Maine Revised Statutes Title 36 Sec. 5256 – Period for computation of taxable income
Current as of: 2023 | Check for updates
|
Other versions
1. General. For purposes of the tax imposed by this Part, a taxpayer‘s taxable year is the same as the taxpayer’s taxable year for federal income tax purposes.
[PL 1995, c. 281, §32 (AMD); PL 1995, c. 281, §43 (AFF).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5256
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Taxpayer: means any person required to file a return under this Title or to pay, withhold and pay over or collect and pay over any tax imposed by this Title. See Maine Revised Statutes Title 36 Sec. 111
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Change of taxable year. If a taxpayer’s taxable year is changed for federal income tax purposes, the taxable year for purposes of the tax imposed by this Part must be similarly changed. The income tax for a period of less than 12 months resulting from a change in accounting period is computed by first determining the taxable income for the period. That taxable income is then multiplied by 12 and divided by the number of months in the period of less than 12 months. A tax is computed on the resulting taxable income. The tax is then divided by 12 and multiplied by the number of months in the period of less than 12 months. The result is the tax liability before credits. Exemption amounts are divided by 12 and multiplied by the number of months in the period of less than 12 months.
[PL 1995, c. 281, §33 (AMD); PL 1995, c. 281, §43 (AFF).]
3. Termination of taxable year for jeopardy. Notwithstanding subsections 1 and 2, if the assessor makes a determination of jeopardy and terminates the taxpayer’s taxable year under section 145, the tax must be computed for the period determined by that action.
[PL 2007, c. 627, §94 (AMD).]
SECTION HISTORY
P&SL 1969, c. 154, §F1 (NEW). PL 1981, c. 698, §188 (AMD). PL 1989, c. 508, §22 (AMD). PL 1989, c. 596, §J6 (AMD). PL 1995, c. 281, §§32,33 (AMD). PL 1995, c. 281, §43 (AFF). PL 2007, c. 627, §94 (AMD).