§92. Period in which items of gross income are included

A. The amount of all items of gross income shall be included in the gross income for the taxable year in which received by the taxpayer unless, under methods of accounting permitted under R.S. 47:91, such amounts are to be properly accounted for as of a different period; provided that any refund of federal income and excess profits taxes shall be reported as income in the state return for the year for which such refund is made unless that year is prescribed, in which case such refund shall be reported as income in the state return for the year in which it is received, except that when the refund results from transactions or conditions which arose after the close of the year for which the refund is made, such refund shall be reported as income in the state return for the year in which arose the transactions or conditions causing the refund; and provided, further, that if any item of income has been reported in a return and has borne tax in full for a period in which it was not properly reportable, the taxpayer shall not be required to report the same item of income in a subsequent period in which it would otherwise be properly reportable, unless the collector shall have, prior to the running of prescription with respect to the first period, redetermined the tax liability for that period so as to eliminate the item of gross income improperly reported and shall have refunded or credited any resulting over-payment for that period.

B. The reporting of all refunds of federal income taxes received after December 31, 1949, shall be governed by the provisions of this Section as herein amended.

C. In the event of the death of a taxpayer, there shall be included in computing net income for the taxable period in which falls the date of his death, amounts accrued up to the date of his death, if not otherwise properly includable in respect of such period or a prior period.

Amended by Acts 1950, No. 445, §1; Acts 1970, No. 258, §3; Acts 1973, Ex.Sess., No. 8, §1.