N.J.S.A. § 54:8A-38.
Inventories
Whenever the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the regulations hereunder may prescribe, conforming as nearly as may be to the best accounting practice in the trade or business and most clearly reflecting the income.
L.1961, c. 32, p. 144, s. 38, eff. May 29, 1961.
Source: view the official text
In this chapter (40 sections)
- 54:8A-13. · Dependent; claim by person contributing more than ten per…
- 54:8A-14. · "Eligibility year" defined
- 54:8A-15.1. · Household, and household and dependent care services…
- 54:8A-16. · Credits for tax imposed by another critical area state
- 54:8A-17. · Withholding tax
- 54:8A-18. · Payment of tax; returns; extension of time
- 54:8A-19. · Assignment of claim for refund of money paid or withheld in…
- 54:8A-20. · Transportation fund; purposes; authorization to use
- 54:8A-21. · Endowment fund; investment; use
- 54:8A-22. · Misapplication of funds; right to refund
- 54:8A-23. · "Source state" defined
- 54:8A-29. · Taxable year; annual accounting period; calendar year;…
- 54:8A-30. · "Partnership" defined
- 54:8A-31. · Partnership liability; inclusions in gross income
- 54:8A-32. · Computation of gross income of taxpayer
- 54:8A-33. · Income derived from sources within taxpayer's source state;…
- 54:8A-34. · "Net income" defined
- 54:8A-35. · Computation of net income; deductions
- 54:8A-36. · Computation of gross income from federal adjusted gross…
- 54:8A-37. · Additional deductions
- 54:8A-38. · Inventories
- 54:8A-39. · Net capital gain or loss; computation; deductions
- 54:8A-40. · Items not deductible
- 54:8A-41. · "Capital assets" defined
- 54:8A-42. · Basis of property; gain or loss from sale or other…
- 54:8A-43. · Agreements with taxpayer relating to liability
- 54:8A-44. · Persons required to file
- 54:8A-46. · Actions for collection of tax
- 54:8A-47. · Payment of tax; signing of documents; certification of…
- 54:8A-48. · Taxable year; method of accounting
- 54:8A-49. · Withholding return
- 54:8A-50. · Liability of employer required to withhold tax; special…
- 54:8A-51. · Failure of employer to deduct and withhold tax or to pay…
- 54:8A-52. · Reciprocity credit; relief from withholding
- 54:8A-53. · Delinquent return or taxes; penalties; interest; abatement…
- 54:8A-54. · Applicability of State Tax Uniform Procedure Law
- 54:8A-55. · Administration; determination of amount of tax due
- 54:8A-56. · Exercise of powers and duties of Division of Taxation by…
- 54:8A-57. · Effective date; suspension of tax; cessation
- 54:8A-58. · Short title