(a) A taxpayer which reports on the basis of a 52-53 week accounting period for Federal income tax purposes may report on the same basis for purposes of article 9-A of the Tax Law. A 52-53 week period must end on the same day of the week each year, and end always on whatever date that day of the week last occurs in a calendar month, or on whatever date that day of the week falls which is nearest the last day of a calendar month.

(b) If a 52-53 week accounting period is used and the period starts within seven days from the first day of any calendar month, the taxable year will be deemed to have begun on the first day of such calendar month. If a 52-53 week accounting period ends within seven days from the last day of any calendar month, the taxable year will be deemed to have ended on the last day of such month.

(c) If a taxpayer uses a 52-53 week accounting period for purposes of reporting its Federal income taxes and becomes subject to tax under article 9-A, the taxpayer may be required to file reports for two taxable years during an accounting period for which one Federal return is required. For example, a domestic corporation is incorporated on Monday, October 30, 1972, or a foreign corporation engages in activities in New York State which make it subject to tax on October 30, 1972. Both corporations use a 52-53 week accounting period ending on the Saturday nearest the last day of October for purposes of reporting Federal income taxes. The 52-53 week accounting period upon which the corporation computes its tax for Federal income tax purposes begins October 29, 1972 and ends Saturday, November 3, 1973. For purposes of article 9-A, the period from October 30, 1972 to October 31, 1972, inclusive, is deemed to be the first period for which a report is due and a tax payable. The next taxable period is deemed to be from November 1, 1972 to October 31, 1973, and is based on the accounting period ending November 3, 1973.