| 1976 - 412 pages
...Inventoriée shall be taken by such taxpayer on such basis as the Secretary or his delegate 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. [ID. 6500. 25 FU. 11724, Nov. 26, I960] §1.471-1 Need for... | |
| 1981 - 698 pages
...inventories. (a) Section 471 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 must clearly reflect the income. (b) It follows, therefore, that inventory rules cannot... | |
| 1969 - 388 pages
...inventories. (a) Section 471 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 must clearly reflect the income. (b) It follows, therefore, that inventory rules cannot... | |
| 1960 - 1764 pages
...inventories shall be taken by such taxpayer on such basis as the Secretary or his delegate may prescribe as conforming as nearly as may be to the best accounting practice in the trade or businessand as most clearly reflecting the income. [TD 6336, 23 FR 9290, Dec. 2, 1958] § 1.471-1 Need... | |
| 2007 - 808 pages
...inventories. (a) Section 471 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 must clearly reflect the income. (b) It follows, therefore, that inventory rules cannot... | |
| United States. Internal Revenue Service - 1968 - 938 pages
...taxpayer, inventories shall be taken by such taxpayer on such basis as the Commissioner 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. Generally, the most common methods of valuation of items... | |
| United States. Internal Revenue Service - 1967 - 1510 pages
...car dealers. Section 471 of the Internal Revenue Code of 1954 provides that inventories must conform as nearly as may be to the best accounting practice in the trade or business and must clearly reflect income. Section 1.471-2 (c) of the Income Tax Regulations provides that the... | |
| United States. Congress. House. Committee on Ways and Means - 1955 - 320 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." Under the authority granted, the Commissioner has promulgated... | |
| United States. Congress. House. Committee on Ways and Means - 1955 - 364 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." Under the authority granted, the Commissioner has promulgated... | |
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