Louisiana Revised Statutes 47:61 – Deductions from gross income; losses by corporations
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Terms Used In Louisiana Revised Statutes 47:61
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
In computing the net income of corporations, deductions shall be allowed for losses sustained during the taxable year and not compensated for by insurance or otherwise. The basis for determining the amount of deduction for such losses shall be the adjusted basis provided in La. Rev. Stat. 47:139 for determining the loss from the sale or other disposition of property.