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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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