Insilco Corp. v. Commissioner
United States Tax Court
Three subsidiaries of petitioner accounted for certain of their inventories on the last-in, first-out (LIFO) method and reported to petitioner on that basis. Petitioner converted the inventories of the subsidiaries to the moving-average method for purposes of its annual report to its shareholders.
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Three subsidiaries of petitioner accounted for certain of their inventories on the last-in, first-out (LIFO) method and reported to petitioner on that basis. Petitioner converted the inventories of the subsidiaries to the moving-average method for purposes of its annual report to its shareholders. Held, such annual report did not violate the conformity provision of sec. 472(e), I.R.C. 1954, so as to deprive the affiliated group (of which petitioner and the three subsidiaries were members) of the right to use LIFO for the inventories of those subsidiaries on a consolidated tax return.
1Opinion of the Court
Insilco Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
Insilco Corp. v. Commissioner
Docket No. 2231-77
United States Tax Court
73 T.C. 589; 1979 U.S. Tax Ct. LEXIS 4;
December 26, 1979, Filed
Decision will be entered under Rule 155.
Three subsidiaries of petitioner accounted for certain of their inventories on the last-in, first-out (LIFO) method and reported to petitioner on that basis. Petitioner converted the inventories of the subsidiaries to the moving-average method for purposes of its annual report to its shareholders. Held, such annual report did not violate the…
2Cases cited24 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Remmer v. United StatesSupreme Court of the United States · 1954
- Metcalf & Eddy v. MitchellSupreme Court of the United States · 1926
- Calvin D. Mitchell and Fay Bond Mitchell v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1962
- Commissioner of Internal Revenue v. Trustees Common Stock John Wanamaker PhiladelphiaCourt of Appeals for the Third Circuit · 1949
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