Dunn Mfg. Co. v. Commissioner
United States Board of Tax Appeals
1. Reduction of closing inventory taken by the petitioner in computing net income for the year 1920 on account of certain goods claimed to have been obsolete at the close of that year, disallowed. 2. The petitioner is entitled to have its profits-tax liability for the year 1920 computed under section 328 of the Revenue Act of 1918.
1Opinion of the Court
*227OPINION.
MaRqtjette:
It is the contention of the petitioner that in its closing inventory for the year 1920 there were included certain casing elevators which had cost $37,373.34, but which were in fact obsolete and of no value, and that the inventory should now be adjusted by excluding the elevators therefrom, and the petitioner’s net income for 1920 reduced accordingly. On the record we are unable to agree with the petitioner’s contention. It may be that in the light of events occurring ¡since 1920 the elevators in question were worthless át that time, but if they were obsolete and worthless,…
2Cited by3 opinions
- C-O-Two Fire Equipment Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1955
- Dunn Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Rogers v. CommissionerUnited States Tax Court · 1961