N.Y. General City Model 772/66 § 19: Computation of net income

§ 19. Computation of net income. The net income shall be computed in

accordance with the method of accounting regularly employed in keeping

the books of such taxpayer; but if no such method of accounting has been

so employed, or if the method employed does not clearly reflect the

income, the computation shall be made upon such basis and in such manner

as in the opinion of the director of finance does clearly reflect the

income. In determining net income, war losses, taxation of property

recovered, and basis of property shall be treated in substantially the

same manner as such losses, recoveries and basis are treated under the

applicable provisions of section thirteen hundred thirty-one of the

internal revenue code.