59-10-125 - Adjustment after change of accounting method. - Utah Statutes

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Statutes > Utah > Title-59 > Chapter-10 > 59-10-125

59-10-125. Adjustment after change of accounting method.
(1) If a taxpayer's method of accounting is changed, other than from an accrual to aninstallment method, any additional tax that results from adjustments determined to be necessarysolely by reason of the change may not be greater than if those adjustments were ratably allocatedand included for the taxable year of the change and the preceding taxable years, not in excess oftwo, during which the taxpayer used the method of accounting from which the change is made.
(2) If a taxpayer's method of accounting is changed from an accrual to an installmentmethod, any additional tax for the taxable year of the change in the method of accounting and forany subsequent taxable year that is attributable to the receipt of installment payments properlyaccrued in a prior taxable year, shall be reduced by the portion of tax for any prior taxable yearattributable to the accrual of such installment payments, under rules prescribed by thecommission in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

Amended by Chapter 389, 2008 General Session

State Codes and Statutes

Statutes > Utah > Title-59 > Chapter-10 > 59-10-125

59-10-125. Adjustment after change of accounting method.
(1) If a taxpayer's method of accounting is changed, other than from an accrual to aninstallment method, any additional tax that results from adjustments determined to be necessarysolely by reason of the change may not be greater than if those adjustments were ratably allocatedand included for the taxable year of the change and the preceding taxable years, not in excess oftwo, during which the taxpayer used the method of accounting from which the change is made.
(2) If a taxpayer's method of accounting is changed from an accrual to an installmentmethod, any additional tax for the taxable year of the change in the method of accounting and forany subsequent taxable year that is attributable to the receipt of installment payments properlyaccrued in a prior taxable year, shall be reduced by the portion of tax for any prior taxable yearattributable to the accrual of such installment payments, under rules prescribed by thecommission in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

Amended by Chapter 389, 2008 General Session

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State Codes and Statutes

Statutes > Utah > Title-59 > Chapter-10 > 59-10-125

59-10-125. Adjustment after change of accounting method.
(1) If a taxpayer's method of accounting is changed, other than from an accrual to aninstallment method, any additional tax that results from adjustments determined to be necessarysolely by reason of the change may not be greater than if those adjustments were ratably allocatedand included for the taxable year of the change and the preceding taxable years, not in excess oftwo, during which the taxpayer used the method of accounting from which the change is made.
(2) If a taxpayer's method of accounting is changed from an accrual to an installmentmethod, any additional tax for the taxable year of the change in the method of accounting and forany subsequent taxable year that is attributable to the receipt of installment payments properlyaccrued in a prior taxable year, shall be reduced by the portion of tax for any prior taxable yearattributable to the accrual of such installment payments, under rules prescribed by thecommission in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

Amended by Chapter 389, 2008 General Session