Section 40-18-44 – Installment Method.
Section 40-18-44 Installment method. Income arising from an installment sale (including the sale by a dealer in personal property) may be reported in accordance with 26 U.S.C. §453, provided that the amendment made to said Section 453 by the Tax Reform Act of 1984 (Pub. L. No. 98-369), adding 26 U.S.C. §453(i), shall not apply. […]
Section 40-18-50 – Penalty for Failure to Make Return Within Time Specified.
Section 40-18-50 Penalty for failure to make return within time specified. Any person or corporation, joint stock company or association liable to income tax under this chapter, which shall fail to make return as required by this chapter within the time allowed, shall be guilty of a misdemeanor and on conviction thereof shall be fined […]
Section 40-18-51 – Applicability of Lien Provisions; Disposition of Collections; Collection Prior to Delinquency.
Section 40-18-51 Applicability of lien provisions; disposition of collections; collection prior to delinquency. In every respect herein specified in this chapter, returns for the levy and collection of the taxes herein provided for shall be subject to the lien provisions of this title. All income taxes collected by the Department of Revenue shall be as […]
Section 40-18-53 – Inspection of Returns by Federal or Foreign State Agents.
Section 40-18-53 Inspection of returns by federal or foreign state agents. All income tax returns filed under this chapter, or copies thereof on file with the State Department of Revenue, shall be open to inspection by officials or duly authorized agents of the Bureau of Internal Revenue lawfully charged with the administration or enforcement of […]
Section 40-18-54 – Supervision of Assessment and Collection.
Section 40-18-54 Supervision of assessment and collection. The assessment and collection of the income taxes imposed by this chapter shall be under the supervision of the Department of Revenue. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §420.)
Section 40-18-55 – Statement to Be Furnished by Taxpayer.
Section 40-18-55 Statement to be furnished by taxpayer. Every corporation, joint stock company, or association organized under the laws of the state or organized under the laws of any other state, nation, or territory and doing business in this state, whether taxable under this chapter or not, shall furnish to the officers and employees of […]
Section 40-18-56 – Furnishing Sworn Statement of Annual Return of Income to Department; Penalties for Failure to Comply; Limitations on Inspection of Taxpayer’s Records.
Section 40-18-56 Furnishing sworn statement of annual return of income to department; penalties for failure to comply; limitations on inspection of taxpayer’s records. The Department of Revenue may at any time, in its discretion, require the taxpayer to furnish a sworn statement of the annual return of income made under the provisions of the act […]
Section 40-18-57 – Rules to Be Promulgated by Department of Revenue.
Section 40-18-57 Rules to be promulgated by Department of Revenue. The Department of Revenue shall from time to time, as said department shall deem desirable, promulgate such reasonable rules and regulations governing procedure and methods of ascertaining and determining gains and income so as to conform as nearly as possible to the best accounting practice […]
Section 40-18-26 – Information From Source of Income.
Section 40-18-26 Information from source of income. Every resident individual, corporation, association, or agent shall make a report to the Department of Revenue of complete information covering the amount of all interest, rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits and income, except interest coupons payable to bearer, […]
Section 40-18-37 – Items Not Deductible by Corporations.
Section 40-18-37 Items not deductible by corporations. In computing net income of corporations, no deduction shall in any case be allowed in respect to any of the items specified in Section 40-18-17. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §404.)