P.R. Laws tit. 13, § 30590
2019-02-20 00:00:00+00
(a) General rule. — For purposes of this subchapter, the taxable year of a corporation of individuals shall be a year allowed.
(b) Year allowed defined. — For purposes of this section, the term “year allowed” means that the taxable year is:
(1) A year that ends on December 31, or
(2) any other accounting period for which the corporation establishes a business purpose to the satisfaction of the Secretary. For purposes of clause (2), any postponement of income to the shareholders shall not be treated as a business purpose.
History —Jan. 31, 2011, No. 1, § 1115.10, retroactive to Jan. 1, 2011.