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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,... "
Fairchild's Daily News Record and Women's Wear National Directory and Digest ... - Page 588
1920
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Reports of the Tax Court of the United States, Volume 32

United States. Tax Court - 1960 - 1484 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 as nearly as may bo to the best accounting practice in the trade or business and as most clearly reflecting the income....
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Internal Revenue Code of 1954, as Amended and in Force on January 3, 1961

United States, United States. Congress. Joint Committee on Internal Revenue Taxation - 1961 - 1208 pages
...taxpayer, inventories shall be taken by such taxpayer on such basis as the Secretary or his delegate (1) and paragraph (2) are satisfied: (1) THREE-YEAR...percent or more of the gross income of such corporation SEC. 472. LAST-IN, FIRST-OUT INVENTORIES. (a) AUTHORIZATION. — A taxpayer may use the method provided...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1961 - 566 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 be uniform...
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Reports of the Tax Court of the United States, Volume 73

United States. Tax Court - 1980 - 1358 pages
...determine the income of any taxpayer, inventories shall be taken by such taxpayer on such basis as the Secretary may prescribe as conforming as nearly...business and as most clearly reflecting the income. Sec. 1.471-1, Income Tax Regs., provides in part: "In order to reflect taxable income correctly, inventories...
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Internal Revenue Cumulative Bulletin, Part 2

United States. Internal Revenue Service - 1977 - 630 pages
...determine the income of any taxpayer, inventories shall be taken by such taxpayer on such basis as the Secretary may prescribe as conforming as nearly...the trade or business and as most clearly reflecting income. Section 1.471-2(f)(l) of the Income Tax Regulations states that "the following methods, among...
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Reports of the Tax Court of the United States, Volume 72

United States. Tax Court - 1979 - 1352 pages
...taxpayer, 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...business and as most clearly reflecting the income. Sec. 1.471-1, Income Tax Regs., provides in part: Sec. 1.471-1 Need for inventories. 552 such method."...
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Reports of the Tax Court of the United States, Volume 2

United States. Tax Court - 1943 - 1330 pages
...1936' are identical. provide that inventories shall be taken 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 ^he trade or business and as most clearly reflecting income. Pursuant Tfco the authority so vested...
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Internal Revenue Cumulative Bulletin, Issue 2

United States. Internal Revenue Service - 1979 - 644 pages
...necessary to clearly determine a taxpayer's income, the taxpayer shall take inventories on such basis as the Secretary may prescribe as conforming as nearly as may be to the best accounting practice in the taxpayer's trade or business and as most clearly reflecting income. Section 1.471-1 of the regulations...
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Internal Revenue Cumulative Bulletin

United States. Internal Revenue Service - 1971 - 816 pages
...follows: (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. Section 1.471-2(c) of the regulations provides, in part, as...
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Reports of the Tax Court of the United States, Volume 54

United States. Tax Court - 1970 - 1856 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. counting practice in the trade or business ; accord with such...
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