| Date: | 07/14/2006 |
|---|---|
| Organization: | Massachusetts Department of Revenue |
| Regulatory Authority: | Massachusetts General Laws |
| Official Version: | Published by the Massachusetts Register |
MASSACHUSETTS DEPARTMENT OF REVENUE REGULATION FACT SHEET
- This page, 830 CMR 62.63.1: Reg Fact Sheet, is offered by
- Massachusetts Department of Revenue
Regulation
Regulation 830 CMR 62.63.1: Reg Fact Sheet
Table of Contents
SUMMARY OF REGULATION:
This regulation repeals and replaces the outdated Accounting Methods Regulation, promulgated in 1958, and explains recent statutory changes to the Massachusetts installment sale election provision under G.L. c. 62, § 63. The statutory changes, effective for tax years beginning on or after January 1, 2005, allow taxpayers who are treated as electing installment sale treatment federally to automatically qualify for Massachusetts's installment sale treatment if the Massachusetts gain for the entire transaction is less than $1 million.
MASSACHUSETTS DEPARTMENT OF REVENUE REGULATION FACT SHEET TITLE: 830 CMR 62.63.1: Installment Transactions REGULATORY HISTORY: Regulation promulgated July 14, 2006 SUMMARY OF REGULATION: This regulation repeals and replaces the outdated Accounting Method
Sections 19, 20 and 72 of chapter 262 of the Acts of 2004 amended G.L. c. 62, § 63.
REGULATORY HISTORY
Regulation promulgated July 14, 2006
PREPARED BY:
| Massachusetts Department of Revenue |
| Rulings and Regulations Bureau |
| 100 Cambridge Street, 7 th floor |
| Boston, Massachusetts 02114 |
| (617) 626-3250 |
| FAX: (617) 626-3290 |
|
6/06 215626 |