...clearly reflect the income." LAW. Section 212. (b) The net income shall be computed .... in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; 3 but if no such method of accounting has been so employed, or if the method employed does not clearly...

...on basis of accounting period other than calendar year. — LAW. Section 212. [Individuals] .... (b) The net income shall be computed upon the basis of the taxpayer's annual account'ng period (fiscal year or calendar year, as the case may be) in accordance with the method...

...212 of the Revenue Acts of 1918 and 1921 provides that the net income shall be computed in accordance with the method of accounting regularly employed in keeping the books of the taxpayer. Good accounting practice sanctions two methods of dealing with cash discounts. Under...

...applicable to corporations by section 232 of the same act, and is as follows: The net income shall he computed upon the basis of the taxpayer's annual accounting...the case may be) in accordance with the method of iiccounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting...

...such action it is found in the following provision of section 212 of the Revenue Act of 1921 : • b) The net income shall be computed upon the basis of the taxpayer's annual ardiunting period (fiscal year or calendar year, as the case may be) in accordsice with the method...

...legal obligation to pay it. P. 119. tj- Section 212 (b) of the Revenue Act of 1918, which provides that the net income shall be computed upon the basis of the taxpayer's accounting period in accordance with the method of accounting regularly employed in keeping the taxpayer's...

...of the partners. Such return shall be made for the taxable year of the partnership, that is, for its annual accounting period (fiscal year or calendar year, as the case may be), irrespective of the taxable years of the partners. (See sections 182 and 183 and articles 901-903.)...

...SEC. 4. Net income shall be computed on the basis of the taxpayer's annual accounting period, fiscal or calendar year, as the case may be, in accordance...accounting regularly employed in keeping the books of the taxpayer; but if no such method of accounting has been so employed, or if the method employed does...

...that this argument must fail. The provision that the "net income shall be computed ... in accordance with the method of accounting regularly employed in keeping the books of such taxpayer," refers to methods such as the cash receipts or the accrual method, which allocate income and expenses...

...that this argument must fail. The provision that the "net income shall be computed ... in accordance with the method of accounting regularly employed in keeping the books of such taxpayer," refers to methods such as the cash receipts or the accrual method, which allocate income and expenses...