The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer... The American Economic Review - Page 2411919Full view - About this book
| United States. Court of Claims - 1946 - 936 pages
...deduct these amounts, notwithstanding the provisions of section 41 of the Code, which provides that — The net income shall be computed * * * in accordance...regularly employed in keeping the books of such taxpayer. * * * This section cannot be construed to mean that a taxpayer is entitled to a deduction not allowed... | |
| United States. Court of Claims, Audrey Bernhardt - 1955 - 908 pages
...inconsistent with the method of accounting which it employs. Section 41 states the general rule that net income shall be computed "in accordance with the...accounting regularly employed in keeping the books" of the taxpayer. Section 43 provides that deductions and credits may be taken "for the taxable year in... | |
| United States. Court of Claims, Audrey Bernhardt - 1962 - 964 pages
...reporting membership dues. We do not agree. Section 41 of the Internal Revenue Code of 1939 required that *[t]he net income shall be computed ... in accordance...accounting regularly employed in keeping the books . . . but ... if the method employed does not clearly reflect the income, the computation shall be... | |
| United States. Court of Claims - 1930 - 854 pages
...and accounts payable for expense incurred. * * * This appears from the fact that ordinarily it is to be computed in accordance with the method of accounting regularly employed in keeping the books of the taxpayer. "ARTICLE 22. Computation of net income. — * * * If the method of accounting regularly... | |
| 1927 - 1070 pages
...taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in...such taxpayer; but if no such method of accounting lias been go employed, or if the method employed does not clearly reflect the income, the computation... | |
| 1919 - 246 pages
...income shall be computed upon the basis of the taxpayer's annual accounting period * * * in accordance with the method of accounting regularly employed in keeping the books of such taxpayer. Where no such method of accounting has been so employed, or if the method employed does not clearly... | |
| Robert Hiester Montgomery - 1920 - 1304 pages
...taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; The section is applicable to fiduciaries, because of the definition of taxpayer given in the law, viz.,... | |
| George Edwin Holmes - 1919 - 1052 pages
...receipts and disbursements. Reporting Deductions According to Book Entries. The present law requires that net income shall be computed in accordance with the...accounting regularly employed in keeping the books of a taxpayer ; but if no such method of accounting has been so employed or if the method1 employed does... | |
| Prentice-Hall Inc - 1919 - 640 pages
...statutory "net income" is commercial "net income." This appears from the fact that ordinarily it is to be computed in accordance with the method of accounting regularly employed in keeping the books of the taxpayer. As to the net income of corporations see section 232 and article 531. fl 522. Art. 22.... | |
| Henry Montefiore Powell - 1919 - 708 pages
...statutory "net income" is commercial "net income." This appears from the fact that ordinarily it ia to be computed in accordance with the method of accounting regularly employed in keeping the books of the taxpayer. (Reg. 45, Rev. Art. 21.) Computation of net income. reflect the income, the computation... | |
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