Income from installment sales.
If a person reports any portion of his income from installment sales for federal income tax purposes under § 453 of the Internal Revenue Code of 1986 (§ 453 of Title 26, United States Code ) and as the same may hereafter be amended and if such income is subject to tax under this chapter, he may report such income under this chapter in the same manner and upon the same basis as the same was reported by him for federal income tax purposes, if such method of reporting is accepted and approved by the Commissioner of Internal Revenue.
Annotations
July 16, 1947, 61 Stat. 340, ch. 258, art. I, title IV, § 4 May 27, 1949, 63 Stat. 131, ch. 146, title IV, § 410 June 24, 1987, D.C. Law 7-9, § 2(g), 34 DCR 3283 Oct. 1, 1987, D.C. Law 7-29, § 2(d), 34 DCR 5097 enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575 1973 Ed., § 47-1561c. 1981 Ed., § 47-1804.4.
Sourced from the DC Council Open Law Library (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.