National Lead Company v. Commissioner of Internal Revenue

MARSHALL, Circuit Judge:

This petition for review of the Tax Court presents three issues relating to petitioner’s income tax liability for the year 1952. The first is whether it validly revoked an election to use the “LIFO” inventory replacement provisions of section 22(d)(6)(F) of the Internal Revenue Code of 1939; the second is whether it may deduct as a loss the repayment by a British subsidiary of an outstanding debt which arose out of petitioner’s sale of stock to the subsidiary in 1937, where tfie subsidiary repaid in devalued British currency; the third is whether petitioner is taxable…