DRS: 12-708-2, Change of accounting period - Amended Effective 1/1/02

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Amended Effective 1/1/02   Old Version

Conn. Agencies Regs. 12-708-2. Change of accounting period.

(a) A person may not change a taxable year unless a similar change has been made for federal income tax purposes, except where a change is authorized by the Commissioner with respect to a person not required to file a federal income tax return. If a taxable year is changed for federal income tax purposes, the taxable year for purposes of the Connecticut income tax shall be similarly changed.

(b) While this section pertains to Section 12-708 of the general statutes, for purposes of supplementary interpretation, as the phrase is used to Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-740(a) of the general statutes.

(c) While this section pertains to Section 12-708 of the general statutes, for purposes of supplementary interpretation, as the phrase is used to Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-740(a) of the general statutes.

(Revised eff. 12-19-02 and applies to taxable years beginning on or after 1-1-02.)