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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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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 292

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - 1934 - 768 pages
...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 200 or if the taxpayer has no annual accounting period or does not keep books, the...
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Reports of the U.S. Board of Tax Appeals, Volume 28

United States. Board of Tax Appeals - 1934 - 1512 pages
...taxpayer ; * * * or if the method employed does not clearly reflect the Income, the computation shall be in accordance with such method as in the opinion of...the Commissioner does clearly reflect the income. * » » while section 43 of the same act provides : The deductions and credits provided for in this...
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Excess Profits Tax on Corporations, 1950

United States. Congress. House. Committee on Ways and Means - 1950 - 982 pages
...accordance with the method of accounting regularly employed in keeping the books of such taxpayer; * * * or if the method employed does not clearly reflect...the Commissioner does clearly reflect the income." It is very important to understand the deceptiveness of the Treasury regulation referred to by the...
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Excess Profits Tax on Corporrations: Hearings...

United States. Congress. House. Committee on Ways and Means - 1950 - 982 pages
...accordance with the method of accounting regularly employed in keeping the books of such taxpayer; * * * or if the method employed does not clearly reflect...the Commissioner does clearly reflect the income." It is very important to understand the deceptiveness of the Treasury regulation referred to by the...
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Internal Revenue Bulletin: Cumulative bulletin

United States. Internal Revenue Service - 1963 - 1436 pages
...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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Internal Revenue Bulletin

United States. Internal Revenue Service - 1954 - 1182 pages
...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...shall be made in accordance with such method as in the epinion of the Commissioner does clearly reflect the income. If the taxpayer's annual accounting period...
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Cases Decided in the United States Court of Claims ... with ..., Volume 135

United States. Court of Claims, Audrey Bernhardt - 1957 - 1100 pages
...regularly employed in keeping the books of such taxpayer ; but If no such method of accounting has been BO employed or If the method employed does not clearly...the Commissioner does clearly reflect the income. • • •". [26 II. SC 1946 ed., sec. 41.] "i 42. Period in irliii'h Him* of grots income included...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 353

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - 1957 - 892 pages
...... 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. . . ." '* The pro rata allocation of the membership dues in monthly amounts is purely artificial and...
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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 - 134 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 - 140 pages
.... 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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