(35 ILCS 5/401) (from Ch. 120, par. 4-401)
Sec. 401.
Taxable Year.
(a) In general. For purposes of the tax imposed by this Act, the
taxable year of a person shall be the same as the taxable year of such
person for federal income tax purposes. The taxable year of any person
required to file a return under this Act but not under the Internal Revenue
Code shall be his annual accounting period if it is a fiscal or calendar
year, and in all other cases shall be the calendar year.
(b) Change in taxable year. If the taxable year of a person is
changed for federal income tax purposes, the taxable year of such person
for purposes of the tax imposed by this Act shall be similarly changed. In
the case of a taxable year for a period of less than 12 months, the
standard exemption allowed under section 204 shall be prorated on the
basis of the number of days in such year to 365.
(c) Termination of taxable year for jeopardy. Notwithstanding the
provisions of subsections (a) and (b), if the Department terminates the
taxable year of a taxpayer under section 1102 (relating to tax in
jeopardy), the tax shall be computed for the period determined by such
action.
(Source: P.A. 76-261.)
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