USA Statutes : maine
Title : Title 36. TAXATION
Chapter : Chapter 829. ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
Title 36 - §5256. Period for computation of taxable income
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 829: ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
§5256. Period for computation of taxable income
1. General. For purposes of the tax imposed by this Part, a taxpayer's taxable year is the same as the taxpayer's taxable year for federal
income tax purposes.
[1995, c. 281, §32 (amd); §43 (aff).]
2. Change of taxable year. If a taxpayer's taxable year is changed for federal income tax purposes, the taxable year for purposes of the tax imposed
by this Part must be similarly changed. The income tax for a period of less than 12 months resulting from a change in accounting
period is computed by first determining the taxable income for the period. That taxable income is then multiplied by 12 and
divided by the number of months in the period of less than 12 months. A tax is computed on the resulting taxable income.
The tax is then divided by 12 and multiplied by the number of months in the period of less than 12 months. The result is
the tax liability before credits. Exemption amounts are divided by 12 and multiplied by the number of months in the period
of less than 12 months.
[1995, c. 281, §33 (amd); §43 (aff).]
3. Termination of taxable year for jeopardy. Notwithstanding subsections 1 and 2, if the assessor terminates the taxpayer's taxable year under section 141, relating to
tax in jeopardy, the tax shall be computed for the period determined by such action.
[1981, c. 698, §188 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 36 - §5257. Methods of accounting
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 829: ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
§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.
[1969, P. & S.L., c. 154, § F (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.
[1969, P. & S.L., c. 154, § F (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 36 - §5258. Adjustments
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 829: ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
§5258. Adjustments
In computing a taxpayer's taxable income for any taxable year under a method of accounting different from the method under
which the taxpayer's taxable income for the previous year was computed, there shall be taken into account those adjustments
which are determined, under regulations prescribed by the assessor, to be necessary solely by reason of the change in order
to prevent amounts from being duplicated or omitted.
[1969, P. & S.L., c. 154, § F (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 36 - §5259. Limitation on additional tax
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 829: ACCOUNTING PERIODS AND METHODS OF ACCOUNTING
§5259. Limitation on additional tax
1. Change other than to installment method. If a taxpayer's method of accounting is changed, other than from an accrual to an installment method, any additional tax
which results from adjustments determined to be necessary solely by reason of the change shall not be greater than if such
adjustments were ratably allocated and included for the taxable year of the change and the preceding taxable years, not in
excess of 2, during which the taxpayer used the method of accounting from which the change is made.
[1979, c. 541, Pt. A, § 245 (amd).]
2. Change from accrual to installment method. If a taxpayer's method of accounting is changed from an accrual to an installment method, any additional tax for the year
of such change of method and for any subsequent year which is attributable to the receipt of installment payments properly
accrued in a prior year, shall be reduced by the portion of tax for any prior taxable year attributable to the accrual of
such installment payments, under regulations prescribed by the assessor.
[1969, P. & S.L., c. 154, § F (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
