State Codes and Statutes

Statutes > North-carolina > Chapter_105 > GS_105-164_20

§ 105‑164.20.  Cash oraccrual basis of reporting.

Any retailer, except aretailer who sells electricity or telecommunications service, may report saleson either the cash or accrual basis of accounting upon making application tothe Secretary for permission to use the basis selected. Permission granted bythe Secretary to report on a selected basis continues in effect until revokedby the Secretary or the taxpayer receives permission from the Secretary tochange the basis selected. A retailer who sells electricity ortelecommunications service must report its sales on an accrual basis. A sale ofelectricity or telecommunications service is considered to accrue when theretailer bills its customer for the sale. (1957, c. 1340, s. 5; 1973, c. 476, s. 193; 1983 (Reg.Sess., 1984), c. 1097, s. 15; 1998‑22, s. 7; 2001‑430, s. 8.)

State Codes and Statutes

Statutes > North-carolina > Chapter_105 > GS_105-164_20

§ 105‑164.20.  Cash oraccrual basis of reporting.

Any retailer, except aretailer who sells electricity or telecommunications service, may report saleson either the cash or accrual basis of accounting upon making application tothe Secretary for permission to use the basis selected. Permission granted bythe Secretary to report on a selected basis continues in effect until revokedby the Secretary or the taxpayer receives permission from the Secretary tochange the basis selected. A retailer who sells electricity ortelecommunications service must report its sales on an accrual basis. A sale ofelectricity or telecommunications service is considered to accrue when theretailer bills its customer for the sale. (1957, c. 1340, s. 5; 1973, c. 476, s. 193; 1983 (Reg.Sess., 1984), c. 1097, s. 15; 1998‑22, s. 7; 2001‑430, s. 8.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_105 > GS_105-164_20

§ 105‑164.20.  Cash oraccrual basis of reporting.

Any retailer, except aretailer who sells electricity or telecommunications service, may report saleson either the cash or accrual basis of accounting upon making application tothe Secretary for permission to use the basis selected. Permission granted bythe Secretary to report on a selected basis continues in effect until revokedby the Secretary or the taxpayer receives permission from the Secretary tochange the basis selected. A retailer who sells electricity ortelecommunications service must report its sales on an accrual basis. A sale ofelectricity or telecommunications service is considered to accrue when theretailer bills its customer for the sale. (1957, c. 1340, s. 5; 1973, c. 476, s. 193; 1983 (Reg.Sess., 1984), c. 1097, s. 15; 1998‑22, s. 7; 2001‑430, s. 8.)