 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,...  Treasury Decisions Under Internal Revenue Laws of the United States - Page 609by United States. Internal Revenue Service, United States. Office of Commissioner of Internal Revenue - 1922Full view - About this book
 | United States. Court of Claims - Law reports, digests, etc - 1929 - 762 pages
...Secretary. It is true that the commissioner, in section 203, is directed to conform the inventories " as nearly as may be to the best accounting practice...business and as most clearly reflecting the income." The language quoted is directory and not mandatory, and obviously confides to the S y 1 1 aba i commissioner... | |
 | New York Chamber of Commerce - Commerce - 1919 - 784 pages
...any tax payer, inventories shall be taken by such tax payer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...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... | |
 | Law reports, digests, etc - 1926 - 1144 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...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... | |
 | Lumber - 1919 - 246 pages
...of any taxpayer, inventory shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...best accounting practice in the trade or business as most clearly reflecting the income." Now, gentlemen, that feature of the Revenue Act should certainly... | |
 | Robert Hiester Montgomery - Excess profits tax - 1920 - 1304 pages
...fact been used under regulations of the Treasury ever since the passage of the 1909 law.8 REGULATION. In order to .reflect the net income correctly, inventories...beginning and ending of each year are necessary in ever}' case in which the production, purchase or sale of merchandise is an income-producing factor... | |
 | Guaranty Trust Company of New York - Canada - 1919 - 664 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...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... | |
 | George Edwin Holmes - Excess profits tax - 1919 - 1048 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...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... | |
 | George Edwin Holmes - Excess profits tax - 1919 - 1052 pages
...any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary may prescribe as conforming...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,... | |
 | National City Company, United States - Internal revenue law - 1919 - 104 pages
...upon such sary t0 determine basis as the Commissioner, with the approval of the Secretary, may income, prescribe as conforming as nearly as may be to the...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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