South Carolina § 12-6-4420 - Method of accounting.
Full text of South Carolina South Carolina Code of Laws § 12-6-4420 — Method of accounting., with citation guidance and answers to common questions.
§ 12-6-4420. Method of accounting.
(A) A taxpayer's method of accounting under this chapter must be the same as for federal income tax purposes.
(B) If a taxpayer's method of accounting is changed for federal income tax purposes:
(1) The method of accounting for South Carolina income tax purposes is changed. The taxpayer shall provide the department with a copy of the written permission received from the Internal Revenue Service. When written permission is not required to change a method of accounting, the taxpayer shall provide the department with a copy of the election or statement provided to the Internal Revenue Service.
(2) Additional South Carolina income or deductions which result from adjustments that are necessary because of a change in the method of accounting are included in or deducted from income as provided in the Internal Revenue Code.
HISTORY: 1995 Act No. 76, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 12-6-4420
What does South Carolina Code of Laws § 12-6-4420 cover?
Section 12-6-4420 ("Method of accounting.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 12-6-4420?
A common citation format is "South Carolina Code of Laws § 12-6-4420" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 12-6-4420 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.