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" ... 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. "
Reports of the United States Tax Court - Page 216
by United States. Tax Court - 1989
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Cases Decided in the United States Court of Claims, Volume 80

United States. Court of Claims - 1936
...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...
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Cases Decided in the United States Court of Claims, Volume 67

United States. Court of Claims - 1929
...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...
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Cases Decided in the United States Court of Claims, Volume 72

United States. Court of Claims - 1932
...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...
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Annual Report of the Corporation of the Chamber of Commerce of the State of ...

New York Chamber of Commerce - 1919
...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...
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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
...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...
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Income Tax Procedure

Robert Hiester Montgomery - 1920
...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...
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Canada; Economic Position and Plans for Development

Guaranty Trust Company of New York - 1919 - 30 pages
...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...
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Federal Income Tax, War-profits and Excess-profits Taxes: Including Stamp ...

George Edwin Holmes - 1919 - 1023 pages
...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...trade or business and as most clearly reflecting the income,36 and gain or loss is determined in the case of property acquired on or after March 1, 1913,...
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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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