A period of less than 12 months may be a taxable year if:

• •

  The basis for computing and reporting income changes, e.g., fiscal to calendar year, or

• •

  The taxpayer dies, (the taxable year ends on the date of death, and net earnings are computed as of the date of death.)

• •

  The taxable year is closed by the Commissioner of IRS.

An individual's taxable year is not ended by his going out of business.