143.281. Methods of accounting.
Methods of accounting.
143.281. 1. For purposes of taxes imposed by sections143.011 to 143.996, a taxpayer's method of accounting shall bethe same as his method of accounting for federal income taxpurposes. If no method of accounting has been regularly used bythe taxpayer, taxable income for purposes of sections 143.011 to143.996 shall be computed under such method that in the opinionof the director of revenue fairly reflects income.
2. If a taxpayer's method of accounting is changed forfederal income tax purposes, his method of accounting forpurposes of sections 143.011 to 143.996 shall similarly bechanged.
(L. 1972 S.B. 549)Effective 1-1-73