Textile Apron Co. v. Commissioner
United States Tax Court
Petitioner is a corporation created to take over the assets and business of three proprietorships. The predecessor proprietorships, in 1941, filed Form 970 requesting permission to use the last-in, first-out method of inventory valuation and, after approval thereof, used this method in computing income for the years 1942 through 1945. The petitioner continued to use this method of inventory valuation but failed to file Form 970 requesting permission to do so.
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Petitioner is a corporation created to take over the assets and business of three proprietorships. The predecessor proprietorships, in 1941, filed Form 970 requesting permission to use the last-in, first-out method of inventory valuation and, after approval thereof, used this method in computing income for the years 1942 through 1945. The petitioner continued to use this method of inventory valuation but failed to file Form 970 requesting permission to do so. Respondent required petitioner to abandon the last-in, first-out method and recompute its income for 1947, using the method prescribed…
1Opinion of the Court
Textile Apron Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Textile Apron Co. v. Commissioner
Docket No. 34175
United States Tax Court
21 T.C. 147; 1953 U.S. Tax Ct. LEXIS 35;
October 30, 1953, Promulgated
Decision will be entered under Rule 50.
Petitioner is a corporation created to take over the assets and business of three proprietorships. The predecessor proprietorships, in 1941, filed Form 970 requesting permission to use the last-in, first-out method of inventory valuation and, after approval thereof, used this method in computing income for the years 1942 through…
Also in this document: Dissent.
2Cases cited12 opinions
- Church of the Holy Trinity v. United StatesSupreme Court of the United States · 1892
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Commissioner of Internal Revenue v. DwyerCourt of Appeals for the Second Circuit · 1953
- William Hardy, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1936
- Commissioner of Internal Revenue v. Mellon. Commissioner of Internal Revenue v. ScaifeCourt of Appeals for the Third Circuit · 1950
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