59-10-123. Accounting method.
(1) For purposes of a tax imposed by this chapter, a resident or nonresident individual's
or resident or nonresident estate's or trust's method of accounting shall be the same as the method
of accounting the resident or nonresident individual or resident or nonresident estate or trust uses
for federal income tax purposes.
(2) If a resident or nonresident individual's or resident or nonresident estate's or trust's
method of accounting is changed for federal income tax purposes, the resident or nonresident
individual's or resident or nonresident estate's or trust's method of accounting shall be changed in
the same manner:
(a) for purposes of a tax imposed by this chapter; and
(b) for any taxable year for which the change in the method of accounting is made for
federal income tax purposes.
Amended by Chapter 389, 2008 General Session
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Last revised: Thursday, May 28, 2009