Section 153.11. Definition of ‘‘taxable income.’’

Latest version.

As used in this chapter, the term ‘‘taxable income’’ means ‘‘Federal taxable income before net operating loss deduction and special deductions’’ (presently Line 28 of Page 1 of Federal IRS Form 1120 or Line 24 of Page 1 of Federal IRS Form 1120-A) as returned to and ascertained by the Federal government and as modified or adjusted under section 401(3)1. of the TRC (72 P. S. § 7401(3)1.) and under this chapter, unless the context clearly indicates otherwise.

The provisions of this § 153.11 amended November 3, 1978, effective November 4, 1978, 8 Pa.B. 3035; amended January 1, 1987, effective January 17, 1987, 17 Pa.B. 273; amended March 19, 1993, effective March 20, 1993, 23 Pa.B. 1322. Immediately preceding text appears at serial pages (115309) to (115310).

Notation

Authority

The provisions of this § 153.11 amended under section 408 of the Tax Reform Code of 1971 (72 P. S. § 7408).

                    
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