Florida Statute 220.42 - Full Text and Legal Analysis

The 2024 Florida Statutes (including 2025 Special Session C)

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

View Entire Chapter

F.S. 220.42

220.42 Methods of accounting.—

(1) For purposes of this code, a taxpayer’s method of accounting shall be the same as such taxpayer’s method of accounting for federal income tax purposes, except as provided in subsection (3). If no method of accounting has been regularly used by a taxpayer, net income for purposes of this code shall be computed by such method as in the opinion of the department fairly reflects income.

(2) If a taxpayer’s method of accounting is changed for federal income tax purposes, the taxpayer’s method of accounting for purposes of this code shall be similarly changed.

(3) Any taxpayer which has elected for federal income tax purposes to report any portion of its income on the completed contract method of accounting under Treasury Regulation 1.451-3(b)(2) may elect to return the income so reported on the percentage of completion method of accounting under Treasury Regulation 1.451-3(b)(1), provided the taxpayer regularly maintains its books of account and reports to its shareholders on the percentage of completion method. The election provided by this subsection shall be allowed only if it is made, in such manner as the department may prescribe, not later than the due date, including any extensions thereof, for filing a return for the taxpayer’s first taxable year under this code in which a portion of its income is returned on the completed contract method of accounting for federal tax purposes. An election made pursuant to this subsection shall apply to all subsequent taxable years of the taxpayers unless the department consents in writing to its revocation.

History.—s. 1, ch. 71-984; s. 9, ch. 72-278.

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Amendments to 220.42

Annotations, Discussions, Cases:

Cases Citing Statute 220.42

Total Results: 6

Loggerhead Turtle v. County Council of Volusia County, Florida

148 F.3d 1231, 41 Fed. R. Serv. 3d 563, 28 Envtl. L. Rep. (Envtl. Law Inst.) 21546, 47 ERC (BNA) 1014, 1998 U.S. App. LEXIS 17754

Court of Appeals for the Eleventh Circuit | Filed: Aug 3, 1998 | Docket: 1068987

Cited 50 times | Published

30 50 C.F.R. § 13.42; see also 50 C.F.R. § 220.42. Finally, the applicant's failure to comply "with

SRG CORP. v. Department of Revenue

365 So. 2d 687, 1978 Fla. LEXIS 5091

Supreme Court of Florida | Filed: Jun 30, 1978 | Docket: 1314567

Cited 36 times | Published

[7] § 220.02(4)(c), Fla. Stat. (1975). [8] § 220.42(1), Fla. Stat. (1975). [9] §§ 220.02(3) and 220

Shell Oil Co. v. Dept. of Revenue

461 So. 2d 959, 84 Oil & Gas Rep. 445, 9 Fla. L. Weekly 2315, 1984 Fla. App. LEXIS 12584

District Court of Appeal of Florida | Filed: Apr 3, 1984 | Docket: 464479

Cited 5 times | Published

department now urges that this court overlooked Section 220.42(1), Florida Statutes. That section provides

Loggerhead Turtle v. County Council of Volusia County

148 F.3d 1231

Court of Appeals for the Eleventh Circuit | Filed: Aug 3, 1998 | Docket: 2036779

Cited 3 times | Published

construction. 50 C.F.R. § 13.42; see also 50 C.F.R. § 220.42. Finally, the applicant’s failure to comply “with

Shell Oil Co. v. Department of Revenue

496 So. 2d 789, 11 Fla. L. Weekly 185, 1986 Fla. LEXIS 2062

Supreme Court of Florida | Filed: Apr 24, 1986 | Docket: 1522774

Cited 1 times | Published

deducting the IDCs from its taxable income base. Section 220.42(1), Florida Statutes (Supp. 1972), requires

Loggerhead Turtle v. Cty. Council

Court of Appeals for the Eleventh Circuit | Filed: Aug 3, 1998 | Docket: 999119

Published

construction. 50 C.F.R. § 13.42; see also 50 C.F.R. § 220.42. Finally, the applicant’s failure to comply “with