US Laws, Codes, Statutes & Cases

 
    §  11-617  Inventory.  Whenever  in the opinion of the commissioner of
  finance the  use  of  inventories  is  necessary  in  order  clearly  to
  determine  the  income of any taxpayer, inventory shall be taken by such
  taxpayer upon such basis as the commissioner of finance  may  prescribe,
  conforming  as  nearly  as may be to the best accounting practice in the
  banking business most clearly reflecting the income.