560-7-7-.04 Change of Taxable Year.

(1) In the interest of uniformity, the Commissioner will not grant permission to change an accounting period unless the taxpayer also is granted permission and actually does change his accounting period for filing Federal income tax returns. If the taxpayer is granted permission by the Federal government to change his accounting period, then State permission is automatic provided the taxpayer attaches a copy of the written Federal permission to the first State return filed for the new period. (2) When taxpayers change their accounting period they will be required to compute the tax on the first return by placing the income on an annual basis. In the case of a return for a period of less than 12 months on account of a change in accounting period, the net income on the return for such short period shall be placed on an annual basis by multiplying the amount thereof by 12 and dividing by the number of months in the short period. The tax is such part of the tax computed on such annual basis as the number of months in the period is of 12 months. Authority: Ga. Code Ann. Secs. 92-3005, 92-3006, 92-8405, 92-8406, 92-8409, 92-8427. History. Original Rule entitled "Change of Taxable Year" adopted. F. and eff. June 30, 1965.