tax year

The period used for computing federal or state income-tax liability, usu. either the calendar year or a fiscal year of 12 months ending on the last day of a month other than December. — Also termed taxable year. [Cases: Internal Revenue 3075–3093; Taxation 1038, 1078. C.J.S. Internal Revenue §§ 21, 41–43, 45, 51–55, 78, 334, […]