permitted year
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 1378 — for purposes of this section (3 versions over time)
For 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.