 | United States. Supreme Court - 1933
...accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but ... if the method employed does not clearly reflect the...the Commissioner does clearly reflect the income. . . . "(d) Under regulations prescribed by the Commissioner with the approval of the Secretary, a person... | |
 | United States. Supreme Court - 1934
...210 Opinion of the Court. The Revenue Act of 1924, c. 234,43 Stat. 253, provides— " Sec. 212. (b) The net income shall be computed upon the basis of...is other than a fiscal year as defined in section 200 or if the taxpayer has no annual accounting period or does not keep books, the net income shall... | |
 | United States. Board of Tax Appeals - 1934
...to the best accounting practice in the trade or business and as most clearly reflecting the Income. SEC. 41. GENERAL. RULE. — The net Income shall be...the Commissioner does clearly reflect the income. * * * Pursuant to section 22 (c), supra, the respondent promulgated in his Regulations 74, under the... | |
 | United States. Board of Tax Appeals - 1935
...Commissioner's regulations. Section 41 of the Revenue Act of 1928 provides in part: BEO. 41. GENERAL KTJLE. The net income shall be computed upon the basis of...the opinion of the Commissioner does clearly reflect ihe income. * * « Section 22 (c) of the same act provides: (c) Inventories. — Whenever In the opinion... | |
 | 1935
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The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer ; but if... 
