{"data":{"id":"us/26-u.s.c.-1378","jurisdiction":"us","citation":"26 U.S.C. § 1378","heading":"Taxable year of S corporation","body":"(a) General ruleFor purposes of this subtitle, the taxable year of an S corporation shall be a permitted year. (b) Permitted year definedFor purposes of this section, the term “permitted year” means a taxable year which—(1) is a year ending December 31, or (2) is any other accounting period for which the corporation establishes a business purpose to the satisfaction of the Secretary. For purposes of paragraph (2), any deferral of income to shareholders shall not be treated as a business purpose.","path":["Title 26—INTERNAL REVENUE CODE","CHAPTER 1—NORMAL TAXES AND SURTAXES"],"source_url":"https://uscode.house.gov/download/releasepoints/us/pl/119/103/xml_usc26@119-103.zip","current_through":"Public Law 119-103 (09/02/2026)","vintage":"","retrieved_at":"2026-09-10T05:58:25Z","sha256":"53f3cb7f671554e66f17e849da1c4b4ceb763b9e8ded422f6d2639c859e56ca2","source_id":"us","stale":true,"prev":"us/26-u.s.c.-1377","next":"us/26-u.s.c.-1379"},"notice":"GroundRules: Original legal text. Not legal advice."}