F. S. Harmon Mfg. Co. v. Commissioner
United States Tax Court
Approval of Commissioner required to change from "quantity" basis to "dollar-value" basis for valuing inventories under Lifo.
1Opinion of the Court
Dkennen, Judge:
Respondent determined an income tax deficiency against petitioner for the fiscal year ending November 30, 1950, in the amount of $38,699.10, resulting from the disallowance of a part of a net operating loss deduction carried back from the fiscal year 1951. Petitioner claims an overpayment in the amount of $203.01 based upon an additional deduction of $527.33 for State excise and compensating tax, the right to this deduction being conceded by respondent.
The only issue is whether petitioner was required to secure the permission of respondent before changing from the unit or…
2Cases cited6 opinions
- Brown v. HelveringSupreme Court of the United States · 1934
- Hutzler Bros. Co. v. CommissionerUnited States Tax Court · 1947
- R. H. MacY & Co., Inc., L. Bamberger & Co., Davison-Paxon Co., and the La Salle & Koch Company v. United StatesCourt of Appeals for the Second Circuit · 1958
- Basse v. CommissionerUnited States Tax Court · 1948
- Klein Chocolate Co. v. CommissionerUnited States Tax Court · 1959
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Peninsula Steel Products & Equipment Co. v. CommissionerUnited States Tax Court · 1982
- Wendle Ford Sales, Inc. v. CommissionerUnited States Tax Court · 1979
- APCO Valve Co. v. CommissionerUnited States Tax Court · 1962
- F. S. Harmon Mfg. Co. v. CommissionerUnited States Tax Court · 1960
- Peninsula Steel Products & Equipment Co. v. CommissionerUnited States Tax Court · 1982
1 more not listed; retrieve them via the Exa API.