 | 1920 - 36 pages
...thereof; or (b) The inventory value If the inventory is taken upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income. When property is exchanged for other property, the property received in exchange shall for the purpose... | |
 | John F. Sherwood - 1920 - 272 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income." Basis of Inventory Valuations. (TD 2609, December 19, 1917.) "For the purpose of income and excess... | |
 | Irving National Bank, New York - 1920 - 150 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income. Q. My profits for 1919 will be small due to losses sustained in selling goods at lower prices than... | |
 | James Williams Baker - 1920 - 118 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income." 62 MERCHABDISE IHVEDTORY, JAHUABY 31, 19 Illustration No. 23, Merchandise in Stock, January 31, Introductory... | |
 | United States - 1920 - 1054 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income. [40 Stat. L. 1060.] SEC. 204. Net losses, (a) That as used in this section the term " net loss " refers... | |
 | 1920 - 188 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... | |
 | United States. Bureau of Internal Revenue - 1921 - 772 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income." Section 212(b) provides that — " The net Income shall be computed upon the basis of the taxpayer's... | |
 | Rex Frye - 1921 - 350 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income. SEC. 204. (a) That as used in this section the term Net losses— "net loss" refers only to net losses... | |
 | Thomas Sewall Adams - 1921 - 296 pages
...follows: taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income. In the earliest act passed by authority of the Sixteenth Amendment (Act of October 3, 1913) and also... | |
 | United States. Internal Revenue Service - 1921 - 348 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with, the approval of the Secretary, may prescribe as conforming...nearly as may be to the best accounting practice in the tra<le or business and as most clearly reflecting the income. ART. 1581. Need of inventories. — In... | |
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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,... 
