A taxpayer shall use the same accounting methods for reporting income for corporate income tax purposes as are used in reporting income for federal income tax purposes.
History: 1978 Comp., § 7-2A-11, enacted by Laws 1981, ch. 37, § 44; 1986, ch. 20, § 49.
Cross references. — For deduction of accounting services from gross receipts by corporations, see 7-9-69 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 578, 579.
85 C.J.S. Taxation § 1699.
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