Space Controls, Inc. v. Commissioner

Space Controls, Inc. v. Commissioner.

Space Controls, Inc. v. Commissioner

Docket No. 87161.

United States Tax Court

T.C. Memo 1962-54; 1962 Tax Ct. Memo LEXIS 254; 21 T.C.M. (CCH) 295; T.C.M. (RIA) 62054;

March 15, 1962

Leland E. Fiske, Esq., for the petitioner. John P. Higgins, Esq., for the respondent.

SCOTT

Memorandum Findings of Fact and Opinion

SCOTT, Judge: Respondent determined a deficiency in petitioner's income tax for its fiscal year ended February 28, 1955, in the amount of $44,965.14. The issue for decision is whether petitioner properly reduced its inventory on February 28, 1957, from…