 | Robert Hiester Montgomery - 1927 - 1510 pages
...REGULATION. Section 205 provides two tests to which each inventory must conform: First. It must conform as nearly as may be to the best accounting practice in the trade or business, and Second. It must clearly reflect the income. It follows, therefore, that inventory rules can not... | |
 | Robert Hiester Montgomery - 1927 - 1510 pages
...205 dealing . with inventories, the Commissioner is empowered to prescribe practices which conform "as nearly as may be to the best accounting practice in the trade." And in section 212 (b) the Commissioner in order to "clearly reflect the income" of taxpayers is empowered... | |
 | United States. Congress. Senate. Appropriations Committee - 1930 - 122 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." In article 1581, regulations 45, issued under the revenue... | |
 | United States. Congress. Senate. Committee on Appropriations - 1930 - 120 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." In article 1581, regulations 45, issued under the revenue... | |
 | United States. Board of Tax Appeals - 1930 - 1554 pages
...income either in accordance with the method of accounting regularly employed in keeping his books, or as conforming as nearly as may be to the best accounting practice in his trade or business. The respondent contends that the petitioner was a real estate dealer in 1923;... | |
 | United States. Internal Revenue Service - 1931 - 502 pages
...inventories. — Section 22 (c) provides two tests to which each inventory must conform : (1) It must conform as nearly as may be to the best accounting practice in the trade or business, and (2) It mast clearly reflect the income. It follows, therefore, that inventory rules can not be... | |
 | United States. Bureau of Internal Revenue - 1933 - 452 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. ART. 101. Need of inventories.—In order to reflect the... | |
 | Wisconsin - 1933 - 36 pages
...any person, inventory shall be taken by such person upon such basis as the commission may prescribe, conforming as nearly as may be to the best accounting practice in the trade or business and most clearly reflecting the income. (5) (a) Individuals carrying on business in partnership shall... | |
 | United States. Board of Tax Appeals - 1934 - 1646 pages
...basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly us may be to the best accounting practice in the trade or business and as most clearly reflecting the Income. SEC. 41. GENERAL. RULE. — The net Income shall be computed... | |
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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,... 
