Code of Federal Regulations · Section
§ 40.434 — Closing
27 C.F.R. § 40.434
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A closing inventory shall be made by the manufacturer of cigarette papers and tubes when a change in proprietorship occurs, or when the manufacturer changes location of the factory to another region, or concludes business. Where a change in proprietorship occurs, the closing inventory shall be made as of the day preceding the date of the opening inventory of the successor.
Authorizing Statute
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Definitions31 U.S.C. § 9301
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Limitation on use of cash method of accounting26 U.S.C. § 448
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Inventories26 U.S.C. § 5721