Legal Opinion
Thor Power Tool Company v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided September 29, 1977No. 76-1476PublishedCited by 34 opinions
1Opinion of the Court
TONE, Circuit Judge.
Thor Power Tool Company appéals from a decision of the United States Tax Court, 64 T.C. 154 (1975), which upheld the Commissioner’s disallowance of portions of Thor’s write-down of its closing inventory for 1964 and its 1965 addition to a reserve for bad debts. 1 The issues presented involve the income tax treatment of “excess” inventory and the method for calculating a reasonable addition to a bad debt reserve. We affirm.
I. Inventory
A
Thor manufactures tools and parts at three plants in its Tool Division and various rubber articles at a fourth plant in its Rubber Division.…
2Cases cited35 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Brown v. HelveringSupreme Court of the United States · 1934
- Commissioner v. HansenSupreme Court of the United States · 1959
- American Automobile Assn. v. United StatesSupreme Court of the United States · 1961
- Schulde v. CommissionerSupreme Court of the United States · 1963
30 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Brountas v. CommissionerUnited States Tax Court · 1979
- Paccar, Inc. And Subsidiaries v. Commissioner Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1988
- Hamilton Industries, Inc. v. CommissionerUnited States Tax Court · 1991
- Thomas v. CommissionerUnited States Tax Court · 1989
29 more not listed; retrieve them via the Exa API.