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What is NYC AC § 11-617?

Quick Answer

This section mandates that taxpayers take inventory as prescribed by the commissioner of finance to accurately determine income. The inventory process should align with best accounting practices in the banking sector. Applies to taxpayers required to report income accurately.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 11-617 Inventory.

AC § 11-617

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.

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