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§ 7307.5. Termination Year

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 7, 2006

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article III. Personal Income Tax (Refs & Annos)
Part IV-a. Pennsylvania S Corporations
Effective: July 7, 2006
72 P.S. § 7307.5
§ 7307.5. Termination Year
Currentness
(a) The portion of the termination year of a Pennsylvania S corporation ending before the first day for which the termination is effective shall be treated as a short taxable year for which the corporation is a Pennsylvania S corporation.
(b) The portion of such year beginning on the first day for which the termination is effective shall be treated as a short taxable year for purposes of the tax imposed by Article IV.1
(c) The allocation of income and expense items to be taken into consideration in each short year shall be made in accordance with such regulations as may be issued by the department.

Credits

1971, March 4, P.L. 6, No. 2, art. III, § 307.5, added 1983, Dec. 23, P.L. 370, No. 90, § 4, effective Jan. 1, 1984. Amended 2006, July 6, P.L. 319, No. 67, § 5, imd. effective.

Footnotes

1
72 P.S. § 7401 et seq.
72 P.S. § 7307.5, PA ST 72 P.S. § 7307.5
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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