§ 794.124. Computations on a fiscal year basis.
66 words·~1 min read·
/us/cfr/t29/s§ 794.124·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Some enterprises operate on a fiscal year, consisting of an annual period different from the calendar year, for income tax or sales or other accounting purposes. Such enterprises in applying the method of computation in § 794.123(c) may use the four quarters of the fiscal period instead of the four quarters of the calendar year. Once adopted, the same basis must be used in subsequent calculations.