Mountain State Ford Truck Sales, Inc. v. Commissioner
United States Tax Court
Company M (M), a heavy truck dealer, purchased heavy truck parts and accessories (parts) from the manufacturers of those parts and sold them to its customers.
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Company M (M), a heavy truck dealer, purchased heavy truck parts and accessories (parts) from the manufacturers of those parts and sold them to its customers. M, which is required to use inventories pursuant to sec. 471, I.R.C., made elections under sec. 472, I.R.C., effective as of the close of its taxable year 1980, to apply the last-in, first-out (LIFO) method of inventory accounting (LIFO method) with respect to its parts inventory, to use the dollar-value LIFO method, to calculate the price index for its parts pool pursuant to the link-chain method, and to use the "most recent purchases…
1Opinion of the Court
MOUNTAIN STATE FORD TRUCK SALES, INC., E. P. O'MEARA, TAX MATTERS PERSON,
Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Mountain State Ford Truck Sales, Inc. v. Commissioner
No. 16350-95
United States Tax Court
112 T.C. 58; 1999 U.S. Tax Ct. LEXIS 16; 112 T.C. No. 7;
March 2, 1999, Filed
Decision will be entered under Rule 155.
Company M (M), a heavy truck dealer, purchased heavy truck parts and accessories (parts) from the manufacturers of those parts and sold them to its customers. M, which is required to use inventories pursuant to sec. 471, I.R.C., made elections under sec. 472,…
2Cases cited13 opinions
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Commissioner v. Keystone Consolidated Industries, Inc.Supreme Court of the United States · 1993
- Prabel v. CommissionerUnited States Tax Court · 1988
- Bruce A. And Marianne S. Prabel v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1989
- Hutzler Bros. Co. v. CommissionerUnited States Tax Court · 1947
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