 | Newfoundland - Session laws - 1922 - 320 pages
...by such taxpayer, upon such basis as thi Minister may prescribe as conforming as nearly as may be to best accounting practice in the trade or business and as most clearly to reflect the income. Respecting tax on 22. For the purpose of this Act, the receipt by a person resident... | |
 | United States. Congress. House. Committee on Ways and Means - Finance - 1923 - 256 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. Act of 1918. INVENTORIES. Si:c. 203. That whenever in the opinion of the Commissioner the... | |
 | North Dakota - Session laws - 1923 - 634 pages
...taxpayer, inventory shall be taken by such taxpayer upon such basis as the tax commissioner may prescribe, conforming as nearly as may be, to the best accounting practice in the trade or business, and most clearly reflecting income and conforming, as far as may be, to the forms and methods prescribed... | |
 | Irving Bank. Columbia Trust Company - Income tax - 1923 - 148 pages
...regulations of the Commissioner provide two tests to which inventories must conform: (1) They must comply as nearly as may 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 by business concerns... | |
 | North Carolina - Law - 1923 - 730 pages
...shall be taken by such taxpayer, upon such Revenue. basis as the Commissioner of Revenue may prescribe, conforming as nearly as may be to the best accounting practice in tlie trade or business and most clearly reflecting the income. SEC. 306. Deductions. In computing net... | |
 | Thomas Conyngton, Robert Joseph Bennett, Paul Whittier Pinkerton - Corporation law - 1922 - 1722 pages
...Commissioner under a section of the law authorizing inventories "upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming...business and as most clearly reflecting the income." * When Schedule A 2 has been completed, the amount on line (6), which is the cost of goods sold, is... | |
 | Eric Louis Kohler - Accounting - 1924 - 514 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" means only net losses resulting... | |
 | Mississippi - Session laws - 1924 - 828 pages
...shall be taken by such taxpayer upon such basis as the commissioner with the approval of the goveinor may prescribe as conforming as nearly as may be to...best accounting practice in the trade or business as most clearly reflecting the income. Net losses. 140 GENERAL LAWS OF THE (b) If for any taxable year... | |
 | United States. Internal Revenue Service - Income tax - 1924 - 396 pages
...inventories. — The Act 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. It follows, therefore, that inventory rules can not be uniform... | |
 | United States - Finance - 1924 - 260 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 as nearly as may oe to the best accounting practice in the trade or business and as most clearly reflecting the income... | |
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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,... 
