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INCOME TAX STATUTE 1 (MEMORANDUM ON PRINCIPAL ASPECTS OF ACCOUNTING, August 1, 1951)

handle is hein.ali/aliftp0125 and id is 1 raw text is: Memorandum on Principal Aspects of Accounting and Related Provisions of american Law Institute Federal Income Tax Statute (Tentative Draft No. 6 and Preliminary Draft No. 121) August 1, 1951 Note The following memorandum is not a complete summary of the Income Tax Statute. Rather it selects certain points believed to be of special interest to accountants, These points represent areas in which tax accounting has been brought in closer relationship to general accounting practice and areas in which tax mechanics have been simplified. The memorandum does not touch on other broad areas in which there has been a basic revision in the interests of statutory clarification or needed substantive revision, such as cancellation of indebtedness, life insurance and annuities, or alimony and marital settlements. 1. Arrangement of Statutory Provisions Regarding Accounting The rearrangement provides a more logical and comprehensive statutory structure, In outline, it is as follows: Part III, Allocation of Net Income to Taxable Years a. Annual Accounting Periods and Methods of Accounting 1. Annual Accounting Periods 2, Methods of Accounting

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