Pierce-Arrow Motor Car Co. v. United States

BOOTH, Chief Justice.

The plaintiff, a' New York corporation, manufactures for' sale automobiles, trucks, and service parts therefor. On May 13, 1920, it filed its final income tax return for the calendar year 1919. The hooks of the corporation were kept upon an accrual basis, and to ascertain taxable income inventories were essential. This suit is for recovery of an alleged overpayment of income taxes for 1919 due to a refusal of the Commissioner of Internal Revenue to permit the plaintiff to include in its inventory for 1919 certain tool steel at its market value.

The defendant relies upon…