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    decipher.legal

    Created by Michael Wessels
    1. U.S. Code
    2. Title 26
    3. Subtitle A
    4. CHAPTER 1
    5. Subchapter S
    6. PART IV

    § 1378 Taxable year of S corporation

    (a) General rule

    For purposes of this subtitle, the taxable year of an S corporation shall be a permitted year.

    (b) Permitted year defined

    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.