Louisiana Revised Statutes 47:287.441 – Accounting periods, methods of accounting, and adjustments
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Terms Used In Louisiana Revised Statutes 47:287.441
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
For purposes of determining the period in which to include items of gross income, determining the period in which deductions should be taken, and computing net income under this Part, a corporation shall use the same taxable year and the same method of accounting it is required to use for federal income tax purposes, including its inventory method and statutorily required accounting adjustments, unless otherwise provided in this Part.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.