Maryland Code, TAX – GENERAL 10-502
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Terms Used In Maryland Code, TAX - GENERAL 10-502
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) If a person does not file a federal income tax return, the person shall compute Maryland taxable income in accordance with the cash or accrual accounting method that:
(1) the person uses to compute income regularly in keeping the person’s books; or
(2) the Comptroller requires to reflect clearly the person’s income.
(b) If a person does not file a federal income tax return, the person shall compute Maryland taxable income:
(1) for the calendar year; or
(2) if the person keeps adequate records for an annual fiscal year accounting period, for the fiscal year.