Title 43 — Taxation of Income

Taxable income shall be computed on the basis of the taxpayer's taxable year as defined in section 441 of the internal revenue code.

The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued" or "paid or incurred", dependent upon the method of accounting upon the basis of which the taxable income is computed, unless in order clearly to reflect the incom…

The tax for any period beginning in one calendar year ("first calendar year") and ending in the following calendar year ("second calendar year") where the law applicable to the computation of taxes for taxpayers reporting on a calendar year basis differs for the second calendar y…

If any tax which has been paid under the law applicable to the first calendar year exceeds the tax imposed by section 43-921, the excess shall be refunded or credited to the taxpayer. Any tax in addition to that paid under the law applicable to the first calendar year made necess…

If any rate of tax imposed by this title changes and if the taxable year includes the effective date of the change, unless that date is the first day of the taxable year, then: 1. Tentative taxes shall be computed by applying the rate for the period before the effective date of t…

If a separate return is made under section 443 of the internal revenue code on account of a change in the accounting period, and in all other cases in which a separate return is required or allowed by treasury regulations to be made for a fractional part of a year, the income sha…

In the case of a taxpayer not in existence during the whole of an annual accounting period ending on the last day of a month or if the taxpayer has no annual accounting period or does not keep books during the whole of a calendar year, the return shall be made for the fractional …

A. In any case of two or more persons, organizations, trades or businesses, whether or not organized in the United States and whether or not affiliated, owned or controlled directly or indirectly by the same interests, the department may distribute, apportion or allocate gross in…

A. In any case of two or more corporations owned or controlled directly or indirectly by the same interests, the department may distribute, apportion or allocate gross income, deductions, credits or allowances between or among such taxpayers, if it determines that such distributi…

If husband and wife file separate returns, the department may distribute, apportion or allocate gross income between the spouses, if it is determined that such distribution, apportionment or allocation is necessary in order to reflect the proper income of the spouses.

If the department reallocates income or deductions upon its examination of any return, it shall, upon the written request of the taxpayer, disclose to him the basis upon which its reallocation has been made.

In the case of a return made for a fractional part of the year, the exemptions allowed under section 43-1023 shall be reduced respectively to an amount that bears the same ratio to the full exemptions provided as the number of months in the period for which the return is made bea…

In the case of a corporation doing business within the meaning of this title, whether under agreement or otherwise, in such manner as either directly or indirectly to benefit any members or stockholders of the corporation or any person or persons directly or indirectly interested…

A. On or before the due date, including any extensions, for filing the original return for taxable years beginning from and after December 31, 1993, the common parent of an affiliated group may elect to consolidate the taxable income of all members of the affiliated group, regard…

The taxes imposed by this title upon any taxpayer other than a transferee, for whose payment any bank or person other than the taxpayer is liable at law or in equity, may be assessed against such bank or person in the same manner as is provided in chapter 5 of this title for the …

A. The amounts of the following liabilities, except as hereinafter provided in this section and section 43-953, shall be assessed, collected and paid in the same manner and subject to the same provisions and limitations as in the case of a deficiency in a tax imposed by this titl…

The period of limitation for assessment of such liability of a transferee or fiduciary of the taxpayer shall be as follows: 1. In the case of the liability of an initial transferee of the property of the taxpayer, within one year after the expiration of the period of limitation f…

In computing taxable income no deduction shall in any case be allowed in respect of: 1. Personal, living or family expenses, except medical expenses allowed pursuant to section 43-1042. 2. With respect to financial institutions, as defined in section 6-101, that portion of any am…