@fsteincpa wrote:
I agree 100% with your synopsis. I was hoping the cite would be a simple one to find. I haven't been able to find one. So, was hoping some better researchers would have it handy.
I doubt whether you are going to find a cite that is directly on point (verbatim) since I doubt whether one actually exists.
The closest I can get is Section 446 of the Code, and Regs thereunder, which, among other things, requires accounting methods and procedures be adopted that clearly reflect income. However, it is fairly clear there could be more than one interpretation with respect to the subject at hand.
