Determination year 1981 Sample Clauses

Determination year 1981. For determina- tion year 1981, the base period consists of the immediately preceding taxable year, cal- endar year 1980. Because the determination year includes months before July 1981, para- graph (d)(3)(i) of this section requires that the determination year be treated as a short taxable year. Thus, for purposes of paragraph (c)(1) of this section, as modified by para- graph (d)(1) of this section, the average qualified research expenses for taxable years during the base period are $75x ($150x, the av- erage qualified research expenses for the base period, multiplied by 6, the number of months in the determination year after June 30, 1981, and divided by 12). Because this amount is greater than the amount deter- mined under paragraph (c)(2) of this section (50 percent of the determination year’s quali- fied research expense of $110x, or $55x), the amount of base period research expenses is $75x. The credit for determination year 1981 is equal to 25 percent of the excess of $110x (the qualified research expenditures incurred during the determination year including only expenditures accrued on or after July 1, 1981, through the end of the determination year) over $75x (the base period research ex- penses).
Sample 1
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