Kentucky Statutes 141.050 – Federal interpretations applicable, when — Taxpayer record — Subpoenas — Forms — Regulations
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(1) Except to the extent required by differences between this chapter and its application and the federal income tax law and its application, the administrative and judicial interpretations of the federal income tax law, computations of gross income and deductions therefrom, accounting methods, and accounting procedures, for purposes of this chapter shall be as nearly as practicable identical with those required for federal income tax purposes. Changes to federal income tax law made after the Internal Revenue Code reference date contained in KRS § 141.010 shall not apply for purposes of this chapter unless adopted by the General Assembly.
(2) Every person subject to the provisions of this chapter shall keep records, render under oath statements, make returns, and comply with the rules and administrative regulations as the department from time to time may promulgate. Whenever the department judges it necessary, it may require a person, by notice served upon him or her, to make a return, render under oath statements, or keep records, as the department deems sufficient to show whether or not the person is liable for tax, and the extent of the liability.
(3) The commissioner or his or her authorized agent or representative, for the purpose of ascertaining the correctness of any return or for the purposes of making an estimate of the taxable income of any taxpayers, may require the attendance of the taxpayer or of any other person having knowledge in the premises.
(4) The department shall promulgate rules and regulations necessary to effectively carry out the provisions of this chapter.
Effective: April 27, 2018
History: Amended 2018 Ky. Acts ch. 171, sec. 76, effective April 14, 2018; and ch.
207, sec. 76, effective April 27, 2018. — Amended 2016 Ky. Acts ch. 82, sec. 33, effective July 15, 2016. — Amended 2005 Ky. Acts ch. 85, sec. 476, effective June
20, 2005. — Amended 2002 Ky. Acts ch. 234, sec. 2, effective July 15, 2002; and ch.
316, sec. 4, effective July 15, 2002. — Amended 1966 Ky. Acts ch. 176, Part I, sec. 5.
— Amended 1954 Ky. Acts ch. 79, sec. 6. — Recodified 1942 Ky. Acts ch. 208, sec.
1, effective October 1, 1942, from Ky. Stat. sec. 4281b-23.
Legislative Research Commission Note (4/27/2018). This statute was amended by 2018
Ky. Acts chs. 171 and 207, which do not appear to be in conflict and have been codified together.
(2) Every person subject to the provisions of this chapter shall keep records, render under oath statements, make returns, and comply with the rules and administrative regulations as the department from time to time may promulgate. Whenever the department judges it necessary, it may require a person, by notice served upon him or her, to make a return, render under oath statements, or keep records, as the department deems sufficient to show whether or not the person is liable for tax, and the extent of the liability.
Terms Used In Kentucky Statutes 141.050
- Commissioner: means the commissioner of the department. See Kentucky Statutes 141.010
- Department: means the Department of Revenue. See Kentucky Statutes 141.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Internal Revenue Code: means for taxable years beginning on or after January 1,
2023, the Internal Revenue Code in effect on December 31, 2022, exclusive of any amendments made subsequent to that date, other than amendments that extend provisions in effect on December 31, 2022, that would otherwise terminate. See Kentucky Statutes 141.010 - Oath: A promise to tell the truth.
- Person: means "person" as defined in Section 7701(a)(1) of the Internal Revenue
Code. See Kentucky Statutes 141.900 - Statute: A law passed by a legislature.
(3) The commissioner or his or her authorized agent or representative, for the purpose of ascertaining the correctness of any return or for the purposes of making an estimate of the taxable income of any taxpayers, may require the attendance of the taxpayer or of any other person having knowledge in the premises.
(4) The department shall promulgate rules and regulations necessary to effectively carry out the provisions of this chapter.
Effective: April 27, 2018
History: Amended 2018 Ky. Acts ch. 171, sec. 76, effective April 14, 2018; and ch.
207, sec. 76, effective April 27, 2018. — Amended 2016 Ky. Acts ch. 82, sec. 33, effective July 15, 2016. — Amended 2005 Ky. Acts ch. 85, sec. 476, effective June
20, 2005. — Amended 2002 Ky. Acts ch. 234, sec. 2, effective July 15, 2002; and ch.
316, sec. 4, effective July 15, 2002. — Amended 1966 Ky. Acts ch. 176, Part I, sec. 5.
— Amended 1954 Ky. Acts ch. 79, sec. 6. — Recodified 1942 Ky. Acts ch. 208, sec.
1, effective October 1, 1942, from Ky. Stat. sec. 4281b-23.
Legislative Research Commission Note (4/27/2018). This statute was amended by 2018
Ky. Acts chs. 171 and 207, which do not appear to be in conflict and have been codified together.