Wisconsin § 71.265 - Previously exempt corporations; basis and depreciation.
Full text of Wisconsin Wisconsin Statutes § 71.265 — Previously exempt corporations; basis and depreciation., with citation guidance and answers to common questions.
§ 71.265. Previously exempt corporations; basis and depreciation.
The Wisconsin adjusted basis of the property of any corporation that has, in any taxable year before it ceases to be exempt from tax under this chapter, taken depreciation or amortization of depreciable property for federal income tax purposes shall be the adjusted basis of that property as computed for federal income tax purposes as of the beginning of the taxable year in which the corporation ceases to be exempt. The corporation may continue, after it ceases to be exempt, to depreciate that property under the method used previously for federal income tax purposes. 71.265 History History: 1987 a. 399 ; 1987 a. 411 s. 33 ; Stats. 1987 s. 71.265.
Source: official Wisconsin text · Last verified 2026-08-27
Frequently Asked Questions About Wisconsin § 71.265
What does Wisconsin Statutes § 71.265 cover?
Section 71.265 ("Previously exempt corporations; basis and depreciation.") is part of the Wisconsin Statutes, the codified statutory law of Wisconsin. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Wisconsin § 71.265?
A common citation format is "Wisconsin Statutes § 71.265" (Wisconsin). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Wisconsin law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Wisconsin official source linked on this page or consult a licensed Wisconsin attorney.
How does Wisconsin § 71.265 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Wisconsin can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Wisconsin.