(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.
Puerto Rico Legal Code