Section 444

The corporation elects to use a 52 53 week tax year ending with reference to the calendar year or a tax year elected under section 444.

Section 444. An election by certain partnerships s corporations and personal service corporations to use a tax year other than the required one which is an election by certain partnerships s corporations and personal service corporations to use a tax year other than the required one which is. The corporation makes an election under section 444 of the internal revenue code. The corporation establishes a business purpose for a fiscal year.

Section 444 election means. Section 444 1 is an offence of strict liability and punishable by a fine. For purposes of this section the term required taxable year means the taxable year determined under section 706 b 1378 or 441 i without taking into account any taxable year which is allowable by reason of business purposes.

See section 444 election below for details. 444 a general rule except as otherwise provided in this section a partnership s corporation or personal service corporation may elect to have a taxable year other than the required taxable year. Mr platt was prosecuted under the less serious section 444 1 prosecutions under 1a usually being reserved for cases of persistent truancy.

The calendar year is the required tax year for most partnerships and for all s corporations unless a business purpose for a fiscal year exists.