 An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can, as a general rule, be regarded as clearly reflecting his income.  Journal of Accountancy - Page 3601922Full view - About this book
 | United States. Court of Claims - Law reports, digests, etc - 1929 - 762 pages
...accounting practice in the trade or business. Article 1582 of regulations, supra, specifically points out "The basis of valuation most commonly used by business...(a) cost or (b) cost or market, whichever is lower." It is further pointed out in article 1584, supra, " Under ordinary circumstances, and for normal goods... | |
 | Emerson Emanuel Rossmoore - Income tax - 1922 - 592 pages
...these regulations. An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can,...the requirements of the Revenue Act is (a) cost or (6) cost or market, whichever is lower. . . . Any goods in an inventory which are unsalable at normal... | |
 | Irving Bank. Columbia Trust Company - Income tax - 1923 - 148 pages
...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...(a) cost or (b) cost or market, whichever is lower. To reflect income clearly, the inventory practice of a taxpayer should be consistent from year to year.... | |
 | United States. Internal Revenue Service - Income tax - 1924 - 396 pages
...these regulations. An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can,...lower. (For inventories by dealers in securities, see article 1615.) Any goods in an inventory which are unsalable at normal prices or unusable in the normal... | |
 | Frederic W. Kilduff - Inventories - 1925 - 472 pages
...these regulations. An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can,...the requirements of the Revenue Act is (a) cost or (6) cost or market, whichever is lower. (For inventories by dealers in securities, see Art. 1585.)... | |
 | Donald Kirk David, Malcolm Perrine McNair - Retail trade - 1926 - 844 pages
...transit, either shipped to or from the taxpayer, the title of which is not vested in the taxpayer. 1 * * * The basis of valuation most commonly used by business...(a) cost or (b) cost or market, whichever is lower. . . . Any goods in an inventory which are unsalable at normal prices or unusable in the normal way... | |
 | Robert Hiester Montgomery - Excess profits tax - 1925 - 1928 pages
...these regulations. An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can,...(a) cost or (b) cost or market, whichever is lower." .... In respect to normal goods whichever basis (a) or (&) is adopted must be applied . with reasonable... | |
 | Robert Hiester Montgomery - Excess profits tax - 1927 - 1510 pages
...these regulations. An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can,...be regarded as clearly reflecting his income. The bases of valuation most commonly used by business concerns and which meet the requirements of section... | |
 | Robert Hiester Montgomery - Excess profits tax - 1923 - 1760 pages
...these regulations. An inventory that can be used under the best accounting practice in a balance sheet showing the financial position of the taxpayer can,...rule, be regarded as clearly reflecting his income. cerns and which meets the requirements of the Revenue Act is (a) cost or (b) cost or market, whichever... | |
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