The 2023 Florida Statutes (including 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.

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 from cite.case.law:

In A. HALL,, 258 B.R. 45 (Bankr. M.D. Fla. 2001)

. . . MC 6178 4,126.44 Associates * 3930 7,203.31 Bank One 5973 1,723.00 1,011.77 BP GTE MC 0476 5,692.42 220.42 . . .

LOGGERHEAD TURTLE v. COUNTY COUNCIL OF VOLUSIA COUNTY, FLORIDA, a, 148 F.3d 1231 (11th Cir. 1998)

. . . . § 220.42. . . . ... permit a specifically limited matter[ ] are to be strictly construed[.]”); see also 50 C.F.R. § 220.42 . . .

MILLER, a N. Y. C. v. W. SILBERMANN, T. L. D., 832 F. Supp. 663 (S.D.N.Y. 1993)

. . . . § 220.42(f) as amended), requiring the Clerk’s Office of the court, rather than the landlords, to provide . . .

SHELL OIL COMPANY, v. DEPARTMENT OF REVENUE,, 496 So. 2d 789 (Fla. 1986)

. . . Section 220.42(1), Florida Statutes (Supp.1972), requires that a taxpayer’s method of accounting for . . . ignoring rule 12C-1.15(4)(b)(5), the district court erred in disregarding the clear mandate of section 220.42 . . .

SHELL OIL COMPANY, v. DEPARTMENT OF REVENUE,, 461 So. 2d 959 (Fla. Dist. Ct. App. 1984)

. . . The department now urges that this court overlooked Section 220.42(1), Florida Statutes. . . . There is merit in the department’s position that the statute (Section 220.42(1)) would indicate that . . . We find that the rule itself contains no reference to Section 220.42(1), although under the rule-making . . . Section 220.42(1), Florida Statutes, requires that for Florida income tax purposes Shell’s “method of . . .

S. R. G. CORPORATION, v. DEPARTMENT OF REVENUE,, 365 So. 2d 687 (Fla. 1978)

. . . . § 220.42(1), Fla.Stat. (1975). . §§ 220.02(3) and 220.11-.13, Fla.Stat. (1975) (the latter defining . . .

v., 46 T.C. 821 (T.C. 1966)

. . . to Norman Builders, Inc_ 5,182.15 Paid to House Beautiful, Inc_ 0 5,402. 57 Paid for closing costs_ 220.42 . . .

ROYSTON DISTRIBUTORS, INC. v. MOORE- McCORMACK LINES, INC. IMPERIAL CAR DISTRIBUTORS, INC. v. MOORE- McCORMACK LINES, INC., 252 F. Supp. 480 (E.D. Pa. 1965)

. . . 171 of 1960 5 $1,014.90 $2,838.50 $993.48 $2,008.38 6 23.78 815.72 285.50 309.28 No. 399 of 1960 1 220.42 . . .

IN THE MATTER OF SOL HIJO, S. EN C. BANKRUPT, 6 P.R. Fed. 364 (D.P.R. 1913)

. . . Incidentally, the trustee, on September 4, 1913, filed a motion for the allowance of $220.42 expenses . . .