C.F.R. » Title 26 » CHAPTER I—INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—INCOME TAX › PART 1—INCOME TAXES

26 C.F.R. § 1.1013-1

Property included in inventory

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The basis of property required to be included in inventory is the last inventory value of such property in the hands of the taxpayer. The requirements with respect to the valuation of an inventory are stated in subpart D (section 471 and following), part II, subchapter E, chapter 1 of the Code, and the regulations thereunder.

Notes of Decisions
Cited in 1 case, 1998–1998 · leading case: Consol. Mfg. v. Comm'r, 111 T.C. 1 (T.C. 1998).
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Consol. Mfg. v. Comm'r, 111 T.C. 1 (T.C. 1998). · cites it 2× “, provides: The basis of property required to be included in inventory *145 is the last inventory value of such property in the hands of the taxpayer.”
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