Terms Used In Louisiana Revised Statutes 47:287.75

  • 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

The net income of a corporation is computed by subtracting allowable deductions from gross income for a taxable year.  

Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.