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" Whenever in the opinion of the Commissioner the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary,... "
The State Department Reports of the State of New York - Page 289
by New York (State) - 1919
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Cases Decided in the United States Court of Claims, Volume 80

United States. Court of Claims - 1936
...taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income." The Commissioner has promulgated the following regulations...
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Cases Decided in the United States Court of Claims, Volume 67

United States. Court of Claims - 1929
...Secretary. It is true that the commissioner, in section 203, is directed to conform the inventories " as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income." The language quoted is directory and not mandatory, and...
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Annual Report of the Corporation of the Chamber of Commerce of the State of ...

New York Chamber of Commerce - 1919
...tax payer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the net income." The consensus of opinion as expressed by the vote taken...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 439

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - 1980
...taxpayer, inventory shall be taken by such taxpayer on such basis as the [Commissioner] may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting income." The implementing Regulations require a taxpayer to value inventory...
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Acts of the General Assembly of the State of Alabama

Alabama - 1919
...shall be taken by such tax payer upon such basis as the State income tax supervisor may prescribe, conforming as nearly as may be to the best accounting practice in the trade or business, and most clearly reflecting the income, and conforming as far as may be to the form and method prescribed...
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Taxation of Corporations and Personal Income in New York

Henry Montefiore Powell - 1919 - 400 pages
...taxpayer, inventories shall be taken by such taxpayer upon such basis as the comptroller may prescribe, conforming as nearly as may be to the best accounting practice in the trade or business and most clearly reflecting the income, and conforming so far as may be to the forms and methods prescribed...
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Canada; Economic Position and Plans for Development

Guaranty Trust Company of New York - 1919 - 30 pages
...taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income. NET LOSSES SEC. 204.(a) That as used in this section the...
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Comptroller's Regulations Relating to the Income Tax Issued Pursuant to ...

1920 - 167 pages
...taxpayer, inventories shall be taken by such taxpayer upon such basis as the comptroller may prescribe, conforming as nearly as may be to the best accounting practice in the trade or business and most clearly reflecting the income, and conforming so far as may be to the forms and methods prescribed...
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Public Accounting and Auditing...

John F. Sherwood - 1920
...taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income." Basis of Inventory Valuations. (TD 2609, December 19, 1917.)...
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Federal Income Tax and Its Relation to Real Property

Real Estate Board of New York - 1920 - 96 pages
...taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income. Net Income Defined Individuals 3 'Law Sec. 212. (a)...
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