fiscal year

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fiscal year (tax year)

the year from 6 April until the following 5 April, named by the two calendar years that it spans, e.g. 2007/08 is the year starting on 6 April 2007 and ending on 5 April 2008.
References in periodicals archive ?
A new entity generally adopts a permissible tax year by filing its first federal income tax return using that tax year; no Form 1128, Application to Adopt, Change, or Retain a Tax Year, needs to be filed.
Under the new law, for tax years beginning after 2005, the Kiddie Tax applies to children not attaining age 18 before the close of the tax year if either parent is alive at the end of that year and the child does not file a joint return for that year.
Example: A corporate taxpayer receives a refund on its 1987 tax year based on a court decision on June 30, 1999.
Prepay your real estate tax in December for next April, and you can take the deduction this tax year.
Thus you as a forest owner can qualify under this test even if another individual or co-owner participates in the woodland operation more than you do during the tax year in question.
Because the change is made under the majority-interest rule, no further change in tax year (due to changes in majority members' tax years) will be required for the two tax years following the year of change (Sec.
For tax years beginning after 2004, the new law establishes a uniform definition of qualifying child for purposes of these five benefits.
Education credits and QSTPs: A student can take advantage of the education IRA provisions, as well as the HOPE and lifetime learning credits and a QSTP, in the same tax year.
Hence, a taxpayer may not compel the IRS to apply the same, higher interest rate to contemporaneously extant overpayments and underpayments from different tax years.
Determine if the LLC can elect a "nonconforming" tax year (i.
shareholder that has ownership of stock in a CFC on the last day of the CFC's tax year (or the last day in a year the corporation was a CFC) must include its pro rata share of the CFC's subpart F income for that tax year in its gross income regardless of whether the CFC actually makes a distribution to the U.