California Revenue and Taxation Code

§ 24651

RTC § 24651 Effective Sep 25, 1987Div. 2 · Part 11 · Ch. 13 · Art. 2

Statute text

(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 method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computation of income shall be made under such method as, in the opinion of the Franchise Tax Board, does clearly reflect income.

(c)Subject to subdivisions (a) and (b) and Section 24654, a taxpayer may compute income under any of the following methods of accounting—

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Legislative history

Amended by Stats. 1987, Ch. 1139, Sec. 159. Effective September 25, 1987. Applicable to income years beginning on or after January 1, 1987, by Sec. 241 of Ch. 1139.