Neb. Admin. Code § 316-24-045 — Partial-Year Returns

045.01 A return for a short period, that is, for a taxable year consisting of a period of less than 12 months, shall be made under any of the circumstances described in Section 443 of the Internal Revenue Code of 1986. The regulations under Section 443 should be followed in filing a short period return. 045.02 Any corporate taxpayer that can determine that the method of computing income under Section 443 does not closely reflect such short period income, and has records of income, deductions, or credits which are sufficient to establish the short period tax liability accurately, may request permission to use an alternative method of reporting income. However, any alternative method of reporting income must have prior written approval by the Tax Commissioner. (Sections 77-2734.02, 77-2734.04 and 77-2734.15, R.R.S. 1996. November 11, 1998.)