Okla. Stat. tit. 68, § 68-2360
This is the official text of Okla. Stat. tit. 68, § 68-2360, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Accounting periods and methods
Official statutory text
A. The taxpayer's taxable year under this act shall be the same
as his taxable year for federal income tax purposes. If, on the
effective date of this act, the taxpayer's taxable year for Oklahoma
income tax purposes is different than his taxable year for federal
income tax purposes, the taxpayer shall file a return for the short
period ending on the day for which his current taxable year for
federal income tax purposes ends. If such taxpayer's taxable year
for federal income tax purposes ends after his taxable year for
Oklahoma income tax purposes, then the taxpayer shall file a return
for such regular Oklahoma taxable year and a return for the short
period ending with the federal taxable year.
The Tax Commission shall prescribe and promulgate all necessary
rules and regulations for annualizing income and/or deductions for
short years necessitated by the transition, if any, to the federal
taxable year.
B. If a taxpayer's taxable year is changed for federal income
tax purposes, his Oklahoma taxable year shall be similarly changed
under the same rules applicable under the Internal Revenue Code.
C. The taxpayer's method of accounting under this act shall be
the same as his method of accounting for federal income tax
purposes.
D. If a taxpayer's method of accounting is changed for federal
income tax purposes, such taxpayer's method for Oklahoma income tax
purposes shall be similarly changed under the same rules applicable
under the Internal Revenue Code.
as his taxable year for federal income tax purposes. If, on the
effective date of this act, the taxpayer's taxable year for Oklahoma
income tax purposes is different than his taxable year for federal
income tax purposes, the taxpayer shall file a return for the short
period ending on the day for which his current taxable year for
federal income tax purposes ends. If such taxpayer's taxable year
for federal income tax purposes ends after his taxable year for
Oklahoma income tax purposes, then the taxpayer shall file a return
for such regular Oklahoma taxable year and a return for the short
period ending with the federal taxable year.
The Tax Commission shall prescribe and promulgate all necessary
rules and regulations for annualizing income and/or deductions for
short years necessitated by the transition, if any, to the federal
taxable year.
B. If a taxpayer's taxable year is changed for federal income
tax purposes, his Oklahoma taxable year shall be similarly changed
under the same rules applicable under the Internal Revenue Code.
C. The taxpayer's method of accounting under this act shall be
the same as his method of accounting for federal income tax
purposes.
D. If a taxpayer's method of accounting is changed for federal
income tax purposes, such taxpayer's method for Oklahoma income tax
purposes shall be similarly changed under the same rules applicable
under the Internal Revenue Code.
Status: in_force · Read it on the official government site
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