C-O-Two Fire Equipment Co. v. Commissioner
United States Tax Court
Petitioner manufactured coin-operated music boxes in 1946 and 1947. In 1946 it ceased manufacturing 5-cent boxes, and planned to manufacture boxes that could be operated by a nickel or a dime. In 1947 it made about 800 such boxes.
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Petitioner manufactured coin-operated music boxes in 1946 and 1947. In 1946 it ceased manufacturing 5-cent boxes, and planned to manufacture boxes that could be operated by a nickel or a dime. In 1947 it made about 800 such boxes. Petitioner originally wrote down its closing inventory of boxes and parts as of December 31, 1946, to $ 162,385.08. By amended petition, petitioner claims it is entitled to a further write-down of $ 117,134.54 on the ground that the inventory by the end of 1946 had only a scrap value of $ 45,250.54. Respondent allowed some of the write-down, but disallowed a part…
1Opinion of the Court
C-O-Two Fire Equipment Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
C-O-Two Fire Equipment Co. v. Commissioner
Docket No. 29906
United States Tax Court
22 T.C. 124; 1954 U.S. Tax Ct. LEXIS 232;
April 26, 1954, Filed April 26, 1954, Filed
Decision will be entered for the respondent.
Petitioner manufactured coin-operated music boxes in 1946 and 1947. In 1946 it ceased manufacturing 5-cent boxes, and planned to manufacture boxes that could be operated by a nickel or a dime. In 1947 it made about 800 such boxes. Petitioner originally wrote down its closing inventory of boxes and…
2Cases cited3 opinions
- Lucker v. United StatesUnited States Court of Claims · 1931
- Queen City Woodworks & Lumber Co. v. CrooksDistrict Court, W.D. Missouri · 1934
- C-O-Two Fire Equipment Co. v. CommissionerUnited States Tax Court · 1954