143.271. Period for computation of taxable income.
Period for computation of taxable income.
143.271. 1. For purposes of taxes imposed by sections143.011 to 143.996, a taxpayer's taxable year shall be the sameas his taxable year for federal income tax purposes.
2. If a taxpayer's taxable year is changed for federalincome tax purposes, his taxable year for purposes of the taximposed by sections 143.011 to 143.996 shall be similarlychanged. If a change in taxable year results in a taxable periodof less than twelve months, the deductions allowed by sections143.011 to 143.996 shall be prorated under regulations prescribedby the director of revenue.
(L. 1972 S.B. 549)Effective 1-1-73