I. Fluctuations in prices and interest rates, 113.— II. The reasonable worth of utility services, 114.— The fall in incomes, 115.— The fall in prices, 116.— Emergency rate orders, 117.— III. Valuation, 119. — Average prices, 119.— Corrective indices, 120.— IV. The rate of return, 122.— Industrial profits, 122.— The common stock basis for return, 124.— The standard rate of return, 125.— V. The rate making rule in depression, 127.

Journal Article Public Utilities and the Income Tax Get access E. M. Bernstein E. M. Bernstein North Carolina State College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 45, Issue 3, May 1931, Pages 529–535, https://doi.org/10.2307/1883904 Published: 01 May 1931

I. Origin of the split inventory. — Definition, 493.—The splitting date, 494. — Built-up value, 494. — Relation to pre-war valuation procedure, 495. — Objects of war-time valuation, 497. — Other war-time methods of valuation, 497. — Superiority of the split inventory, 498. — II. Development of the split inventory. — Early use of this method, 499. — Brooklyn Borough Gas case, 500. — The split inventory in the District of Columbia, 502. — The split inventory in Wisconsin, 506. — The Ashland decision, 508. — The end of the split inventory, 509. — III. The Interstate Commerce Commission and the split inventory. — The Commission's policy, 510. — The Transportation Act of 1920, 511. — The O'Fallon valuation, 512. — The source of the Commission's policy, 512. — IV. The split inventory in the Supreme Court. — The Galveston case, 513. — The Georgia case, 514. — The OTallon case, 515. — V. The split inventory in the future. — Its relation to prudent investment, 517. — Present conditions are favorable, 519. — The attitude of utilities, 520. — The attitude of the courts, 521.