### Question
What does taxable year mean?


### Answer
**Taxable year** has the following meaning 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, DEPARTMENT OF THE TREASURY (CONTINUED)**

