26 CFR 1.471-7
§ 1.471-7 Inventories of miners and manufacturers.
United States · 26 CFR — Internal Revenue · Status: effective
Cite this
- Citation
- 26 CFR 1.471-7, § 1.471-7 Inventories of miners and manufacturers, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/110218
- Permanent ID
ys:prov:110218@1- SHA-256
1fe5b9d11a63afee259903ab338801fce055710552835570f97385c682157079
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Full text
A taxpayer engaged in mining or manufacturing who by a single process or uniform series of processes derives a product of two or more kinds, sizes, or grades, the unit cost of which is substantially alike, and who in conformity to a recognized trade practice allocates an amount of cost to each kind, size, or grade of product, which in the aggregate will absorb the total cost of production, may, with the consent of the Commissioner, use such allocated cost as a basis for pricing inventories, provided such allocation bears a reasonable relation to the respective selling values of the different kinds, sizes, or grades of product. See section 472 as to last-in, first-out inventories.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.