Kentucky Statutes 67.765 – Use of tax year and accounting methods required for federal income tax purposes
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If a business entity makes, or is required to make, a federal income tax return, the net profit or gross receipts shall be computed for the purposes of KRS § 67.750 to KRS § 67.790 on the basis of the same calendar or fiscal year required by the federal government, and shall employ the same methods of accounting required for federal income tax purposes.
Effective: June 24, 2003
History: Created 2003 Ky. Acts ch. 117, sec. 7, effective June 24, 2003.
Effective: June 24, 2003
Terms Used In Kentucky Statutes 67.765
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
History: Created 2003 Ky. Acts ch. 117, sec. 7, effective June 24, 2003.