{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2360","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2360","heading":"Accounting periods and methods","body":"A. The taxpayer's taxable year under this act shall be the same\n\nas his taxable year for federal income tax purposes. If, on the\n\neffective date of this act, the taxpayer's taxable year for Oklahoma\n\nincome tax purposes is different than his taxable year for federal\n\nincome tax purposes, the taxpayer shall file a return for the short\n\nperiod ending on the day for which his current taxable year for\n\nfederal income tax purposes ends. If such taxpayer's taxable year\n\nfor federal income tax purposes ends after his taxable year for\n\nOklahoma income tax purposes, then the taxpayer shall file a return\n\nfor such regular Oklahoma taxable year and a return for the short\n\nperiod ending with the federal taxable year.\n\nThe Tax Commission shall prescribe and promulgate all necessary\n\nrules and regulations for annualizing income and/or deductions for\n\nshort years necessitated by the transition, if any, to the federal\n\ntaxable year.\n\nB. If a taxpayer's taxable year is changed for federal income\n\ntax purposes, his Oklahoma taxable year shall be similarly changed\n\nunder the same rules applicable under the Internal Revenue Code.\n\nC. The taxpayer's method of accounting under this act shall be\n\nthe same as his method of accounting for federal income tax\n\npurposes.\n\nD. If a taxpayer's method of accounting is changed for federal\n\nincome tax purposes, such taxpayer's method for Oklahoma income tax\n\npurposes shall be similarly changed under the same rules applicable\n\nunder the Internal Revenue Code.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7c6c5139ef62b22680335e4f2480f7173461852930054de9935016fac411e980","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-236","next":"us-ok/okla.-stat.-tit.-68-68-2361"},"notice":"GroundRules: Original legal text. Not legal advice."}