S. Weisbart & Co. v. Commissioner
United States Tax Court
Petitioner, a cattle raiser, valued its inventories at cost or market, whichever is lower. To identify the animals in its closing inventories petitioner used a modified FIFO method. Held, petitioner's inventory method is acceptable. Held, further, petitioner is entitled to value its 1952 and 1955 closing cattle inventories at market value, having shown that market value was lower than cost for both years. Market value of inventories determined.
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Petitioner, a cattle raiser, valued its inventories at cost or market, whichever is lower. To identify the animals in its closing inventories petitioner used a modified FIFO method. Held, petitioner's inventory method is acceptable. Held, further, petitioner is entitled to value its 1952 and 1955 closing cattle inventories at market value, having shown that market value was lower than cost for both years. Market value of inventories determined. Value of property transferred, in redemption of stock in minority shareholder, determined.
1Opinion of the Court
S. Weisbart and Company, a dissolved Colorado corporation v. Commissioner.
S. Weisbart & Co. v. Commissioner
Docket No. 84329.
United States Tax Court
T.C. Memo 1964-130; 1964 Tax Ct. Memo LEXIS 205; 23 T.C.M. (CCH) 788; T.C.M. (RIA) 64130;
May 8, 1964
Petitioner, a cattle raiser, valued its inventories at cost or market, whichever is lower. To identify the animals in its closing inventories petitioner used a modified FIFO method. Held, petitioner's inventory method is acceptable. Held, further, petitioner is entitled to value its 1952 and 1955 closing cattle inventories at market value, having…
2Cases cited17 opinions
- Fruehauf Trailer Co. v. CommissionerUnited States Tax Court · 1964
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Klein Chocolate Co. v. CommissionerUnited States Tax Court · 1961
- Huntington Securities Corporation v. BuseyCourt of Appeals for the Sixth Circuit · 1940
- Thomas Shoe Co. v. CommissionerUnited States Board of Tax Appeals · 1924
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3Cited by1 opinion
- Consolidated Manufacturing, Inc. v. CommissionerCourt of Appeals for the Tenth Circuit · 2001