W. C. & A. N. Miller Dev. Co. v. Commissioner
United States Tax Court
M Company was engaged in the business of developing real estate which it had acquired and upon which it constructed single-family, detached homes. It filed a Form 970 -- Application to Use LIFO Inventory Method. M Company applied to use a LIFO method in accounting for its completed homes and homes under construction, exclusive of land costs. Such method was to be used by M Company beginning with its 1974 fiscal year.
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M Company was engaged in the business of developing real estate which it had acquired and upon which it constructed single-family, detached homes. It filed a Form 970 -- Application to Use LIFO Inventory Method. M Company applied to use a LIFO method in accounting for its completed homes and homes under construction, exclusive of land costs. Such method was to be used by M Company beginning with its 1974 fiscal year. For its fiscal year ended Sept. 30, 1973, and prior years, M Company has accounted for its construction costs using a job cost method. Under this method, each home was treated as…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in the corporate income tax of petitioner W. C. & A. N. Miller Development Co. for its fiscal years ended September 30,1974, September 30, 1975, and September 30, 1976, in the amounts of $66,922.56, $6,213.12, and $54,309.47, respectively.
The sole issue for decision is whether petitioner is entitled to use the LIFO (last-in, first-out) inventory method of accounting in computing the costs of homes it constructed and sold in various of its real estate developments during the years in issue.
FINDINGS OF FACT
Some of the facts have been stipulated…
2Cases cited14 opinions
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