KRS 141.050: Federal interpretations applicable, when -- Taxpayer record -- Subpoenas

-- Forms -- Regulations.

(1) Except to the extent required by differences between this chapter and its application

and the federal income tax law and its application, th e 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 p erson 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 n ecessary, 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.