ARTICLE 2. Methods of Accounting

Article 2 added by Stats. 1955, Ch. 938.

§§ 24651–24654 · 5 sections

• § 24651 (a) Income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes its income in keeping its books. (b) If no…
• § 24652 (a) Section 447 of the Internal Revenue Code, relating to method of accounting for corporations engaged in farming, shall apply, except as otherwise provided.…
• § 24652.5 (a) (1) Section 447(i)(3) of the Internal Revenue Code, relating to reduction in account if farming business contracts, shall not apply. (2) Section 447(i)(4)…
• § 24652.6 (a) For taxable years beginning on or after January 1, 2019, amendments made by Section 13102(e)(2) of the Tax Cuts and Jobs Act (Public Law 115-97), relating…
• § 24654 (a) Section 448 of the Internal Revenue Code, relating to limitation on use of cash method of accounting, shall apply, except as otherwise provided. (b) For…