141.050 Federal interpretations applicable, when -- Taxpayer record -- Subpoenas -- Forms -- Regulations. - Kentucky Statutes

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141.050 Federal interpretations applicable, when -- Taxpayer record -- Subpoenas -- Forms -- Regulations. (1) Except to the extent required by differences between this chapter and its application and the federal income tax law and its application, the administrative and judicial
interpretations of the federal income tax law, computations of gross income and
deductions therefrom, accounting methods, and accounting procedures, for purposes
of this chapter shall be as nearly as practicable identical with those required for
federal income tax purposes. Changes to federal income tax law made after the
Internal Revenue Code reference date contained in KRS 141.010(3) shall not apply
for purposes of this chapter unless adopted by the General Assembly. (2) Every person subject to the provisions of this chapter shall keep such records, render under oath such statements, make such returns, and comply with such rules
and regulations as the department from time to time may prescribe. Whenever the
department judges it necessary, it may require such person, by notice served upon
him, to make a return, render under oath such statements, or keep such records, as
the department deems sufficient to show whether or not such person is liable for
tax, and the extent of such liability. (3) The commissioner or his authorized agent or representative, for the purpose of ascertaining the correctness of any return or for the purposes of making an estimate
of the taxable income of any taxpayers, may require the attendance of the taxpayer
or of any other person having knowledge in the premises. (4) The department shall prescribe the forms and reports necessary to the proper administration of any and all provisions of this chapter, and shall promulgate such
rules and regulations necessary to effectively carry out the provisions of this
chapter. Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 476, effective June 20, 2005. -- Amended 2002 Ky. Acts ch. 234, sec. 2, effective July 15, 2002; and ch. 316, sec. 4, effective
July 15, 2002. -- Amended 1966 Ky. Acts ch. 176, Part I, sec. 5. -- Amended 1954
Ky. Acts ch. 79, sec. 6. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4281b-23.