South Carolina § 12-6-4420 Method of accounting.

South Carolina Statutes

§ 12-6-4420 — Method of accounting.

South Carolina § 12-6-4420

Title 12TAXATION

Ch. 6SOUTH CAROLINA INCOME TAX ACT

This text of South Carolina § 12-6-4420 (Method of accounting.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 12-6-4420 (2026).

Text

(A)A taxpayer's method of accounting under this chapter must be the same as for federal income tax purposes.

(B)If a taxpayer's method of accounting is changed for federal income tax purposes:

(1)The method of accounting for South Carolina income tax purposes is changed. The taxpayer shall provide the department with a copy of the written permission received from the Internal Revenue Service. When written permission is not required to change a method of accounting, the taxpayer shall provide the department with a copy of the election or statement provided to the Internal Revenue Service.

(2)Additional South Carolina income or deductions which result from adjustments that are necessary because of a change in the method of accounting are included in or deducted from income as provided in

Free access — add to your briefcase to read the full text and ask questions with AI

(A) A taxpayer's method of accounting under this chapter must be the same as for federal income tax purposes. (B) If a taxpayer's method of accounting is changed for federal income tax purposes: (1) The method of accounting for South Carolina income tax purposes is changed. The taxpayer shall provide the department with a copy of the written permission received from the Internal Revenue Service. When written permission is not required to change a method of accounting, the taxpayer shall provide the department with a copy of the election or statement provided to the Internal Revenue Service. (2) Additional South Carolina income or deductions which result from adjustments that are necessary because of a change in the method of accounting are included in or deducted from income as provided in the Internal Revenue Code.