Short period returns

1. A financial institution as defined in subdivisions a through j of subsection 2 of North Dakota Century Code section 57-35.3-01, which previously reported income under North Dakota Century Code chapter 57-38 on a fiscal year basis, and is now required to report under North Dakota Century Code chapter 57-35.3 on a calendar year basis, must file a short period return for the fiscal year beginning in 1997 and ending on December 31, 1997. 2. A financial institution as defined in subdivisions a through j of subsection 2 of North Dakota Century Code section 57-35.3-01 which: a. Has not previously conducted business in North Dakota; b. Reports its income on a fiscal year basis for federal income tax purposes; and c. Is required to report under North Dakota Century Code chapter 57-35.3 on a calendar year basis; must file a short period return for the first year in which the financial institution does business in North Dakota. The first short period return shall report the income from the date the financial institution started doing business in North Dakota to the end of the calendar year.