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" Whenever in the opinion of the Commissioner the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary,... "
Cases Decided in the Court of Claims of the United States - Page 124
by United States. Court of Claims - 1929
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Annual Report of the Corporation of the Chamber of Commerce, of ..., Volume 61

New York Chamber of Commerce - Commerce - 1919 - 784 pages
...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...trade or business and as most clearly reflecting the net income": therefore, be it Resolved, That the Chamber of Commerce of the State of New York recommends...
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The Federal Reporter

Law reports, digests, etc - 1926 - 1142 pages
...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...business and as most clearly reflecting the income." From time to time the Treasury Department has adopted rules relative to inventories, all of them of...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 439

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - Courts - 1980 - 1224 pages
...inventory shall be taken by such taxpayer on such basis as the [Commissioner] may prescribe as conforming as nearly as may be to the best accounting practice...the trade or business and as most clearly reflecting income." The implementing Regulations require a taxpayer to value inventory for tax purposes at cost...
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Official Report of the ... Annual Meeting ..., Volume 4

Lumber - 1919 - 246 pages
...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 as most clearly reflecting the income." Now, gentlemen, that feature of the Revenue Act should certainly...
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State Finances, Volume 3, Issue 6

New York (State). Comptroller's Office - Finance - 1919 - 24 pages
...conditioned that inventories shall be taken upon such bases as the comptroller may prescribe, (a) conforming as nearly as may be to the best accounting practice in the trade or business, (b) most clearly reflecting income and (c) conforming as nearly as practicable to the forms and methods...
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Federal Income Tax, War-profits and Excess-profits Taxes: Including Stamp ...

George Edwin Holmes - Excess profits tax - 1919 - 1048 pages
...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...business and as most clearly reflecting the income. NET LOSSES Sec. 204. (a) That as used in this section the term "net loss" refers only to net losses...
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Canada; Economic Position and Plans for Development

Guaranty Trust Company of New York - Canada - 1919 - 664 pages
...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...business and as most clearly reflecting the income. NET LOSSES SEC. 204.(a) That as used in this section the term "net loss" refers only to net losses...
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United States Revenue Act, 1918: Annotated and Indexed. Passed, 1919 ...

National City Company, United States - Internal revenue law - 1919 - 104 pages
...basis as the Commissioner, with the approval of the Secretary, may income, prescribe as conforming as nearly as may be to the best accounting practice...business and as most clearly reflecting the income. NET LOSSES. 32. SEC. 204. (a) That as used in this section the term "net loss" "Net lost" defined,...
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Federal Income Tax, War-profits and Excess-profits Taxes: Including Stamp ...

George Edwin Holmes - Excess profits tax - 1919 - 1052 pages
...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...trade or business and as most clearly reflecting the income,36 and gain or loss is determined in the case of property acquired on or after March 1, 1913,...
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Taxation of Corporations and Personal Income in New York

Henry Montefiore Powell - Corporations - 1919 - 708 pages
...inventories shall be taken by such taxpayer upon such basis as the comptroller 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...
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