Peninsula Steel Products & Equipment Co. v. Commissioner
United States Tax Court
Petitioner manufactures pollution control equipment under short-term and long-term purchase orders or contracts. Petitioner maintains raw materials and work-in-process inventory accounts. During the manufacturing process, costs of raw materials, labor, and overhead are accumulated in work-in-process inventory accounts.
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Petitioner manufactures pollution control equipment under short-term and long-term purchase orders or contracts. Petitioner maintains raw materials and work-in-process inventory accounts. During the manufacturing process, costs of raw materials, labor, and overhead are accumulated in work-in-process inventory accounts. When performance is completed under a purchase order or contract, income is recognized and the associated costs are relieved from inventory and charged to cost of goods sold. A significant portion of the work performed by petitioner during the years in issue related to…
1Opinion of the Court
Peninsula Steel Products & Equipment Company, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Peninsula Steel Products & Equipment Co. v. Commissioner
Docket No. 11012-77
United States Tax Court
78 T.C. 1029; 1982 U.S. Tax Ct. LEXIS 76; 78 T.C. No. 74;
June 17, 1982, Filed
Decision will be entered under Rule 155.
Petitioner manufactures pollution control equipment under short-term and long-term purchase orders or contracts. Petitioner maintains raw materials and work-in-process inventory accounts. During the manufacturing process, costs of raw materials, labor, and overhead are…
2Cases cited57 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Commissioner v. HansenSupreme Court of the United States · 1959
- Stubbs, Overbeck & Associates, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1971
- Madison Gas and Electric Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1980
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