D. Loveman & Son Export Corp. v. Commissioner
United States Tax Court
1. During the tax years in which the issue is presently in controversy, petitioners, which used inventories priced at cost or market whichever is lower, valued their steel in accordance with the posted prices of the major steel-producing mills. However, by reason of governmental controls and shortages occasioned by the Korean conflict, petitioners were not able to purchase steel from the major mills.
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1. During the tax years in which the issue is presently in controversy, petitioners, which used inventories priced at cost or market whichever is lower, valued their steel in accordance with the posted prices of the major steel-producing mills. However, by reason of governmental controls and shortages occasioned by the Korean conflict, petitioners were not able to purchase steel from the major mills. Instead, steel was obtained primarily from one of a number of smaller mills at premium prices (considerably higher than the prices of the major mills), and, under OPS regulations, such steel…
1Opinion of the Court
D. Loveman & Son Export Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent. D. Loveman & Son, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
D. Loveman & Son Export Corp. v. Commissioner
Docket Nos. 71711, 71712
United States Tax Court
34 T.C. 776; 1960 U.S. Tax Ct. LEXIS 100;
August 5, 1960, Filed
Decisions will be entered under Rule 50.
1. During the tax years in which the issue is presently in controversy, petitioners, which used inventories priced at cost or market whichever is lower, valued their steel in accordance with the posted prices of the major…
2Cases cited19 opinions
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Algernon Blair, Inc. v. CommissionerUnited States Tax Court · 1958
- Wood v. CommissionerCourt of Appeals for the Fifth Circuit · 1957
- Howell Turpentine Co. v. CommissionerUnited States Tax Court · 1946
- Cleveland Automobile Co. v. United StatesCourt of Appeals for the Sixth Circuit · 1934
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