43-931. Change of accounting period;
computation of income; due date of return
A. If a taxpayer, with the approval of the department, changes the basis of
computing taxable income from fiscal year to calendar year, a separate return shall be
made for the period between the close of the last fiscal year for which return was made
and the following December 31. If the change is from calendar year to fiscal year, a
separate return shall be made for the period between the close of the last calendar year
for which return was made and the date designated as the close of the fiscal year. If the
change is from one fiscal year to another fiscal year a separate return shall be made for
the period between the close of the former fiscal year and the date designated as the
close of the new fiscal year.
B. If a separate return is made under subsection A on account of a change in the
accounting period, and in all other cases where a separate return is required or
permitted by regulations prescribed by the department to be made for a fractional part of
a year, the income shall be computed on the basis of the period for which the separate
return is made. The due date of the separate return for such period is the fifteenth day
of the fourth month following the close of such period unless the short period return is
due to a change in ownership of a corporation in which case the due date shall be
determined pursuant to 26 Code of Federal Regulations section 1.1502-76.
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