§ 11-12 Definitions.
RCNY § 11-12
Calendar and fiscal years. (§ 11-602(9), Administrative Code.) The term "calendar year" means a period of 12 calendar months ending on December 31 (for a period of less than 12 calendar months beginning on the date a taxpayer becomes subject to tax and ending on December 31), in cases where the taxpayer (1) keeps its books on the basis of such period, or (2) keeps its books on the basis of any period ending on any day other than the last day of a calendar month, or (3) does not keep books, and also includes, in the case of a taxpayer which changes the period on the basis of which it keeps books from a fiscal year to a calendar year, the period from the close of its last old fiscal year to and including the following December 31. The term "fiscal year" means a period of 12 calendar months ending on the last day of any month other than December (or a period of less than 12 calendar months beginning on the date a taxpayer becomes subject to tax and ending on the last day of any month other than December), in cases where the taxpayer keeps its books on the basis of such period, and also includes, in the case of a taxpayer which changes the period on the basis of which it keeps its books from a calendar year to a fiscal year or from one fiscal year to another fiscal year, the period from the close of its last old calendar or fiscal year to and including the date designated as the close of its new fiscal year. In general, the calendar or fiscal year on the basis of which the taxpayer is required to report for Federal income tax purposes is the calendar or fiscal year on the basis of which it is required to report for purposes of the tax imposed by Subchapter 2 of Chapter 6 of Title 11. Reports based on a 52-53 week accounting year will be accepted where such method of reporting is permissible and used for Federal tax purposes. If such method is used, a fiscal year which begins within seven days from the beginning of any calendar month shall be deemed for purposes of Subchapter 2 of Chapter 6 of Title 11 to have begun on the first day of such calendar month, and any fiscal year which ends within seven days from the end of any calendar month shall be deemed to have ended on the last day of such calendar month.
