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

South Carolina Statutes

§ 12-6-4420 — Method of accounting.

South Carolina·Title 12 TAXATION·Ch. 6 SOUTH CAROLINA INCOME TAX ACT

(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

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(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.

South Carolina § 12-6-4420 (Method of accounting.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.