Publication 1524 - U.s. Return Of Partnership Income - Department Of Treasury - 2003 Page 12
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46GENERAL INFORMATION - continued
ACCOUNTING
You must figure taxable income on the basis of a tax year. A “tax
PERIODS
year” is an annual accounting for keeping records and reporting
income and expenses. The tax years you can use are:
1) A Calendar Year
2) A Fiscal Year
You adopt a tax year when you file your first income tax return.
You must adopt your first tax year by the due date (not including
extensions) for filing a return for that year.
th
The due date for a partnership return is the 15
day of the 4th
month after the end of the tax year.
CALENDAR
A Calendar Year is 12 consecutive months beginning January
YEAR
and ending December 31.
FISCAL YEAR
A Fiscal Year is 12 consecutive months ending on the last day of
any month except December. If you adopt a fiscal year, you must
maintain your books and records and report your income and
expenses during the same tax year.
INITIAL
Initial returns may be for a short period or for a full 12 months
RETURNS
Publication 1524
October 31,2003
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