...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...

...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...

...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...

...income of any taxpayer, inventory shall be taken by such taxpayer on such basis as the [Commissioner] may prescribe as conforming as nearly as may be to...the trade or business and as most clearly reflecting income." The implementing Regulations require a taxpayer to value inventory for tax purposes at cost...

...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...

...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...

...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...

...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...

...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,...

...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,...