Sec. 1-2.7. Definition of taxable year

The term taxable year means, in most cases, the taxpayer's taxable year for Federal income tax purposes, or the part thereof during which the taxpayer is subject to the tax imposed by article 9-A of the Tax Law. In the case of a report made for a fractional part of a year, taxable year means the period for which such report is made. A taxable year must be a calendar year or a fiscal year ending during the calendar year. A taxable year shall not include more than 12 calendar months except in the case of a 52-53 week period. If a taxpayer does not have a taxable year for Federal income tax purposes, the taxable year must be a calendar year, unless the Commissioner of Taxation and Finance authorizes the use of a fiscal year. (See Subpart 2-1 of this Title— Accounting Periods.)