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  • SECTION 16
    Exchange of property when no gain or loss is realized
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  • SUBPART 1
    Tax On State Banks, Trust Companies, Financial Corporations and Savings and Loan Associations
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  • SECTION 18
    Net income defined
    • Viewing most recent revision (from 2014-09-22)

    SECTION 17

    Inventory

    General City Model 772/66 (GCM) CHAPTER 772, PART 3, SUBPART 1

    § 17. Inventory. Whenever in the opinion of the director 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 director of finance may prescribe, conforming as
    nearly as may be to the best accounting practice in the banking business
    and most clearly reflecting the income.