2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART VII - Administrative Provisions, Procedures, Interests, Penalties, and Additions to Taxes (§§ 33001 — 33423) › Chapter 1069 - Transitory Provisions (§§ 33361 — 33394) › Subchapter B - Income Taxes (§§ 33371 — 33382) › § 33371 - Tax attributes

(a) In general.— Except when otherwise provided, and insofar as the provisions of §§ 30041 et seq. of this title are similar to the corresponding provisions of the Puerto Rico Internal Revenue Code of 1994, a person shall take into account, for purposes of Part II of this subtitle, any tax attributes of such person generated in taxable years starting before the date of effectiveness of this Code, subject to any conditions and limitations set forth by the provisions of this Code.
(b) Attribute items.— For purposes of this subchapter, the term tax attributes includes, but is not limited to:
(1) Carryover of net operating losses.— The carryover of net operating losses in Section 1124 of the Puerto Rico Internal Revenue Code of 1994.
(2) Earnings and profits.— Earnings and profits for purposes of Sections 1119 and 1232 of the Puerto Rico Internal Revenue Code of 1994, accrued in taxable years starting before December 31, 2010, including the nature of such earnings and profits.
(3) Carryover of capital loss.— The amount of the carryover of capital loss as determined in Section 1121(e) of the Puerto Rico Internal Revenue Code of 1994, subject to the limitations set forth in Section 1121(d).
(4) Accounting period.— The accounting period of the person for income tax purposes.
(5) Accounting method.— Except as otherwise provided in this Code, a person shall use the accounting method used for purposes of the Puerto Rico Internal Revenue Code of 1994.
(6) Inventory.— A person who keeps an inventory in his/her trade or business shall continue to keep his/her inventory by using the same method he/she used for purposes of the Puerto Rico Internal Revenue Code of 1994.
(7) Depreciation.— The depreciation granted in connection with any property acquired before the start of the first taxable year starting after December 31, 2010, shall be determined by using the depreciation method used for purposes of the Puerto Rico Internal Revenue Code of [sic].
(8) Sales on installments.
(9) Carryover of excess of gifts for charitable purposes.
(10) Recovery of items with tax benefits.
(11) Retroactivity and carryover of credits for purposes of Section 17 of the Income Tax Act of 1954, as amended, and Section 1017 of the Puerto Rico Internal Revenue Code of 1994, as amended.
(12) Carryover of credits for purposes of Section 1018 of the Puerto Rico Internal Revenue Code of 1994, as amended.
(13) Carryover of credits for purposes of Section 36 of the Income Tax Act of 1954, as amended, and Section 1036 of the Puerto Rico Internal Revenue Code of 1994, as amended, and 1231(a)(2)(c).
(c) Special rules.—
(1) Retroactivity and carryovers.— For purposes of retroactivity or carryovers pursuant to the provisions of this Code, a taxable year shall include a taxable year starting before January 1, 2011.
History —Jan. 31, 2011, No. 1, § 6091.01 [6092.01], retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 184.