§ 2360. Accounting periods and methods
Oklahoma Statutes AnnotatedTitle 68. Revenue and Taxation
68 Okl.St.Ann. § 2360
§ 2360. Accounting periods and methods
A. The taxpayer's taxable year under this act shall be the same as his taxable year for federal income tax purposes. If, on the effective date of this act, the taxpayer's taxable year for Oklahoma income tax purposes is different than his taxable year for federal income tax purposes, the taxpayer shall file a return for the short period ending on the day for which his current taxable year for federal income tax purposes ends. If such taxpayer's taxable year for federal income tax purposes ends after his taxable year for Oklahoma income tax purposes, then the taxpayer shall file a return for such regular Oklahoma taxable year and a return for the short period ending with the federal taxable year.
The Tax Commission shall prescribe and promulgate all necessary rules and regulations for annualizing income and/or deductions for short years necessitated by the transition, if any, to the federal taxable year.
Credits
Laws 1971, c. 137, § 10, emerg. eff. May 11, 1971.
68 Okl. St. Ann. § 2360, OK ST T. 68 § 2360
Current with legislation of the Second Regular Session of the 59th Legislature (2024) effective as of July 1, 2024. Some sections may be more current, see credits for details.
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