{"data":{"id":"us-ky/krs-141.140","jurisdiction":"us-ky","citation":"KRS 141.140","heading":"Accounting period for computation of income.","body":"(1) If the taxpayer makes, or is required to make, a federal income tax return, the\ntaxpayer's income shall be computed for the purposes of this chapter on the basis of\nthe same calendar or fiscal year required by the federal government, and the\ntaxpayer shall employ the same methods of accounting required for federal income\ntax purposes.\n(2) If a return is made by an individual for a period of less than one (1) year, the net\nincome, computed on the basis of the period for which a separate return is made,\nshall be placed on an annual basis by multiplying the amount thereof by the number\nof days in the year and dividing by the number of days included in the period for\nwhich the separate return is made. The tax payable shall be such part of the tax\ncomputed on the annual basis as the number of days in the period is of the number\nof days in the year.\n(3) If a return is made by a corporation for a period of less than one (1) year, the taxable\nnet income, computed on the basis of the period for which a return is made,  shall be\nplaced on an annual basis by multiplying the amount thereof by the number of days\nin the year and dividing by the number of days included in the period for which the\nreturn is made. The tax payable shall be such part of the tax computed on the annual\nbasis as the number of days in the period is of the number of days in the year.","path":["KRS Chapter 141"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29082","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:34Z","sha256":"867ea57d44f65cf44dcd79628046a44aae4422124fafac698c2e83141bb29eca","source_id":"us-ky","stale":false,"prev":"us-ky/krs-141.130","next":"us-ky/krs-141.150"},"notice":"GroundRules: Original legal text. Not legal advice."}