...inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...business and as most clearly reflecting the income." The Commissioner has promulgated the following regulations with respect to inventories: " ART. 1581. Need...

...income-tax title shall be taken upon the basis determined by the Commissioner of Internal Revenue, as conforming as nearly as may be to the best accounting practice in the trade or business. (Congressional Record, volume 57, part 3, page 2987.) It appears from the above statement of the managers...

...eminently practical and we think this is particularly true as to inventories which need only conform to the " best accounting practice in the trade or business and as most clearly reflect the income." Not only do we think good accounting practice would require the exclusion of the...

...inventories shall be taken by such tax payer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...trade or business and as most clearly reflecting the net income." The consensus of opinion as expressed by the vote taken by the United States Chamber of...

...inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...business and as most clearly reflecting the income." From time to time the Treasury Department has adopted rules relative to inventories, all of them of...

...income of any 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 trade or business and as most clearly reflecting income." The implementing Regulations require a taxpayer to value inventory for tax purposes at cost...

...inventory shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...best accounting practice in the trade or business as most clearly reflecting the income." Now, gentlemen, that feature of the Revenue Act should certainly...

...inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of t is to pay all taxes except betterments." The court...deductible item to the tenant and taxable income to the 1918 law for the first time gave the Commissioner specific authority to require inventories, although...

...is conditioned that inventories shall be taken upon such bases as the comptroller may prescribe, (a) conforming as nearly as may be to the best accounting practice in the trade or business, (b) most clearly reflecting income and (c) conforming as nearly as practicable to the forms and methods...

...inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...business and as most clearly reflecting the income. NET LOSSES SEC. 204.(a) That as used in this section the term "net loss" refers only to net losses...