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" Where no open market exists or where quotations are nominal, due to stagnant market conditions, the taxpayer must use such evidence of a fair market price at the date or dates nearest the inventory as may be available, such as specific purchases or sales... "
Cases Decided in the United States Court of Claims - Page 675
by United States. Court of Claims - 1936
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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
..."bid price" by using "such evidence of a fair market price at the date or dates nearest the inventory as may be available, such as specific purchases or...cancellation of contracts for purchase commitments." 1.471-4 (b). The Regulations specify two situations in which a taxpayer is permitted to value inventory...
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Income Tax Procedure

Robert Hiester Montgomery - 1920
...inventory as may be available to him, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Commissioner of the correctness...
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Federal Income Tax, War-profits and Excess-profits Taxes: Including Stamp ...

George Edwin Holmes - 1919 - 1023 pages
...n1arket price as may be available to him. such as specif1c transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Commissioner of the correctness...
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Canada; Economic Position and Plans for Development

Guaranty Trust Company of New York - 1919 - 30 pages
...inventory as may be available to him, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Commissioner of the correctness...
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Taxation of Corporations and Personal Income in New York

Henry Montefiore Powell - 1919 - 400 pages
...inventory as may be available to him, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Comptroller of the correctness...
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Public Accounting and Auditing...

John F. Sherwood - 1920
...inventory as may be available to him, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Commissioner of the correctness...
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Regulations 45 Relating to the Income Tax and War Profits and Excess Profits ...

United States. Office of Internal Revenue - 1920 - 335 pages
...inventory as may be available to him, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Commissioner of the correctness...
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Comptroller's Regulations Relating to the Income Tax Issued Pursuant to ...

1920 - 167 pages
...inventory as may be available to him, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. The burden of proof will rest upon the taxpayer in each case to satisfy the Comptroller of the correctness...
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Cumulative Bulletin ... Income Tax Rulings, Issues 4-5

United States. Bureau of Internal Revenue - 1921
...the inventory as may be available, such as specific transactions In reasonable volume entered Into in good faith, or compensation paid for cancellation of contracts for purchase commitments. Where, owing to abnormal conditions, the taxpayer has regularly sold such merchandise at prices lower...
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Regulations 45 (1920 Ed.) Relating to the Income Tax and War Profits and ...

United States. Internal Revenue Service - 1921 - 342 pages
...the inventory as may be available, such as specific transactions in reasonable volume entered into in good faith, or compensation paid for cancellation of contracts for purchase commitments. Where, owing to abnormal conditions, the taxpayer has regularly sold such merchandise at prices lower...
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