Adair v. Commissioner
United States Board of Tax Appeals
1. For the years 1925 through 1935 the petitioner valued its inventories of live stock by the constant price method. Such basis was consistently accepted by the respondent for all years except 1935. For 1935 the respondent accepted such basis with respect to three of the petitioner's herds, but as to the other herd determined that the farm price method should be used.
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1. For the years 1925 through 1935 the petitioner valued its inventories of live stock by the constant price method. Such basis was consistently accepted by the respondent for all years except 1935. For 1935 the respondent accepted such basis with respect to three of the petitioner's herds, but as to the other herd determined that the farm price method should be used. Held that the constant price method is not a proper basis for valuing the petitioner's inventories; held, further, that the use of the farm price method is optional with the taxpayer; held, further, that the petitioner, so…
1Opinion of the Court
ESTATE OF MRS. CORNELIA ADAIR, DECEASED, MONTGOMERY H. W. RITCHIE, ADMINISTRATOR, DE BONIS NON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Adair v. Commissioner
Docket No. 95451.
United States Board of Tax Appeals
43 B.T.A. 384; 1941 BTA LEXIS 1509;
January 22, 1941, Promulgated
1. For the years 1925 through 1935 the petitioner valued its inventories of live stock by the constant price method. Such basis was consistently accepted by the respondent for all years except 1935. For 1935 the respondent accepted such basis with respect to three of the petitioner's herds, but as to the…
2Cases cited9 opinions
- Lucas v. Kansas City Structural Steel Co.Supreme Court of the United States · 1930
- Sparrow v. CommissionerUnited States Board of Tax Appeals · 1929
- Grandin v. CommissionerUnited States Board of Tax Appeals · 1929
- Reynolds Cattle Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Bendheim v. CommissionerUnited States Board of Tax Appeals · 1927
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