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2011 Maine Revised Statutes
TITLE 36: TAXATION
Chapter 829: ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
36 §5257. Methods of accounting

Universal Citation:
36 ME Rev Stat § 5257 (2011 through 125th Legis)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

Part 8: INCOME TAXES

§5257. Methods of accounting

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) .]

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).

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