...LAW AND PRIOR RULING Section 446(a) of the Code provides that "taxable income shall be computed nnder the method of accounting on the basis of which the...regularly computes his income in keeping his books". Section 446(c) of the Code provides that one method a taxpayer may use to compute his income is the...

...case. Petitioner cites section 446(a) and section 1.446-l(aXl), Income Tax Regs., for the proposition that "taxable income shall be computed under the method...regularly computes his income in keeping his books," and petitioner argues that since it had been using the accrual method in accounting for the payroll taxes...

...any deferred interest would be payable to the mortgagee. Section 446 of the Code generally requires that taxable income shall be computed under the method...the basis of which the taxpayer regularly computes income in keeping its books unless that method does not clearly reflect income. Section 1.446-l(cXlXi)...

...method of accounting used m computing taxable income"1: the computation of taxable income shall be made "under the method of accounting on the basis of which...regularly computes his income in keeping his books."' The accrual method of accounting is expressly recognized to be a permissible method of accounting.*...

...method of accounting used in computing taxable income"3: the computation of taxable income shall be made "under the method of accounting on the basis of which...taxpayer regularly computes his income in keeping his books."1 The accrual method of accounting is expressly recognized to be a permissible method of accounting.1...

...or incurred during the taxable year in carrying on any trade or business." Section 446(a) provides that taxable income "shall be computed under the method...regularly computes his income in keeping his books." Under the "cash receipts and disbursements method," specifically recognized by §446(c)(l), a taxpayer...

...and JUSTICE STEVENS join, dissenting. Section 446(a) of the Internal Revenue Code of 1954 provides that taxable income "shall be computed under the method...regularly computes his income in keeping his books." The Code specifically recognizes the use of "an accrual method," 26 USC §446(c)(2), under which a...

...opinion of the Commissioner, income is clearly reflected by the use of such method. See section 446(a) and paragraph (a) of this section, which require that...computes his income in keeping his books, and section 446(e) and paragraph (e) of this section, which require the prior approval of the Commissioner in the...

...English. At its core this issue starts with the Internal Revenue Code (IRC), and the tax laws requirement that," Taxable income shall be computed under the...regularly computes his income in keeping his books." ( IRC Code Section 446(a)) Section c(l) of this section slates that the cash receipts and disbursements...

...English. At its core this issue starts with the Internal Revenue Code (IRC), and the tax laws requirement that," Taxable income shall be computed under the...taxpayer regularly computes his income in keeping bis books." ( IRC Code Section 446(a)) Section c(l) of this section states that the cash receipts and...