...months ending on the last day of any month other than December. (25) Paid, or incurred, paid or accrued. The terms "paid or incurred" and "paid or accrued"...according to the method of accounting upon the basis of whioh the taxable income is computed under subtitle A. (26) Trade or business. The term "trade or business"...

...declined to follow section 48 (c) of the Internal Kevenue Code, which provides that "The terms * * * 'paid or accrued' shall be construed according to...upon the basis of which the net income is computed * * *;" therefore allowed the petitioner, though on a cash basis, to deduct taxes which in the taxable...

...respect to its earnings and profits for the taxable year." Section 7701(aX25) provides that the term "paid or accrued" shall be "construed according to...the method of accounting upon the basis of which the taxable income is computed." AAF-UK was an accrual method taxpayer; generally, a tax liability accrues...

...shall be taken for the taxable year in which "paid or accrued" or "paid or incurred", dependent upon the method of accounting upon the basis of which the net income is computed under section 212 or 232, unless in order to clearly reflect the income the deductions or credits should...

...accrued," as used in the statute, and the term "paid or incurred," as used in the regulation, must both be construed "according to the method of accounting upon the basis of which the taxable income is computed under subtitle A." Sec. 7701(aX25); sec. 301.7701-16, Proced. & Admin. Regs.115...

...on the last day of any month other than December. (25) Paid or incurred, paid or accrued. The terme "paid or incurred" and "paid or accrued" shall be...the method of accounting upon the basis of which the taxable Income Is computed under subtitle A. (26) Trade or business. The term "trade or business" Includes...

...shall be taken for the taxable year in which "paid or accrued" or "paid or incurred", dependent upon the method of accounting upon the basis of which the net income is computed under section 212 or 232, unless in order to clearly reflect the income the deductions or credits should...

...paid. (b) The term "paid" as used in this section means "paid or accrued" or "paid or incurred" which shall be construed according to the method of accounting upon the basis of which the net income of the corporation is computed. (c) Upon receipt of the returns by the collector, the schedules...

...accrued," as used in the statute, and the term "paid or incurred," as used in the regulation, must both be construed "according to the method of accounting upon the basis of which the taxable income is computed under subtitle A." Sec. 7701(a)(25); sec. 301.7701-16, Proced. & Admin....

...respect to its earnings and profits for the taxable year." Section 7701(aX25) provides that the term "paid or accrued" shall be "construed according to...the method of accounting upon the basis of which the taxable income is computed." AAF-UK was an accrual method taxpayer; generally, a tax liability accrues...