base period year
Defined in 1 place of the United States Code.
At the election of the taxpayer, the term “base period year” means—
(I) only the last taxable year of the corporation ending in calendar year 1992, or
(II) a deemed taxable year which includes the first ten months of calendar year 1995.
Source
- 1996–present26 U.S.C. § 936Internal Revenue Code · Puerto Rico and possession tax credit · under this section
If a corporation does not have significant possession income for each of the most recent 5 taxable years ending before October 14, 1995, then, in lieu of applying subparagraph (A), the term “base period year” means only those taxable years (of such 5 taxable years) for which the corporation has significant possession income; except that, if such corporation has significant possession income for 4 of such 5 taxable years, the rule of subparagraph (A)(ii) shall apply.
Source
- 1996–present26 U.S.C. § 936Internal Revenue Code · Puerto Rico and possession tax credit · under this section
The term “base period year” means each of 3 taxable years which are among the 5 most recent taxable years of the corporation ending before October 14, 1995, determined by disregarding—
(i) one taxable year for which the corporation had the largest inflation-adjusted possession income, and
(ii) one taxable year for which the corporation had the smallest inflation-adjusted possession income.
Source
- 1996–present26 U.S.C. § 936Internal Revenue Code · Puerto Rico and possession tax credit · under this section
the term “base period year” means the first taxable year ending on or after October 14, 1995, but
Source
- 1996–present26 U.S.C. § 936Internal Revenue Code · Puerto Rico and possession tax credit · under this section