 ... upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income.  Reports of the United States Tax Court - Page 216by United States. Tax Court - 1989Full view - About this book
 | Thomas Conyngton, Robert Joseph Bennett, Paul Whittier Pinkerton - 1922 - 1722 pages
...section of the law authorizing inventories "upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...accounting practice in the trade or business and as most dearly reflecting the income." * 1 Sec. 203, Revenue Act of 1021. For an excellent discussion of the... | |
 | Emerson Emanuel Rossmoore - 1922 - 592 pages
...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...best accounting practice in the trade or business and aa most clearly reflecting the income." Art. 1581, Regulations 62: "Need of Inventories.—In order... | |
 | James Hinton Pou - 1922 - 1032 pages
...taxpayer, inventories shall be taken by such taxpayer, upon such basis as the commissioner may prescribe, conforming as nearly as may be to the best accounting practice in the trade or business and most clearly reflecting the income, and conforming so far as may be, to the forms and methods prescribed... | |
 | 1922 - 500 pages
...inventories. — The act 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. It follows, therefore, that inventory rules can not be uniform,... | |
 | Newfoundland - 1922 - 320 pages
...by such taxpayer, upon such basis as thi Minister may prescribe as conforming as nearly as may be to best accounting practice in the trade or business and as most clearly to reflect the income. Respecting tax on 22. For the purpose of this Act, the receipt by a person resident... | |
 | United States. Congress. House. Committee on Ways and Means - 1923 - 256 pages
...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...business and as most clearly reflecting the income. NET LOSSES. Act of 1918. INVENTORIES. Si:c. 203. That whenever in the opinion of the Commissioner the... | |
 | North Dakota - 1923 - 634 pages
...taxpayer, inventory shall be taken by such taxpayer upon such basis as the tax commissioner may prescribe, conforming as nearly as may be, to the best accounting practice in the trade or business, and most clearly reflecting income and conforming, as far as may be, to the forms and methods prescribed... | |
 | Irving Bank. Columbia Trust Company - 1923 - 148 pages
...regulations of the Commissioner provide two tests to which inventories must conform: (1) They must comply as nearly as may be to the best accounting practice in the trade or business, and (2) they must clearly reflect the income. The basis of valuation most commonly used by business concerns... | |
 | North Carolina - 1923 - 730 pages
...shall be taken by such taxpayer, upon such Revenue. basis as the Commissioner of Revenue may prescribe, conforming as nearly as may be to the best accounting practice in tlie trade or business and most clearly reflecting the income. SEC. 306. Deductions. In computing net... | |
 | Thomas Conyngton, Robert Joseph Bennett, Paul Whittier Pinkerton - 1922 - 1722 pages
...section of the law authorizing inventories "upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly...business and as most clearly reflecting the income." * When Schedule A 2 has been completed, the amount on line (6), which is the cost of goods sold, is... | |
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