Peck & Hills Furniture Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner's closing inventory for the fiscal year involved, determined. 2. The value of a certain leasehold at the date it was acquired by the petitioner determined.
1Opinion of the Court
*1010OPINION.
Marquette:
The petitioner’s right to value its closing inventory for the fiscal year 1920, upon the basis of cost or market, whichever *1011is lower, in accordance with the provisions .of Treasury Decision 3108, does not appear to be disputed by the respondent, though if it were, we should not hestitate to say that upon the facts presented the respondent could not successfully challenge that right. Cf. J. W. and A. P. Howard Co., 15 B. T. A. 1096. The issue necessitates only a decision as to the value of the closing inventory, upon the basis of cost or market, whichever is lower. As to…
2Cited by3 opinions
- R. H. Macy & Co. v. United StatesDistrict Court, S.D. New York · 1957
- Willard Mfg. Co. v. KennedyCourt of Appeals for the Second Circuit · 1940
- Peck & Hills Furniture Co. v. CommissionerUnited States Board of Tax Appeals · 1929