Where the fiscal year of trade, business, profession, enterprise, undertaking and/or other activity differs from the calendar year the tax shall be applicable to the net profits of the fiscal year. Any rate change in subsequent fiscal years would be taxed on appropriate records or if it is not possible, prorated. A fiscal year will only be recognized if it has been approved by the Internal Revenue Service, and a short year will be considered a full tax year.
(Res. 240-2003. Passed 12-30-03.)