(1) If any of the following occurs:
(a) an entity who is an individual dies;
(b) an entity ceases to * carry on any * enterprise;
(c) an entity's * registration is cancelled;
during an * annual tax period applying to the entity, the annual tax period is not affected by the death, cessation or cancellation.
(2) This section has effect despite section 27-40 (which is about an entity's concluding tax period).
(3) However, this section does not affect the application of:
(a) section 27-39; or
(b) if an entity for any reason ceases to exist--section 27-40.