Maine Revised Statutes Title 36 Sec. 5257 – Methods of accounting
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1. Same as federal. For purposes of the tax imposed by this Part, a taxpayer‘s method of accounting shall be the same as his method of accounting for federal income tax purposes. If no method of accounting has been regularly used by the taxpayer, taxable income for purposes of this Part shall be computed under such method that in the opinion of the assessor fairly reflects income.
[P&SL 1969, c. 154, §F1 (NEW).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5257
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Taxpayer: means any person required to file a return under this Title or to pay, withhold and pay over or collect and pay over any tax imposed by this Title. See Maine Revised Statutes Title 36 Sec. 111
2. Change of accounting methods. If a taxpayer’s method of accounting is changed for federal income tax purposes, his method of accounting for purposes of this Part shall similarly be changed.
[P&SL 1969, c. 154, §F1 (NEW).]
SECTION HISTORY
P&SL 1969, c. 154, §F1 (NEW).