...income tax, section 41 of the 1939 code and predecessor sections of prior revenue acts had provided that "net income shall be computed upon the basis of the...regularly employed in keeping the books of such taxpayer." This section is basic to the reporting of income for tax purposes, and seems to promise that if taxpayers...

...income tax, section 41 of the 1939 code and predecessor sections of prior revenue acts had provided that "net income shall be computed upon the basis of the...regularly employed in keeping the books of such taxpayer." This section is basic to the reporting of income for tax purposes, and seems to promise that if taxpayers...

...defendants. ' 26 USC "Part IV.—Accounting Periods and Methods of Accounting. § 41. General rule. "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...

...Instrumentality thereof, or a wholly owned subsidiary of L This farm shall be prepared In accordance with the method of accounting regularly employed in keeping the books of your organization. 1. Fill in the items on pagos 2 and 3 of thla form lo the extent that they apply...

...thereof, or a wholly owned subsidiary of such corporation. 2. Thl« form shall be prepared In accordance with the method of accounting regularly employed In keeping the books of your argot lizaticn. I. Fill In th* Items on pages 1 and 3 of this form to the extent that they apply...

...which it employs. Section 41 states the general rule that net income shall be computed "in accordance with the method of accounting regularly employed in keeping the books" of the taxpayer. Section 43 provides that deductions and credits may be taken "for the taxable year in...

...taxable income must be computed not only on the basis of a fixed accounting period but also in accordance with the method of accounting regularly employed in keeping the books of the taxpayer, provided such method clearly reflects income. . GENERAL RULE. A method of accounting...

...receive payment has not fully ripened." Brief for the United States, p. 67. '"SEC. 41. GENERAL RULE. "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...

...amounts are to be properly accounted for as of a different period." Section 41 provides, in part : The net income shall be computed upon the basis of...regularly employed in keeping the books of such taxpayer ; but, * * * if the method employed does not clearly reflect the income, the computation shall be made...

...23." Section 41 provides as a "General Rule" that "net income shall be computed * * * in accordance with the method of accounting regularly employed in keeping the books of such taxpayer." But obviously such a general rule is not necessarily applicable to special statute-created situations,...