... 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
| United States. Tax Court - 1960 - 1484 pages
...the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may bo to the best accounting practice in the trade or business and as most clearly reflecting the income. taken in the inventory which have been so intermingled that they cannot be identified with specific... | |
| United States, United States. Congress. Joint Committee on Internal Revenue Taxation - 1961 - 1208 pages
...taxpayer, inventories shall be taken by such taxpayer on such basis as the Secretary or his delegate (1) and paragraph (2) are satisfied: (1) THREE-YEAR...percent or more of the gross income of such corporation SEC. 472. LAST-IN, FIRST-OUT INVENTORIES. (a) AUTHORIZATION. — A taxpayer may use the method provided... | |
| United States. Tax Court - 1961 - 1220 pages
...Commissioner's authority under section 22 (c), IRC 1939, to prescribe inventory methods which conform "as nearly as may be to the best accounting practice...business and as most clearly reflecting the income." As indicated by our findings, the record does not provide a satisfactory basis for determining with... | |
| 1961 - 566 pages
...inventories. (a) Section 471 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. (b) It follows, therefore, that inventory rules cannot be uniform... | |
| United States. Tax Court - 1980 - 1358 pages
...publication). 17 USC sec. 302 (1977). See generally Law and the Writer (K. Polking & L. Meranus eds. 1978). •SEC. 471. GENERAL RULE FOR INVENTORIES. Whenever...business and as most clearly reflecting the income. Sec. 1.471-1, Income Tax Regs., provides in part: "In order to reflect taxable income correctly, inventories... | |
| United States. Internal Revenue Service - 1977 - 632 pages
...item of inventory at a price below its cost regardless of age. Section 471 of the Code provides that whenever in the opinion of the Secretary the use of...the trade or business and as most clearly reflecting income. Section 1.471-2(f)(l) of the Income Tax Regulations states that "the following methods, among... | |
| United States. Internal Revenue Service - 1979 - 664 pages
...that whenever in the opinion of the Secretary the use of inventories is necessary in order to clearly determine the income of any taxpayer, inventories...conforming as nearly as may be to the best accounting practices in the trade or business and as most clearly reflecting the income. Section 1.471-2(a) and... | |
| United States. Tax Court - 1979 - 1352 pages
...taxpayer, inventories shall be taken by such taxpayer on such basis as the Secretary or his delegate may prescribe as conforming as nearly as may be to...business and as most clearly reflecting the income. Sec. 1.471-1, Income Tax Regs., provides in part: Sec. 1.471-1 Need for inventories. 552 such method."... | |
| United States. Internal Revenue Service - 1979 - 644 pages
...inventories is necessary to clearly determine a taxpayer's income, the taxpayer shall take inventories on such basis as the Secretary may prescribe as conforming...nearly as may be to the best accounting practice in the taxpayer's trade or business and as most clearly reflecting income. Section 1.471-1 of the regulations... | |
| United States. Tax Court - 1943 - 1330 pages
...identical. provide that inventories shall be taken 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 ^he trade or business and as most clearly reflecting income. Pursuant Tfco the authority so vested... | |
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