### Question
What is the definition of taxable year?


### Answer
The definition of **taxable year** is as follows in *26 CFR § 50.3*:

> the twelve-month period ending on August 31 of each year for which the tax imposed by the Act is payable.

#### Citation:
  - *26 CFR § 50.3*
  - Heading: **PART 50—REGULATIONS RELATING TO THE TAX IMPOSED WITH RESPECT TO CERTAIN HYDRAULIC MINING > CHAPTER I—INTERNAL REVENUE SERVICE,**

