us il code 35 p8

(35 ILCS 5/402) (from Ch. 120, par. 4-402) Sec. 402. Methods of Accounting. (a) Same as federal. For purposes of the tax imposed by this Act, a person's method of accounting shall be the same as such person's method of accounting for federal income tax purposes. If no method of accounting has been regularly used by such person, base and net income for purposes of this Act shall be computed under such method as in the opinion of the Department fairly reflects income. (b) Change of accounting method. If a person's method of accounting is changed for federal income tax purposes, for purposes of this Act it shall be similarly changed. (Source: P.A. 76-261.)

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Rules

illinois_accounting_method_matches_federal_method_required

Derived

source: 35 ILCS 5/402(a)

- name: illinois_accounting_method_matches_federal_method_required
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 35 ILCS 5/402(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: >-
              a person's method of accounting shall be the same as such person's method of
              accounting for federal income tax purposes
  versions:
    - effective_from: '2000-01-01'
      formula: 'true'

department_fair_reflection_method_computes_base_and_net_income

Derived

source: 35 ILCS 5/402(a)

- name: department_fair_reflection_method_computes_base_and_net_income
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 35 ILCS 5/402(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: If no method of accounting has been regularly used by such person
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: computed under such method as in the opinion of the Department fairly reflects income
  versions:
    - effective_from: '2000-01-01'
      formula: |-
        no_accounting_method_regularly_used
        and department_opinion_method_fairly_reflects_income

illinois_accounting_method_change_required_after_federal_change

Derived

source: 35 ILCS 5/402(b)

- name: illinois_accounting_method_change_required_after_federal_change
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 35 ILCS 5/402(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: If a person's method of accounting is changed for federal income tax purposes
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: for purposes of this Act it shall be similarly changed
  versions:
    - effective_from: '2000-01-01'
      formula: federal_income_tax_accounting_method_changed

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us il code 35 p8

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Whole section

▸rulespec code

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statutes/35/5/402.yaml

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Rules

illinois_accounting_method_matches_federal_method_required

Derived

source: 35 ILCS 5/402(a)

- name: illinois_accounting_method_matches_federal_method_required
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 35 ILCS 5/402(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: >-
              a person's method of accounting shall be the same as such person's method of
              accounting for federal income tax purposes
  versions:
    - effective_from: '2000-01-01'
      formula: 'true'

department_fair_reflection_method_computes_base_and_net_income

Derived

source: 35 ILCS 5/402(a)

- name: department_fair_reflection_method_computes_base_and_net_income
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 35 ILCS 5/402(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: If no method of accounting has been regularly used by such person
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: computed under such method as in the opinion of the Department fairly reflects income
  versions:
    - effective_from: '2000-01-01'
      formula: |-
        no_accounting_method_regularly_used
        and department_opinion_method_fairly_reflects_income

illinois_accounting_method_change_required_after_federal_change

Derived

source: 35 ILCS 5/402(b)

- name: illinois_accounting_method_change_required_after_federal_change
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 35 ILCS 5/402(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: If a person's method of accounting is changed for federal income tax purposes
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us-il/statute/35/5/402
            excerpt: for purposes of this Act it shall be similarly changed
  versions:
    - effective_from: '2000-01-01'
      formula: federal_income_tax_accounting_method_changed