Crown Mfg. Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner's inventory was originally priced by one who was familiar with the cotton which he was pricing, and who was in a position to compare the respective values of similar cotton offered by different brokers under different trade names.
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1. Petitioner's inventory was originally priced by one who was familiar with the cotton which he was pricing, and who was in a position to compare the respective values of similar cotton offered by different brokers under different trade names. Held, that the inventory as originally taken was more nearly correct than any which could now be arrived at on the basis of the opinion testimony and should not be disturbed. 2. The machinery in petitioner's mill was operated in excess of the normal daytime operation during the years in question. Held, that 7 per cent is a fair allowance for…
1Opinion of the Court
CROWN MANUFACTURING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Crown Mfg. Co. v. Commissioner
Docket No. 9450.
United States Board of Tax Appeals
12 B.T.A. 37; 1928 BTA LEXIS 3616;
May 21, 1928, Promulgated
1. Petitioner's inventory was originally priced by one who was familiar with the cotton which he was pricing, and who was in a position to compare the respective values of similar cotton offered by different brokers under different trade names. Held, that the inventory as originally taken was more nearly correct than any which could now be arrived at on the basis of the…
2Cases cited1 opinion
- Crown Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1928