Consolidated Manufacturing, Inc., M. P. Long Living Trust, Merl Philip Long, Trustee, Tax Matters Person v. Commissioner

111 T.C. No. 1

UNITED STATES TAX COURT CONSOLIDATED MANUFACTURING, INC., M. P. LONG LIVING TRUST, MERL PHILIP LONG, TRUSTEE, TAX MATTERS PERSON, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 6176-96. Filed July 20, 1998. Company C (C), an automobile parts remanufacturer required to take inventories pursuant to sec. 471,1 elected under sec. 472 to apply the last-in, first-out (LIFO) inventory method of accounting with respect to certain raw materials (raw materials one), labor, and overhead included in its inventories, but not with respect to certain other raw materials…