to court jurisdiction) and subsequent tax years.
The required year is generally the tax year of the members who own, in the aggregate, more than 50% of the interests in the capital and profits of the LLC (Sec.
In that case, the subpart F income does not have to be considered in computing the shareholder's fourth-quarter estimated tax payment, determined on the annualized basis because it is earned after the 1 ith month of the taxpayer's tax year.
If the transitional alternative base period is elected, tax years 1982 through 1986 form the base period years for the first tax year to which the proposed regulations apply.
A passthrough entity (as well as a controlled foreign corporation (CFC)) that does not have a required tax year, is disregarded solely for purposes of determining whether a corporation owns an interest in a passthrough entity or CFC in applying certain scope limits under Rev.
This tax break allows small businesses to deduct 100 percent of the cost of qualifying new and used business property, such as equipment, furniture and fixtures, that are purchased and put into service during the tax year.