...income of any taxpayer, inventories shall be taken by such taxpayer on such basis as the Commissioner may prescribe as conforming as nearly as may be to...business and as most clearly reflecting the income. Section 1.471-1 of the regulations provides, in pertinent part, that in order to reflect taxable income...

...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."...

...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...

...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...

...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...

...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...

...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...

...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 as may be to the best accounting practices in the trade or business and as most clearly reflecting the income. Section 1.471-2(a) and...

...requirements of sections 472 (c) and (e) (2) of the Code were enacted to ensure that the LIFO method "conforms as nearly as may be to the best accounting practice in the trade or business . . . ." (H. Rep. No. 2330, 75th Cong., 3d Sess. 34 (1938)). The legislative history of section 472...

...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-ll(cX2) [Income Tax Regs.]. Ineluctability of certain indirect production costs * * * [in...