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" The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if... "
Comparison of the Revenue Acts of 1934 and 1936 - Page 37
by United States, United States. Congress. House. Committee on Ways and Means - 1936 - 290 pages
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Tax Guide for Small Business: Transmitted by the Internal Revenue Service of ...

United States. Congress. Senate. Select Committee on Small Business - 1956 - 127 pages
...method of accounting or if the method employed does not clearly reflect the income, the computation will be made in accordance with such method as in the opinion of the Commissioner does clearly reflect income. The absence of adequate records will not prevent the computation of income even if the Commissioner...
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Tax Cases Decided with Opinions by the Supreme Court of the United States

Congress. Internal Revenue Taxation Joint Committee - 1958
.... in accordance with the method of accounting regularly employed in keeping the books . . . but ... if the method employed does not clearly reflect the...the Commissioner does clearly reflect the income. . . ." 19 The pro rata allocation of the membership dues in monthly amounts is purely artificial and...
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Reports of the Tax Court of the United States, Volume 28

United States. Tax Court - 1958
...regularly employed In keeping the books of roch taxpayer ; but If no such method of accounting baa been employed, or if the method employed does not clearly...computation shall be made In accordance with such method aa In the opinion of the Conunluioner does clearly reflect the Income. • • * does his 1953 return...
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Reports of the United States Tax Court, Volume 32

United States. Tax Court - 1960
...taxpayer ; but If no such method of accounting has been so employed, or if the method employed docs not clearly reflect the Income, the computation shall be made In accordance with such method as In 'he opinion of the Commissioner does clearly reflect the income. • • * him in 1951, even though...
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Reports of the Tax Court of the United States, Volume 34

United States. Tax Court - 1961
...such method of accounting has been so employed, or If the method employed does not clearly reflect Hie Income, the computation shall be made In accordance...the Commissioner does clearly reflect the Income. * • • or basis used is substantially in accord with the regulations. However, a method or basis...
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Reports of the Tax Court of the United States, Volume 36

United States. Tax Court - 1962
...regularly employed In keeping the books of mch taxpayer ; but If no such method of accounting has been BO employed, or If the method employed does not clearly...Income, the computation shall be made In accordance with §uch method as In the opinion of the Commissioner does clearly reflect the Income. • • • SEC....
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 372

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - 1963
...regularly employed in keeping the books of such taxpayer ; but if no such method of accounting has been so employed, or if the method employed does not clearly...annual accounting period is other than a fiscal year as defined in section 48 or if the taxpayer has no annual accounting period or does not keep books, the...
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Reports of the Tax Court of the United States, Volume 21

United States. Tax Court - 1954
...with the method of accounting regularly employed in keeping the books of such taxpayer ; but, * * * if the method employed does not clearly reflect the...the Commissioner does clearly reflect the income. * * * Until 1943 petitioner, as a part of its system of accounting and filing returns on an accrual...
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Reports of the Tax Court of the United States, Volume 6

United States. Tax Court - 1947
...search has confirmed the admission. The law is that if a method of bookkeeping employed by a taxpayer "does not clearly reflect the income, the computation...the Commissioner does clearly reflect the income" (Section 41), and the real facts, not forms of entry, must measure the tax. But where interest actually...
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Reports of the Tax Court of the United States, Volume 3

United States. Tax Court - 1945
...such method of accounting has, been so employed, or if the method employed does not clearly relleot the income, the computation shall be made in accordance...the Commissioner does clearly reflect the income. * * * Section 42, Internal Revenue Code, providing in part as follows : The amount of all items of...
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