Florida Statute 220.42 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

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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

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: 3

Shell Oil Co. v. Department of Revenue

Court: Supreme Court of Florida | Date Filed: 1986-04-24

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

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

Shell Oil Co. v. Dept. of Revenue

Court: District Court of Appeal of Florida | Date Filed: 1984-04-03

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

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

SRG CORP. v. Department of Revenue

Court: Supreme Court of Florida | Date Filed: 1978-06-30

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

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