Fiscal Year

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Fiscal Year

 

a period of time used as a reference in accounting and in planning for enterprises and associations or for the national economy as a whole. Its duration is 12 months, but the date on which it begins may vary.

In capitalist countries the fiscal year for industry coincides with the calendar year, but for agriculture the fiscal year is determined by the period of the agricultural year. In the USSR the fiscal year, as a rule, ran from October to September 30 during the period from September 1921 to September 1930. A decree of the Central Executive Committee of the USSR of Sept. 20, 1930, established the fiscal year for periods from January 1 to December 31. For animal husbandry in the USSR the fiscal year, beginning in 1953, ran from October 1 to September 30, but in 1957 the beginning of the fiscal year was again transferred to January 1 of the corresponding year.

References in periodicals archive ?
Example 1: A new S corporation that has a required calendar tax year could make a Sec.
8.42% thought the tax year end was April 1st, equal to 4,081,872 adults.
179 to deduct as a current expense, instead of claiming depreciation, up to a specified amount of the cost of new or used tangible personal property placed in service during the tax year in the taxpayer's business.
(3) Global interest netting should apply only to tax years that are not barred by statute.
All the facts and circumstances of the situation indicate that you and/or your spouse participated in the operation of your woodland activity on a regular, continuous, and substantial basis during the tax year. The specific rules to be followed in applying this test were not part of the first set of regulations, but will be addressed in future regulations.
For tax years beginning after 2004, the new law establishes a uniform definition of qualifying child for purposes of these five benefits.
CPAs should advise clients that, under the act's section 401(h), the new provisions apply to tax years beginning after 2001.
Hence, where an earlier examination cycle -- say the taxpayer's 1989 and 1990 tax years -- require three to four years to resolve, the later 1991 and 1992 examination cycle may "catch up" in Appeals or litigation and ultimately be joined with the earlier cycle for resolution.
Under the majority-interest rule, an LLC must adopt the same tax year as that of its member or members who cumulatively own more than 50% of the LLC's profits and capital interests.
When the CFC's tax year coincides with the shareholder's tax year, the subpart F income is included on the final day of the shareholder's tax year.
If a taxpayer elects to apply retroactively the revised netting rule, the 110-percent limitation should apply to the first taxable year that follows the original base-period years and becomes a part of the second tax year's FBPR and debt-to-asset data.