Florida Statute 220.42 | Lawyer Caselaw & Research

The 2024 Florida Statutes

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.

F.S. 220.42 on Google Scholar

F.S. 220.42 on Casetext

Amendments to 220.42

Arrestable Offenses / Crimes under Fla. Stat. 220.42

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 220.42.

Annotations, Discussions, Cases:

Cases Citing Statute 220.42

Total Results: 4

In Re: Amendments to the Florida Rules of Judicial Administration, Florida Rule of Criminal Procedure 3.010, and Florida Rule of Appellate Procedure 9.440

Court: Fla. | Date Filed: 2017-09-07T00:00:00-07:00

Citation: 225 So. 3d 220, 42 Fla. L. Weekly Supp. 797, 2017 Fla. LEXIS 1807, 2017 WL 3910751

Snippet: Canady, Polston, Lawson 7 September 2017 225 So. 3d 220, 42 Fla. L. Weekly Supp. 797, 2017 Fla. LEXIS 1807,

Shell Oil Co. v. Department of Revenue

Court: Fla. | Date Filed: 1986-04-23T23:53:00-08:00

Citation: 496 So. 2d 789

Snippet: the IDCs from its taxable income base. Section 220.42(1), Florida Statutes (Supp. 1972), requires that…erred in disregarding the clear mandate of section 220.42(1), Florida Statutes (Supp. 1972), which requires

Shell Oil Co. v. Dept. of Revenue

Court: Fla. Dist. Ct. App. | Date Filed: 1984-04-02T23:53:00-08:00

Citation: 461 So. 2d 959

Snippet: department now urges that this court overlooked Section 220.42(1), Florida Statutes. That section provides, in…department's position that the statute (Section 220.42(1)) would indicate that IDC's should be treated…the rule itself contains no reference to Section 220.42(1), although under the rule-making provisions, …property factor in the apportionment formula. Section 220.42(1), Florida Statutes, requires that for Florida

SRG CORP. v. Department of Revenue

Court: Fla. | Date Filed: 1978-06-30T00:53:00-07:00

Citation: 365 So. 2d 687

Snippet: [7] § 220.02(4)(c), Fla. Stat. (1975). [8] § 220.42(1), Fla. Stat. (1975). [9] §§ 220.02(3) and 220.11