Klein Chocolate Co. v. Commissioner
United States Tax Court
In its 1942 return the petitioner elected to change its method of pricing goods for inventory purposes from the first-in, first-out method to the dollar-value last-in, first-out method, using a single pool or classification for the goods covered. It consistently adhered to that method for pricing its inventories beginning with 1942 and through the years 1946 and 1947, the taxable years herein.
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In its 1942 return the petitioner elected to change its method of pricing goods for inventory purposes from the first-in, first-out method to the dollar-value last-in, first-out method, using a single pool or classification for the goods covered. It consistently adhered to that method for pricing its inventories beginning with 1942 and through the years 1946 and 1947, the taxable years herein. The respondent examined petitioner's returns for 1942, 1943, and 1944. He was fully advised as to the method by which the inventories were reported and approved them without change. Held, that…
1Opinion of the Court
OPINION.
Turner, Judge:
When this case was first submitted one contention of the petitioner was that beginning with 1942, the year of change, and through the taxable years herein, it had consistently used a single pool or classification in pricing its inventoriable goods on a last-in, first-out dollar-value basis, and the respondent, having examined its returns for 1942,1943, and 1944, and having approved the inventories so derived had approved the method of inventory used, and as a result the principle pronounced by this Court in Geometric Stamping Co., 26 T.C. 301, is controlling and the…
2Cases cited3 opinions
- Geometric Stamping Co. v. CommissionerUnited States Tax Court · 1956
- Klein Chocolate Co. v. CommissionerUnited States Tax Court · 1959
- Maloney v. HammondCourt of Appeals for the Ninth Circuit · 1949
3Cited by24 opinions
- Ft. Howard Paper Co. v. CommissionerUnited States Tax Court · 1967
- Fox Chevrolet, Inc. (Maryland) v. CommissionerUnited States Tax Court · 1981
- Peninsula Steel Products & Equipment Co. v. CommissionerUnited States Tax Court · 1982
- Auburn Packing Co. v. CommissionerUnited States Tax Court · 1973
- Thomas v. CommissionerUnited States Tax Court · 1989
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