Supplementary Provisions, Article 6Transitional Measures Concerning the Statutory Method of Valuing Inventory Assets

Where an individual wishes to select, for income tax for 1969 and subsequent years, with regard to the method of valuing inventory assets prescribed in Article 1, paragraph (1) (Definitions) of the New Order that the individual holds, the retail method listed in Article 99, paragraph (1), item (i), (h) (Methods of Valuing Inventory Assets) of the New Order (for inventory assets without a selling price, the total average method listed in (d) of that item), the provisions of Article 101, paragraph (2) (Procedures for Changing the Method of Valuing Inventory Assets) of the New Order apply by deeming the phrase "March 15 of the year in which the individual intends to adopt the new method of valuation" in that paragraph to be "June 30, 1969".