Nebraska Administrative Code
Topic - REVENUE, DEPARTMENT OF
Title 316 - NEBRASKA DEPARTMENT OF REVENUE
Chapter 24 - CORPORATION INCOME TAX
Section 316-24-229 - SHORT TAX YEAR RETURNS

Universal Citation: 316 NE Admin Rules and Regs ch 24 ยง 229

Current through March 20, 2024

229.01 A short tax year is a period of less than 12 months. A short tax year return is required whenever it is required by IRC § 443. The regulations under IRC § 443 must be followed in filing a short period return.

229.02 If the method of computing income under IRC § 443 does not fairly represent the short period income, and the business entity has records of income, deductions, or credits which are sufficient to establish the short period tax liability more fairly, the business entity may petition the Tax Commissioner to use a special method of reporting income. However, any special method of reporting income must have prior written approval from the Tax Commissioner.

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