15 AAC 21.620. Partial years

A fiscal-year taxpayer authorized under 15 AAC 21.810 to report and pay taxes on a fiscal-year basis and doing so for the first time shall notify the department in writing which of the following bases it elects to use in dividing its income and expenses during that first fiscal year between the portion of the fiscal year that ends with the calendar year ending during that fiscal year and the remaining portion of that fiscal year:

(1) pro-rationing on the basis of the number of days in the two portions of the fiscal year;

(2) division on the basis of the date each item of income or expense is considered incurred for purposes of the taxpayer's financial accounting.

History: Eff. 2/22/79, Register 69

Authority: AS 43.05.080

AS 43.21.080

AS 43.21.090

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