1. Twelve calendar months beginning January 1 and ending December 31.
— Also termed calendar year.
2. A consecutive 365-day period beginning at any point; a span of twelve months. [Cases: Time
4. C.J.S. Time § 5.]
fiscal year. An accounting period of 12 consecutive months (the company’s fiscal year is October 1 to September 30). • A fiscal year is often different from the calendar year, esp. for tax purposes.
— Also termed fiscal period.
half-year. In legal computation, a period of 182 days.
natural year. Hist. The period of 365 days and about 6 hours, or the time it takes the earth to orbit the sun.
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, 670; Taxation §§ 1738–1755, 1759.]
