...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. REGULATION. The Act provides two tests to which each inventory must conform: (i) It must conform as...

...such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescrite as conforming as nearly as may be to the best accounting...business and as most clearly reflecting the income. Under ordinary circumstances, and for normal goods in an Inventory, "market" means the current bid...

...authority to require taxpayers to inventory their assets, so long as the basis prescribed conforms "to the best accounting practice in the trade or business" and "as most clearly reflecting the income." It would seem that there is a very definite limitation upon the power of the Commissioner because it...

...Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be 10 the best accounting practice in the trade or business and as most clearly reflecting the income. The regulations of the Commissioner, promulgated in pursuance of the foregoing provisions of the statute,...

...REGULATION. Section 205 provides two tests to which each inventory must conform: First. It must conform as nearly as may be to the best accounting practice in the trade or business, and Second. It must clearly reflect the income. It follows, therefore, that inventory rules can not be...

...necessary clearly to determine the income of any taxpayer" and specifies that the basis shall "conform as nearly as may be to the best accounting practice in the trade or business." Fortunately, the determination of "best accounting practice" is not difficult. Briefly defined, the...

...205 dealing . with inventories, the Commissioner is empowered to prescribe practices which conform "as nearly as may be to the best accounting practice in the trade." And in section 212 (b) the Commissioner in order to "clearly reflect the income" of taxpayers is empowered...

...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 as may be to the beat accounting practice in the trade or business and as most clearly reflecting the income. In the...

...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." In article 1581, regulations 45, issued under the revenue act of 1918, it is said that "in order to...

...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." In article 1581, regulations 45, issued under the revenue act of 1918, it is said that "in order to...